admin – Page 22 – Financial Helpers

Saving 10% Won’t Get You Through Retirement. Here’s Why.

Written by adminJuly 25, 2019

Build your retirement nest egg by changing the way you save.

The 10% rule has often been recommended by financial planners and retirement experts. The truth is, unless you plan to move overseas after retiring, 10% of your income is not going to be enough to sustain you through retirement.

But what about Social Security, you ask? The government assures the population that Social Security will get the funding it needs to provide for retirees, but it’s better not to rely too heavily on the government when planning out your golden years.

Call Now 844-332-2079

In a May 2019 study, it showed that the average benefit for a retiree was $1,470, or roughly $17,640 a year. Now that is nowhere near a liveable income, so it’s best to find alternative sources rather than depend on the continued longevity of Social Security.

Here are some saving and spending guidelines that you can follow for your retirement to ensure a sustainable lifestyle in your later years.

Rule of 20

This rule states that for every dollar needed in retirement, one should save $20. This means that if you make roughly $48k a year you would need to save about $960k for your retirement. If you kept to the 10% savings rule, that would get you about $913,000. But realistically how many people can save $4,800 a year for 40 years? The truth is most people need to save well over 10% of their income to come close to what they need for retirement.

4% Withdrawal Rule

This rule limits how much you should be withdrawing from your account once you get to retirement. To sustain your savings over a longer period of time, it is recommended that retirees stick to withdrawing a limit of 4% from their accounts in the first year of retirement. That amount should then be used as a baseline for subsequent withdrawals.

How to Save More than 10%

So we have shown that saving 10% isn’t enough for you to retire comfortably. For average salaries of $48k, using the rule of 20 you would need $960k for retirement. By saving 10% or $4,800 a year, your money would need to grow at a rate of 6.7% every year to retire in 40 years.

But what about people in their 30s who don’t have 40 years to save for retirement? It is simply not feasible for some to double their savings and still retire with enough. In general, adding 5% to your savings rate lengthens your retirement nest egg’s longevity by almost a decade.

The easiest way to save more for retirement is to find some for free. The frontrunner here will be getting a job that offers a 401(k) match. What this means is that a portion of your paycheck is deducted to be put towards the plan, and the company throws in some more at no additional cost.

For example, if you contribute 3% of your income and the company contributes another 3%, that’s 6% of your income that you’re saving every year. That’s a no-brainer when you can get 100% return on your money with no risk.

Larger 401(k) contributions have a double benefit. A $5k increase in contributions every year for 40 years, compounded at 6% interest, can skyrocket your retirement savings by $800k. In addition to your annual contribution and the tax savings from putting money into a retirement account, that will go a long way to building a comfortable nest egg.

So start planning for your financial future today and give the Financial Helpers a call. We are ready to assist you in preparing a comfortable nest egg for your golden years.

Call Now 844-332-2079

Written by adminJuly 24, 2019

Student Loan Consolidation

Currently in the United States, 44 million Americans owe $1.56 trillion worth of student loan debt. That’s a massive chunk of change that is forcing many Americans into making rash financial decisions. In fact, studies are showing that many people are putting off major life decisions, like getting married or having children, because they have too much student debt.

This is causing many people think that a college education might not be worth it. Of course, you have to consider your degree a long-term investment. It does pay off, but it will take a while. It does take time to build up your work experience and pay off your debt. One financial expert, Chris Hogan, author of “Everyday Millionaires”, simply advises people not to do it.

“No debt, don’t do it. If you have to wait while you work and save up money, or you wait while you pursue grants or scholarships, I would much rather it take you six years to get a four-year degree than to take on $200,000 in student loan debt that’ll take you 15 years to attempt to pay off,” said Hogan.

This is certainly an interesting perspective. Most people believe that they have to go to college immediately after high school. They don’t. If you can wait, and wait.

