Beginning in 2014, the Affordable Care Act (ACA) requires most individuals to obtain acceptable health insurance coverage for themselves and their family members or pay a penalty. This provision is widely known as the “individual mandate.” If you are covered under a health plan offered by your employer, or if you are currently covered by a government program such as Medicare, you can continue to be covered under those programs and will not be impacted by the individual mandate.

How much will the individual mandate penalty cost me?

The penalty for not obtaining acceptable health insurance coverage under the ACA will be phased in over a three-year period. The amount of the penalty is the greater of two amounts—the “flat dollar amount” and “percentage of income amount.”

In 2014, the penalty will start at $95 per person, or up to 1 percent of income. For 2015, the penalty increases to $325 per person or up to 2 percent of income. In 2016 and after, the penalty increases to $695 per person or up to 2.5 percent of income. “Income” for this purpose is your household income minus your exemption (or exemptions for a married couple) and standard deductions. Families will pay half the penalty amount for children. The penalty is charged annually but calculated on a monthly basis - assessed for each month in which you go without coverage. There is no penalty for a single lapse in coverage lasting less than three months in a year.

Because this provision has the effect of “requiring” individuals to have coverage, it is often referred to as the “individual mandate.”

I was reading a blog post on Harvard Business Review the other day by Vineet Nayar. He is an entrepreneur and author. He was touching on the three ingredients of successful teams - which I translate to having a motivated workforce.

Most organizations employ at least one individual who is essential to the company’s success. This person may be a partner, owner, majority stockholder, or another individual who is crucial to the business. If this person unexpectedly leaves the organization – due to a death, disabling accident or an immediate resignation – it may be hard for the organization to survive without the person who makes the business run smoothly.

If your organization employs people who are vital to its success, key-person life insurance or key-person disability insurance can help protect your business. These insurance solutions can give your organization options other than immediate bankruptcy should you lose the key person or people without warning.

Who Needs Key-Person Life Or Disability Coverage?

In light of the increased HIPAA enforcement activity, covered entities and business associates should review their existing HIPAA Privacy and Security safeguards to determine if you sufficiently protect Protected Health Information (PHI). If applicable, the safeguards should address how to protect PHI taken off your premises either on paper or electronically (for example, on a laptop computer). Also, covered entities and business associates should confirm that any employees with access to PHI have received the necessary HIPAA training. In addition, to avoid HIPAA’s breach notification requirements, PHI should be secured (that is, encrypted or destroyed), to the extent possible.

The Department of Health and Human Services (HHS), through its Office for Civil Rights (OCR), is responsible for enforcing the HIPAA Privacy and Security Rules. Although OCR has been enforcing HIPAA’s rules since 2003, the Health Information Technology for Economic and Clinical Health (HITECH) Act, which was enacted as part of the American Recovery and Reinvestment Act of 2009, significantly enhanced OCR’s enforcement authority.

Texas A&M’s electric quarterback Johnny Manziel, will take the field tomorrow for another episode of “Johnny Football”. He might be the most exciting player in all of college football.

His football instincts and ability to make the big play on the biggest of stages has defined him and added to hislegend. On the field, he takes his craft seriously.

In 2010, the National Fire Protection Association (NFPA) reported an estimated 16,800 home structure fires involving clothes dryers or washing machines. This resulted in 51 deaths, 380 injuries and $236 million in direct property damage. The leading cause of these fires involved clothes dryers (92%).

Have you read the book or seen the movie Moneyball? It’s really a story of Big Data.

Below is a favorite scene of mine from the movie. In case you don’t know the talent acquisition side of professional baseball, each club has an army of scouts that evaluate new talent forthe upcoming season. Billy Beane, the General Manager and main character, is listening to his scouts make their recommendations for the draft and free agency.

You’ve heard the commercials touting “name your price” for insurance or the promise of saving an average of 15% if you switch your policy. Sound tempting? What you don’t hear about is how the price or the savings is determined. Cutting costs usually involves cutting coverage or reading the fine print in what’s not covered. It is better to consider your “total cost of risk”. This means that saving $200 on your auto policy per year may sound like a good financial decision, but if your liability limits are not adequate, it could cost you thousands or hundreds of thousands on a claim that exceeds your coverage limits. The “cost” to you is not just an insurance premium or rate. Your future wages can be garnished or you may have to liquidate assets like selling your home just to pay for the settlement.

Now, the $200/year in extra premium is looking like a great value!

It seems as if every week there is a new commercial for the “Next Best Thing” in mobile devices.

Lightest Phone in the Universe!