5 Big-Ticket Expenses to Save For Before Turning 30

The biggest mistake, people in their 20s, make is mismanaging their personal finances expenses. When they have disposable income, they just use it, almost immediately in some cases. Bags, shoes, video games, gadgets, you name it, they buy it. Others, with credit cards in hand, live beyond their means and end up in debt. Before they know it, they’re already 30 and still without any financial means of dealing with major life changes or emergencies.

What if they get married, What if they get into a big accident, What if they suddenly lose their main source of income, Where will you get the money to pay for such expenses, There are so many possible scenarios here.

Money can’t buy everything, but it does pay the bills and living expenses. Sometimes though, a month’s worth of salary isn’t enough to cover an expense. Some of these are important expenses worth saving for early before you’re saddled with more responsibilities after turning 30.

Save for these items before You Hit the Big 30:

1. Health Insurance Expenses

Your most important asset is your health. If you get sick, you lose the ability to earn. Having a healthy lifestyle — eating smart and exercising regularly can prevent the onset of certain ailments. However, despite your best efforts, there may come a time when you’ll have to deal with major health issues such as life-altering conditions or injuries. This is when having health insurance will make a big difference.

Although your employer may provide you with decent health coverage, it’s better if you get your own health insurance policy. This way, your coverage isn’t dependent on your current job.

Do some research and find out which health insurance policy is best for your budget and current needs. If you haven’t picked one yet, set aside around 10% of your monthly income for emergency health expenses, such as medicines, treatments, and doctor consultations. Once you can afford it, you could also take out health insurance policies for your parents. Healthcare gets more expensive as people grow older, so getting one for your parents, while they haven’t turned 60, could save you money in the long run.

2. Retirement Fund

It’s never too early to start saving up for your retirement. In fact, the earlier you start, the better because of compound interest. Consult a financial adviser and find out how much you have to put away so you can live comfortably and not stress about money when you’re in your retirement age.

Financial advisers will factor in inflation and other things that may affect your finances once it’s time for you to retire. Unless you fancy declaring bankruptcy and getting your home and other assets seized, once your paycheck stops coming in, it’s better for you to start saving for retirement now.

3. Property and Home Insurance

It’s wise to set aside a percentage of your earnings — say 10% to 20% of your monthly income — for your own home and the insurance that it requires. It’s a big expense, but so is renting. It depends on your city though. If you’re in a buyer’s market, purchasing your own home might make sense. But if you’re living in crowded cities, like San Francisco, and New York, just save your money for now.

In other cities, however, rent adds up and you technically don’t have anything to show for it. Check out real estate listings so you have an idea of what your dream home will cost and what other expenses owning a property entails. It all really depends on the local real estate market in your area and your ability to handle monthly mortgage payments.

Once you have a clear grasp of the possible expenses, create a timetable to map out your target amount and how long it will take you to save up a decent down payment.

4. Wedding Expenses

Weddings should be memorable. However, would it really be wise to break the bank for it? So you want a beach wedding with a fancy 5-tier cake, wine with personalized labels and delicious food. You can make that happen, but you don’t need to go into debt just for that one special day.

You can compromise by picking what to spend on and where to cut back. For instance, pick three items that you’re willing to spend on, such as your rings, the wedding outfits, and the food for your guests. Then find cost-effective options for invitations, flowers, and giveaways. You can do without an over-the-top wedding cake by going for wedding cupcakes. You also don’t need that fancy water bottle for the bride and groom. Water is water, yes?

The people who genuinely care for you don’t need the superficial trappings of a fancy wedding. Besides, the less pressure you put on guests to dress up and come up with a ‘good’ gift, the more they’ll likely enjoy your party.

If you really want to be frugal, consider foregoing a grand ceremony and just get married before a judge. This way, you can splurge more on your honeymoon. After all, it’s really the marriage that counts and not the wedding day.

Set a fixed budget for your wedding expenses and don’t break your commitment to it. Talk it over with your partner and help each other stick to it. Otherwise, you’ll start your married life stressed out over making ends meet. That will definitely kill the romance at record speed.

