Modified Adjusted Gross Income, or MAGI, is one of the federal government’s income calculations to determine eligibility for various tax credit and assistance programs. So, what does it have to do with individual health insurance? If you and your small business employees have individual health insurance policies, it’s an important measurement to understand.
Did you know 52 percent of all U.S. workers are employed by micro and small business? While large, well-known corporations are much more likely to steal headlines, micro and small businesses in America are a driving force of the economy.
Medical expense benefit plans offer employers a way to help employees with medical and health insurance expenses. Popular among smaller employers, medical expense benefit plans offer employers an affordable and attainable way to offer employee health benefits. To help business owners wrap their head around how these type of benefit plans work, this article provides a two-minute guide to medical expense benefit plans.
To compliantly reimburse employees for health insurance premiums, employers often choose to use a Healthcare Reimbursement Plan (HRP). With an HRP, employers can customize a plan that fits their company’s needs while ensuring compliance with federal requirements. However, we are often asked, “Can we do this ourselves?” The answer is, technically yes. However, the compliance requirements for health insurance reimbursement can be difficult to navigate and cause unnecessary administrative burdens.
What if your small business was able to offer health benefits without worrying about controlling costs year after year? It sounds too good to be true, right? After all, a recent survey found that 90 percent of employers are bracing for health plan increases this year, many in the double digits, and that employers' number one operating challenge is the cost of benefits.
Recent reports indicate 90 percent of employers are seeing increases on their health insurance renewals this year. Not surprising, but the more troublesome figure is that 25 percent of these increases are in the double digits. To state the obvious, businesses need an alternative to address the increasing costs and restrictive participation requirements that make traditional group health insurance out of reach for most small businesses. A commonsense solution is to reimburse employees for their individual health insurance. Employees have already purchased an individual health plan, they like their coverage, and an employer contribution would be greatly valued. But…
With any new employee health benefit program, employee education is one of the most important factors for success. This is especially true with a premium reimbursement program, as it may be a new way for employees to receive healthcare benefits. To help your company implement a premium reimbursement plan, we’ve answered the top ten employee questions.
A common question we receive from small employers and their advisors is, “Is tax-free health insurance reimbursement still allowed?” The answer is yes, although there is a right way and a wrong way to go about it.
Here are tough statistics to swallow: 90 percent of employers are facing health plan premium increases, with nearly a quarter (23 percent) of employers seeing rate increases in the double digits. As a result, employers are making tough decisions about how to offer competitive benefits while also controlling costs. This is according to the 2015 Arthur J. Gallagher & Co. (Gallagher) Benefits Strategy & Benchmarking Survey.
Last week, the Columbia Tribune reported University of Missouri (MU) graduate students were losing their employer contribution to help with premium costs. The reason? MU’s practice of contributing to the university’s Aetna student health insurance plan (an “individual market plan”) was a non-compliant Employer Payment Plan. Staring down the barrel of a $36,000 annual fee per graduate student, MU canceled their health insurance contribution and opted to provide graduate students a one-time fellowship grant.
Disclaimer: The information provided on this website is general in nature and does not apply to any specific U.S. state except where noted. Health insurance regulations differ in each state. See a licensed agent for detailed information on your state. Zane Benefits, Inc. does not sell health insurance.