“Debt is a thief. This student loan situation is a massive problem,” Hogan stated. “On average, [Americans] have around $55,000 in student loan debt. So, people feel the crunch and the push to try to figure out what to do. And right now, they’re drowning in debt. They can attack this debt by being on a budget and understanding” how it can be fixed.

Student Loan Debt a Major Political Sticking Point

There’s a reason why many Democratic presidential candidates constantly speak about their plan to make college free. They also wish to wipe out all student loan debt. It does impact many lives and our economy. On the Republican side, it’s all about making personal choices. President Trump says the American taxpayers shouldn’t bear the weight of that debt.

“There’s a myth that you have to go to a ‘fancy school’ and take on $200,000 of student loans to become wealthy,” Hogan said. “Instead, state and community colleges are good affordable options.

“Some young people don’t need to go to college,” Hogan said. “They might need to go to a trade school or maybe they work while they’re saving up money. But I think there’s so many scholarships and grants out there, that we’re so used to signing on the dotted line for a student loan instead of taking the time to apply for scholarships.”

Written by adminJuly 24, 2019

Politics

Earlier this week on Monday, Democratic presidential candidate Elizabeth Warren warns that she sees signs that the United States economy is about to face a major economic disaster in the next year two. He claims that there are many warning lights that are flashing and that the chance of a downturn is ‘growing.’

Warren currently serves as a US senator and is one of the top candidates in an extremely crowded Democrat field. While she is looking to challenge Pres. Trump in the 2020 election, she’s calling on Congress to do something immediately to fix the problem. Of course, one might ask what anyone can do when she’s the only one seeing the signs.

Economists are saying the complete opposite. There’s no sign of recession. While there are a few factors, like a trade war with China, that is impacting the economy, our economy has never been better in its entire history. More people have jobs now than ever before. Yet, Warren says that Congress must act “before another crisis costs America’s families their homes, jobs and savings.”

The stock market is currently hitting all-time highs, the economy has been expanding for a record 10 years, unemployment is at its lowest point in our history, inflation is low and wages are rising. Yet, despite all of this, Warren is warning of major signs that something major is brewing.

Just Political Fodder?

Considering there’s no evidence of Warren’s charge, it looks to be nothing more than an attempt by Democrat to downplay the great economy. Pres. Trump is currently getting most of the credit for regulation cuts and tax cuts that do seem to be working to stimulate the strongest economy we’ve ever had.

Maybe Warren does have a little bit of Nostradamus in her. She claimed back in 2008 that she had issued many warnings about the impending economic crash that turned into a severe recession. She claims that no one heeded her warnings then and most likely will not listen to them now. “The people in power wouldn’t listen,” Warren said.

The economy is always one of the top major issues that come into play during an election cycle. It’s extremely difficult for Democrats to explain away the great economy. Instead, they’re resorting to fear tactics to counter any positive thoughts about how well we’re currently doing. That doesn’t mean we should dismiss Warren’s comments out of hand.

Any economy is fragile. All it takes is one event to change the course of history. Bubbles burst and rates rise. We should all be prepared at all times for the worst to happen. So while Warren’s words right now have no merit, at least she’s getting us thinking about the future.

Written by adminJuly 24, 2019

Uncategorized

Sometimes reality is stranger than fiction. It’s moments like these that make us wonder if coincidence is a real force of nature in this giant world of ours. Maybe there is a force at work greater than our own understanding. Either way, when strange things happen, we all grow excited and make the event go viral.

Sometimes, the coincidence might be mild, but it stops us in our tracks. In this case, it brings a smile to our faces. J’Aime Brown was a baby girl born in St. Louis, Missouri on July 11^th, which makes her date of birth 7/11. This also happens to be 7-11 day where the country gets a free Slurpee from the convenience store 7-Eleven.

But this is where the story gets interesting. J’Aime wasn’t just born on 7/11. She also weighed 7 pounds and 11 ounces! And the time she was born? You guessed it: 7:11 PM. Now, J’Aime is referred to lovingly as the “7-Eleven Baby” and the story has gone viral for all the right reasons. Talk about one major coincidence!