5. Child Care

What’s the number two course of divorce. Well, money problems is number one they say, but I bet child care expenses comes at number two. So, if you’re planning to have kids, start saving for it even if you’re not expecting one yet.

You can set aside, say, $200 to $300 each month for your still-to-be-born child or children. Have money to spare? Get an educational fund for them, so you don’t face the painful decision of whether they go to college or not.

Not sure how much having kids can cost? Think of the cost of milk, diapers, food, clothes, education and car seats for just one child. That’s a lot of money!

Still can’t picture it? Adopt a pet for a month then tally everything you’ll spend on their food, veterinary visits, treats, doggy bags or cat litter, their beds, cages or playpens, leashes, abd grooming. Your expenses in one month of caring for a pet, is still nothing compared to the monthly cost of having a child.

When you have disposable income, don’t waste it on superficial amusements such as gadgets or trendy clothes. You might not feel the retail therapy from saving your money, but the peace of mind it will bring you later on is priceless.

Even if you’re not 30 yet, it won’t hurt to start saving for these five big expenses as early as possible. And if you’re already 30 but still haven’t saved any money for these — or any other expenses — it’s never too late to start. Even saving $100 a week is a lot if you keep at it.

Making use of for Chase Credit rating Playing cards On the internet

Credit rating playing cards are an important component of living in the present world. Just feel about the number of goods purchased on the Web, the deals on flights, and resort rooms. It performs the other way also. The chase credit cards offering the most effective phrases to observe online. That is why making use of for a Chase credit card on the web is the surest route to the incredibly most effective bargains.

It is the single major source for consumers, but it appeared new expectations, not minimum relating to the pace with which applications can process. When it will come to credit rating playing cards, the financial institutions and card suppliers offer speedy card acceptance to fulfill this expectation.

The relationship of fast application processing and exceptional card conditions to build Chase credit cards as one of the most well-known playing cards to use. But there is, of course, extra to consider heed of.

 Mindful Advantage Of Credit rating Playing cards

It will appear to the most crucial element of a credit score card settlement presented in advertising content, but this is not genuine. It is in the tiny print that the more revealing specifics located. When it comes to making use of a Chase credit rating card on the net. These specifics obviously indicated to aid shoppers in building proper card options.

Chase Credit rating Playing cards

Quick card approval is a single of the regular benefits and features. But Due to the fact the software is crammed out and submit on the internet, an affirmation of card approval can be obtained within seconds, hence eliminating the pressure of waiting around on a decision.

Through the chase credit card customer can pay any type of bills online and offline. I’m also using a chase credit card to pay my doctor bills, hospital bills, insurance premiums, etc.  Last few days ago i had used my chase credit card on peryourhealth.com to pay my medical bills.

Other common added benefits are the incentives when utilizing the card. Chase credit rating playing cards have particular details. The process developed to lower the fees linked with making use of the card. These points can be converted into discounts at places to eat, when shopping for flight rail fares, and when scheduling lodges.

Essential Terms and Circumstances

It established conditions that all applicants seeking Chase credit rating playing cards online have to fulfill prior to acceptance can be hoped for. The good information is that they are easy, ranging from age to proof of trustworthy and ample earnings, so there needs to be a minor issue in satisfying them.

Applicants should really be in excess of eighteen, have US citizenship or residency, and earnings significant enough to recommend repaying the credit rating card stability will not be as well tough. On the other hand, most likely the most vital element is that applicants ought to have a fairly great credit history rating. This not only implies the credit rating restrict can be increased, but quickly card approval is very likely.

There are incentives for those people applicants looking for Chase credit rating playing cards with a very good credit score history. These involve an introductory offer comprising % APR for the initially 6 months, no once-a-year service fees, and pretty aggressive interest charges.

Acquiring The Card On the net

The actuality is possible to get a Chase credit card on the web means accessibility to the full vary of playing cards is uncomplicated. Nonetheless, there are some essential particulars demanded in buy to make certain the ideal card for your wants is secured. As currently mentioned, to get rapidly card approval, a fantastic score is necessary.

But implementing on the internet for a Chase credit score card is really very simple. The software type has all of a couple of minutes to fill out. when they concluded, then the post button only wants to click on. Following a handful of seconds, approval might be granted. If so applicants can hope to receive their card in a couple of days.

If you have any quarry related to this blog post, please feel free to ask me by using comments. Our team will give you a reply  as soon as possible.

Are You a Confused First Time Credit Card Owner – It’s Alright.

 How does one be a savvy credit card owner? Getting your first credit card can definitely be exciting, especially since the world of credit cards is so varied and dynamic. Before you commit to any card however, it is advisable to do some homework and evaluation to simplify the process and maximize your credit card rewards. Here are some common tips for that:

1) Before Getting the Card

Be familiar with the perks, benefits and interest rates that First Time Credit Card Owner has. Save yourself the hassle of hunting down credit card promotions and deals using mobile applications such as Cardable. Take your time to consider the different options before deciding on one. By having a thorough understanding of how credit cards work, you can stay on top of the credit card issuer’s rules and regulations, and work within the guidelines.

Doing such a check ensures that you won’t be caught off guard by certain credit card fees, and it might even give you the upper hand in disputing any issues with the issuers. Knowledge is power, as they say, and it is no exception to this case.

It’s no secret that credit card issuers usually take a look at your credit scores before deciding if they should approve your credit card applications. The credit scores are likely to inform the banks if you are a reliable borrower which they do not have to fret over.

If you’re a little more on the financially savvy side, you’ll know some of the tips and tricks to make your credit score an almost perfect one. However, the general rule is to never default on payments for any loans or credit cards and you are in good standing to get approval for an application and be a credit card owner.

There are indeed many attractive credit card sign-up offers to dangle in front of the average consumer today. From free luggage to cash-back giveaways, these incentives do, of course, sweeten the deal for us.

However, it is good practice to read every condition on how to get your hands on that gift. One missed a fine print sentence or two might create a misunderstanding and disqualify yourself for the perk you might have signed up for initially. In addition, some of the benefits that the credit cards bring are only activated with certain minimum spending on the card; keep that knowledge on your fingertips too, so you won’t be sorely disappointed when the bank informs you of your ineligibility.

2) After becoming a First Time Credit Card Owner

You have passed all the financial institution checks and you’re finally a credit card owner. It’s time to use your card in a way that will best benefit you in terms of getting the purported card benefits and perks, saving you a huge amount of expenses.

The idea is to put in the minimum effort possible to obtain it and this is only done through proper planning of your purchases and monitoring of your expenses so far. Cardable has an exclusive upcoming feature that would help users find the perfect card suited to their lifestyle. Stay tuned!

Pay all bills on time

This is a must! Paying your credit card bills on time will not only keep you off the black books of the bank issuer but will also shape your credit score in the future. Employ the use of the numerous financial budgeting and bill reminder software or mobile applications and it might be much easier to remember the due dates for your credit card bills.

So, 5 things to remember:

  1. Ensure the card is right for you
  2. Have a favorable credit score
  3. Read the terms and conditions
  4. Plan your purchases and monitor your expenses
  5. Pay your bills on time

And you’re good to go!

We all know that a credit card is very important for everyone. It helps to pay bills of daily expenses as well as monthly.  Mainly people use the credit card for purchasing for goods later they transfer purchasing amount on EMI. For more detailed information read our blog post which is written about a good credit card score.

Doy you know about the medical billing portal if you did not know we are providing some short information on this page. There is one most popular billing agency is per your health in the united states. The Peryourhealth is an online medical billing portal that works for the associated hospitals and healthcare providers. For more detailed information visit per your health blog post.

How to Break Bad Credit Card Habits

Bad Credit Card Habits – Over the years credit cards have grown to become one of the primary ways to pay for goods and services. To some, carrying cards is a necessity to others, there are many benefits to carrying one or more cards, the biggest one probably being convenience. When you want to make a purchase all you need to do is take out your plastic, swipe it, sign the electronic digital pad if required, and you can walk away with your purchase. Very fast, simple, and above all convenient.