7-Eleven Does the Right Thing

As this story broke on social media, the convenience store chain 7-Eleven made an awesome and kind gesture to the family. They said J’Aime will be taken well care of well into adulthood. Not only did they give the family childcare necessities, they also started a college fund so she doesn’t have to worry about taking out student loans when she’s older.

The parents of this new baby girl couldn’t be more thrilled. Johntez Brown and Rachel Langford consider their mood ‘overjoyed.’ Yet, it gets more interesting when you hear the mother tell her story. She claims she kept seeing the numbers “7” and “11” constantly. This isn’t an uncommon phenomenon.

“I thought it was weird at first, and I didn’t know that (the numbers) meant so much,” she said. “A lot of the times (during the pregnancy) I would look at the clock and it was 7:11.” Langford did not immediately respond to a request for comment from USA TODAY.

“After catching wind of the incredible news, 7-Eleven decided to pledge $7,111 to the newborn’s college fund to honor her entry to the world,” 7-Eleven told USA TODAY. “Along with this pledge, the brand has also provided the family with diapers, 7-Eleven onesies and other newborn goodies to help her parents along the way.”

Written by adminJuly 22, 2019

Uncategorized

Auto accidents are quite a common occurrence. When you consider how many millions of cars are on the roadway each passing second, it’s no wonder why we have so many crashes. In fact, you’ll probably have 3-4 accidents yourself within the span of your lifetime. Still, nearly every accident can be prevented and you can better your chances of never being in one by knowing the most common types of accidents and how to prevent them from happening.

Let’s take a look at the 5 most common types of auto accidents and how you can prevent them from happening to you.

Accident Type #1: The Rear-Ender

Rear-end accidents usually happen due to someone being distracted. It happens when one car rams into the back of another and accounts for 29% of all traffic accidents. Studies conducted on rear-end crashes predictably revealed that in most cases, someone wasn’t paying attention to what was going on in front of them. Their eyes were diverted and didn’t see there were other cars in front of them who had come to a stop.

To prevent a rear-end accident, you should always keep your attention forward, only glancing away for a second or two at a time to check your mirrors. Always be aware of your surroundings and refrain from being distracted by little things. If you need to answer the phone, pull over at a safe place to do it. Otherwise, it can wait.

Accident Type #2: The Parked Car

As embarrassing as it is, we’ve all probably hit a parked car at least once in our driving experience. If not, then you’re one of the lucky ones! But in tight spots, like mall or grocery store parking lots, it’s quite common for cars to hit or be hit, even when parked. As common as this is, there are several ways to prevent it from ever happening.

The first is by knowing the size of your vehicle. If you have a larger vehicle or if you want to prevent yourself from getting hit, then you might just have to make a parking sacrifice. Stay away from the front of establishments where most of the congestion happens. Everyone is always fighting for prime parking, so just park near the back and save yourself the hassle. By the time you find a spot near the front, you could’ve already parked and been inside.

Also, don’t just rely on mirrors. If you’re pulling into or out of a tight spot, get out and look.

Accident Type #3: The Crazy Animals

Sometimes it seems like animals WANT to get hit. You try to avoid them, but they run right into you head on. If you’ve never hit an animal on the road before, you’re lucky not to feel the guilt, frustration, and panic that comes with knowing you’re about to hit and possible kill this tiny woodland creature. You’re moving fast and they aren’t doing anything. Do you try to dodge it? Is someone driving to the immediately left so you can pull into that lane?

It’s obvious that animals won’t follow the rules of the road and they are even more clueless about what to do next than you are. The odds are, they will move first. The safest course of action is to not take any. Maintain your speed and keep moving forward. What often accounts for a minor situation can get out of hand if you swerve and hit the car next to you or you lose control altogether. In a lot of cases, the animal will take action to avoid you.

Accident Type #4: Getting Hit from the Side

According to statistics, side-crashes, otherwise known as “T-Bone” crashes, account for about 27% of all accidents. These occur mostly when someone is pulling out too soon or someone runs a light and gets hit directly on the side of the vehicle. T-bone crashes can be avoided simply by paying attention at intersections and not being in a rush. Don’t try to rush the light and respect that everyone gets a turn. Also, slow down before entering an intersection.

Accident Type #5: It’s Slick Out

It’s been estimated that as many as 1-in-6, or 22% of all accidents are caused by bad weather. You might be thinking there’s nothing you can do about bad weather, but there’s a lot you can do when the worst happens: stay home. Seriously, there are a lot of people who feel the need to go out during a major ice storm, blizzard, or other bad weather event and often regret it.

If you have no choice and can’t avoid the bad weather driving, then do yourself a favor and give it a lot of extra time and patience. Drive 20 MPH under the speed limit, allow for slick roads, don’t make any sudden maneuvers you’ll have to overcorrect from, and be prepared to make emergency stops. You never know if there’s another accident that stops all traffic or if someone else will lose control in front of you.

In order to keep the roads safe for everyone, we must follow the rules and drive as safely as possible. Always take your time and drive defensively rather than offensively. By paying attention to your surroundings and not becoming distracted, you can prevent the majority of accidents that might happen in your lifetime.

Written by adminJuly 22, 2019

Business

As the economy continues to soar, there is a war brewing. It’s a war over talent and workers. Many companies across the country right now, including the industry that they work in, are facing a vast worker shortage. Here at Financial Helpers, we’ve covered this topic several times. We shared how in order to compete and bring in the best talent, as well as preventing turnover, many companies have been adding more perks.

Salaries have been rising. The unemployment rate has been plummeting. Still, there’s a massive shortage of workers. This is also prevalent in the fast food industry. Because there are higher-paying jobs out there, there are less people working in fast food. There was a time not too long ago when fast food jobs were the only reliable work you could probably find. There were plenty of college graduates with degrees forced to work for minimum wage.

Now, we live in a completely different time. If you want a job, odds are, you can easily find one. That isn’t stopping many industries thinking of new perks to draw people in. Those perks can include paying off student debt, generous benefit packages, more paid time off, and even paid health care. Companies will even contribute to your 401(k) and retirement fund.

One new weapon in the fight to attract new workers is offering next day pay. In particular, GPS Hospitality is looking to offer next day pay for thousands of fast food workers across the country. GPS Hospitality is the main company that owns numerous fast food restaurants we probably eat at all the time: Burger King, Popeyes, and Pizza Hut are among the most popular.

Give Employees a Hand Up

While the economy is soaring, there are still a lot of people living paycheck to paycheck. Even if you are doing fairly well, there may be a time or two when you run into an issue and need money. That’s why GPS Hospitality is offering a new program for their employees called “Work Today, Pay Tomorrow.”

“Everybody runs into issues with money at one time or another, and I’ve seen people go to the Payday Advance places and pay a hefty percentage fee for a short loan. There’s no fees involved in this whatsoever,” Laurie Covieo said. Covieo is the Senior General Manager of Burger King in Fenton, Michigan.

This Word Today, Pay Tomorrow program will allow employees to take out as much as 50% of what they earned the day before. For example, if an employee worked for 10 hours yesterday, they can get an advance of 5 of those hours today if they need it. There are no fees and is designed to both attract new employees and help current employees not worry so much about daily finances.

“If you work eight hours, a four-hour pay isn’t going to solve your problems the next day, but if you’re short gas money, that can be a big help or short some groceries for your family and trying to make it to payday, that can be a big help,” Covieo said. “As there’s lesser and lesser employees and everybody is hiring, it’s just another avenue for us to try to attract people,” Julie Linton said. Linton is the District Leader for GPS Hospitality, Burger King franchise.

This new plan has been undergoing testing since 2018, but is expected to roll out across the country later in August.

Written by adminJuly 22, 2019

Life Style

We all experience stress in multiple ways throughout our life. Whether it’s daily stress that accumulates over time or life-altering issues we often face, stress can impact our bodies in a variety of ways. Stress has been directly linked to an increase in depression, high blood pressure, strokes, and anxiety.

Science has proven that people who have regular, prolonged instances of stress over their life are usually the ones with the major cardiovascular problems later in life. In that way, you can almost consider stress to be a meat tenderizer that takes its toll on your body. It can even cause weight and memory issues.

While stress is a normal part of life, how we deal with it is under our control. We all work really hard, trying to make it and fighting all sorts of obstacles. Money problems can heighten the stress you feel. You might be facing some major bills or struggle to keep your debt in check.

1) Wake Up Earlier

How you start your day can impact the way the rest of your day goes. A lot of people wake up as late as they can and RUSH RUSH RUSH out the door. They barely have enough time to grab something to eat or they hit the fast food joint on the way to work. The best thing you can do for yourself in the morning is to SLOW DOWN.

If you drink coffee in the morning, it takes about 20 minutes for the caffeine to metabolize in your body to full effect. Take that time in the morning to slow down the morning rush. When going at your pace, you may find that your days are smoother and less hectic, especially if you battle traffic each morning.

Center yourself. Go in relaxed and ready to take on the day versus in a bad mood.

2) Take Up a Hobby

What better way to take your mind off a bad day or stressful situation than to indulge in a favorite hobby? When the mind gets flooded with thought after thought and worries you’re constantly facing, there’s no better way to direct the mind than by focusing on something else instead. Our brain isn’t that good at multitasking and likes to bounce around. But if you can focus on that one activity, like gardening, scrapbooking, or knitting, it has a way of channeling those thoughts and energy to the task at hand.

“There’s something about the tactile element of scrapbooking—cutting, pasting, positioning—that is probably more relaxing than posting online,” says Nina Savelle-Rocklin, PsyD, a Los Angeles-based psychotherapist. With gardening, you hold the soil in your hands and spend more time outside in the sun. Whatever you do, pick one thing and put all your focus and energy into it.

3) Good Food

The kind of food you eat can either make you or break you when it comes to stress. When we’re under stress, most people have the tendency to start munching on some not-so-good foods. The rise in cortisol is linked to wild cravings for sugar and heavy carbs, according to researchers at the University of California at San Francisco Medical Center. It becomes a nasty endless cycle of weight gain and even higher cortisol levels, leading to more binge eating.

Those types of foods are also high in things like chemicals, preservatives, sodium. The high-sodium content alone will make you feel bloated, increase your blood pressure, and leave you feeling blah mentally. The trick with these kinds of processed foods and carbs is you become addicted to them, so you keep running to them when feeling down.

4) Simplify Your Life

It seems like everything we do in life is about seeking out something bigger and better than what we already have. We work extra hours to pay for the things we don’t need. While it’s nice to have things, all this extra stuff can complicate our lives severely. Is it worth the stress and health issues it leads to? Only you can decide that.

Of course, this doesn’t apply to everyone, but take a moment away from the grind and look around. Are the goals in your life meaningful? We are seeing more and more books and magazines with this same message. And it’s not necessarily about living frugally, but just slowing down to smell the roses, so to speak. Declutter your house. Downsize certain goals and ambitions that just seem to bring you down.

5) Exercise

In a lot of ways, this point can go along with taking up a hobby. Not only does exercise give you something to focus on, it also helps to burn all the stress hormones that build up in your muscles. Another benefit to exercise is you simply become a fitter person. Someone who is fit is able to handle stressful situations better than someone who is not.

6) Meditation

A few of the stress busters mentioned above involve distracting yourself. Sometimes, though, a distraction isn’t enough. You need to fully remove yourself from the stressor. There are a lot of great ways to do this. Meditation is one of them. Meditation is essentially another word for “relax.” Take some deep breaths. Listen to soothing music.

We all need to find ways to just get away from the grind. If we allow stress to constantly eat at us, every single day, it will only make us sick and miserable. By changing the way we look at our priorities, taking some time away to relax, eating the right foods, and doing the things we love can really fight back and help us win the war against stress.

Written by adminJuly 22, 2019

Saving

Believe it or not, there are a lot of things we do as Americans that are more expensive than we realize. We could all easily comb through our budget and see the things we are literally wasting money on. Yet, we live during a time when health insurance is unaffordable and hardly anyone is able to save for retirement.

The economy is doing really well, but it could be doing a lot better. Millions of Americans are burdened by trillions of dollars’ worth of debt. Rather than finding a way to slow down spending, they keep spending even more, taking on more debt and making the situation worse for themselves. The best thing to do is find expenses you can cut from your life.

Here are the 5 ways to reduce spending:

1) Cut the Cord

Unless you’re a massive TV fan, paying $100 per month for cable is utterly ridiculous. The prices only continue to climb. Is it worth the cost for only getting to watch it maybe an hour or two per day? In that case, you can buy a $20 HD antenna to watch the local programming and do well with a Netflix subscription and internet. Anything on TV will show up on Hulu anyway, including live TV. Save your money and cut the cord!

2) Refinance Your Debts

If you’ve been doing really well at maintaining your debt, there’s no doubt that your credit score has improved over time. Maybe you took a loan out ten years ago you’re still paying on. If you have an improved credit score, that can go a long way in helping reduce what you spend each month. You can refinance your auto loan and/or your mortgage and student loan debt. It means a bank will give you a loan to pay that off, but your new loan will have better rates and lower monthly payments, saving you a bundle!

3) Don’t Be Afraid to Renegotiate

A lot of companies will do anything to keep you on as a customer, especially if they have a lot of competition. Don’t be afraid to call up these companies and do a bit of haggling to get a better rate. You can lower your cable get, get a good deal, or even threaten to switch companies if they’re offering something more your size. In most cases, they’re willing to oblige!

4) Share Your Bills

One simple way to save money is to split your bills with someone. Of course, this assumes you’re single or living on your own. By getting a roommate, that has a lot of great economic impacts. Suddenly you pay half of what you were before, putting more money back into your pocket.

5) Coordinate your Activities Better

You can easily lump different errands together and make a single trip out of it. A lot of people don’t do this and it makes no sense whatsoever. You can really save a lot on gas by going out and doing all your things at once while coordinating how you do it. For example, getting groceries after you hit the gym because the store is on your way home.

Written by adminJuly 22, 2019

Politics

When you’re a presidential candidate, appearances make all the difference. You want to show that you’re a leader amongst the pack. One way of standing out is showing you have a lot of money. Having money is a sign that you’re being supported by your fans and the people who want you to be elected. The more popular you are, the more money you should have in your election war chest.

One thing candidates have to do is be honest and be held accountable for the money they receive in campaign contributions. They must file with the FEC to offer a true accounting of their spending. The news media loves to harp on which candidate has the most money to spend because having money determines how long you can run a viable campaign.

A lack of support means less money coming in and vice versa. But some candidates play with the numbers to appear to be richer than they are. Every quarter, the FEC releases how much each candidate pulled in. By looking at these numbers, we can see what some candidates are doing to inflate their donation dollars.

Senator Amy Klobuchar is one example. You can track her expenses through the end of one quarter, but her spending dramatically exploded on the first day of April, the start of a new fundraising quarter. It shows that Klobuchar put off spending until the quarter was over, putting a huge spin on how much money she has in the bank.

Putting Things Off

This move allowed her to claim she had $7 million while if she conducted her spending spree BEFORE the quarter was over, it would’ve revealed she had only $6.35 million. While that might not seem like much of a difference, the $7 million reported makes her look better and among the candidates pulling in the most money.

Looking at campaign finance records, Klobuchar is just one of four presidential candidates doing the same. They’re playing with their money and being choosy when they spend so it can appear as if they have more money than they do. One tactic is delaying payment to staffers. It looks like the four same Democratic candidates all put off paying their staffers at the end of June and waited to pay their staff until the start of July to inflate their fundraising numbers.

The three other presidential campaigns spotted pulling this tactic include John Delaney from Maryland, Michael Bennett of Colorado, and Jay Inslee of Washington. These candidates stated that it’s the way the payment period was structured, blaming it on the end of the period falling on a Sunday. The problem is, the common practice would be for checks to be cut the Friday before the weekend.

“I haven’t heard of this practice before but I am not surprised,” said Kim McMurray, an executive council member of the Campaign Workers Guild and a former organizer for 2020 contender Sen. Bernie Sanders (I-VT). “FEC timing deadlines are such an important moment for campaigns to show enthusiasm, support, etc. so campaigns want to show the largest number possible.”

“It is very disappointing if this came at the expense of the workers,” McMurray added.

Written by adminJuly 19, 2019

Health Insurance

Health insurance can be an evolving beast that’s complicated to understand and changes with the weather. With each new administration, it seems as if the rules change, as does the coverage.

That’s not all. Each individual state and local areas have different types of insurance. Which is the right type for you and your family? What will your coverage look like? How high is the deductible?

The issue can get so complicated (and expensive) that a large portion of the population just throws their hands in the air and decided not to get coverage at all. Obamacare tried to weed those people out by fining them, but it didn’t matter. To their own detriment, many millions of Americans still do not have health insurance.

In fact, 62% of bankruptcies are because of medical bills. That’s a scary situation to put yourself in. Bad things happen all the time and it’s essential to protect yourself for when it does. Here are three things you need to know about managing your own health insurance.

1) Know Your Budget Before Going In

One of the best ways to know which coverage is best for you should be dependent on your budget. According to a Consumer Expenditure Survey, most Americans spend about 5% of their income on health insurance. That’s somewhere around the mid-tier or “Silver” plan. What you do from there is up to you.

If you make a bit more money, then the best option might be to spend a little more on the premiums so your deductibles aren’t as high if you need to use your insurance. If you can’t afford that, then understand your deductible will be higher. Whichever option you choose, knowing what you can afford beforehand is the best way to go.

2) Know Your Options and Compare

After you know what you’re able to spend on health insurance, it’s time to look at the different options and compare different plans to see what fits your needs. As of right now, there are four categories: Bronze, Silver, Gold, and Platinum. Each one has varying benefits at increasingly expensive rates.

But prices are only just the beginning. You will have to look at the doctors in your area. What insurance do they cover? What are you able to do with that insurance if you need other types of care, like dental and vision? There are a lot of network types as well, like PPO, POS, HMO, and EPO.

You might find that there’s only one type that’s universally accepted within the networks in your area. Others have limited coverage or might even charge you more money if you venture outside the network.

3) Know What Your Needs Are

The worst thing you can do is choose an insurance plan solely based on price, but then find out later it doesn’t cover nearly as much as you thought it would. Needs can come later that you weren’t prepared for. You can know the future, so it’s best to be reflect the needs you have.

For example, will your kids need braces? Glasses? Do you need to visit a chiropractor for medical reasons? Do you take a lot of expensive medications? Are you fully covered in the event you end up missing work due to an accident or prolonged illness?

Some people rarely use their healthcare and haven’t stepped into a doctor’s office in a decade. Others make sure they get monthly check-ups. What we use and what we’ll need vary from person to person. Does your employer have an FSA (or Flexible Spending Account)? Would a HAS (Health Savings Account) help you more if money is tight?

With these three steps in mind, don’t just decide one day that you need health insurance and immediately jump online to apply. Instead, take a lot of notes. Think about future needs more than financial burden, as medical bills can bankrupt you if you’re not prepared.

Author Archives: admin

Recent Posts

Recent Comments

Categories

Become a member

Popular Posts