However as with most things in life, with every benefit comes some sort of trade-off. And with credit cards, there are a number of drawbacks to consider. One of the primary negative issues associated with credit cards is the debt that can accompany it. According to statistics, in the United States, as of September, the average consumer debt per credit card that carries a balance was $7,743. This is actually down from a few years ago when this figure was $8,220, but still pretty high.

How to Break Bad Credit Card Habits

While the recession a few years back hit people hard and probably figures into these statistics, in other cases bad credit card habits are often at the root of the problem. Bad spending habits can range from some budget overspending to flat out not keeping track and, as a result, unexpectedly going into deep debt. In order to avoid falling into either of these categories, it is important to break any bad spending habits. Or if your credit balances have already spiraled out of control, you can change your habits and pull yourself out of the debt trap.

Strategies that can be used to break bad credit spending habits include:

Set a Budget and Track Receipts

With the ease of use credit cards,  it can be easy to overspend, not being limited to using cash. Many people tend to swipe a card without giving it full thought, especially on impulse buys. In this scenario, the charges can stack up quickly without a person even realizing how much he or she has spent.

Establishing a limited budget and setting up a system to track receipts can provide a goal to meet and also a visual to see where the money is going.

There are a number of ways to do this, including keeping a spreadsheet, adding in the charges as they are made. This way, a running balance can be tracked, needs can be calculated and you can visually see when to cut yourself off from excess spending. Additionally, through budgeting and tracking there are no surprises at the end of the monthly cycle when the bank sends its bill.

Bottom line — watch those receipts and don’t spend more than you can realistically afford.

Keep Minimal Lines of Credit Open

According to statistics provided by MyFico, the average consumer carries nine credit cards. Many may not even know how many they lines of credit they have open, as there are consumers that carry many more cards than nine.

Additionally, it is common for credit card companies to create promotional activities to entice consumers to open additional lines of credit. Creditors will offer rewards such as prizes, gifts or monetary incentives. Avoid these temptations. While the offers may sound good in the short-term, in the long run, consumers who tend to spend and carry multiple cards also tend to raise their balances of money owed to credit companies even higher.  By keeping a minimal line of credit open, you better track credit card debt and limit spending. Maintaining a small number of accounts also prevents compulsive spending, which can lead to maxing out credit limits on a number of different cards.

Bad credit card habits

Limiting the number of credit cards also prevents the credit score problems associated with too many high balances on lines of credit. Not to mention carrying too many cards also increases the risk of loss or theft. With all the data breaches occurring these days, it’s smart to be able to easily keep track of the lines of credit open so quick action can be taken in the event personal information and/or financial data is exposed.

Try to Pay Your Statement in Full

A big mistake many consumers make is carrying balances over from month to month, especially those individuals who pay only the minimum balance. These kinds of bill-paying practices will only eventually lead to accumulated interest payments and higher debt, especially if the interest rate is high. For instance, the National Credit Union Administration points out that $1,500 in charges at 19 percent interest rate with minimum payments made (and no new charges or fees added) will take 8 or more years to pay off and result in approximately $889 extra in interest.

Play it smart, if you’re in credit card debt, work to find ways to make more than the minimum payment if you can’t pay it off in full after making the purchases. Sometimes changing other spending habits (not credit-related) can help accomplish this goal.

Shift to Cash

One of the best ways to avoid falling into the credit card pitfalls is to switch to cash. While far less convenient, cash is finite, when it runs out, no more money can be spent. By establishing a monthly budget, you’ll know exactly what you have and what you can afford to spend. If you need to carry a card (and this is probably a good idea – but just one card), use it only in the event of a true emergency. This way when the bill arrives, there is no surprise at the amount on the statement, and the balance won’t be out of control from frivolous or unnecessary impulse spending. And remember, don’t ever use an ATM to get cash using a credit card, those interest rates are typically much higher than if you were to charge a purchase directly.

Bad credit card habits have had a negative impact on many consumers. Credit cards can definitely be of value when used properly, but bad practices can send an individual spiraling into debt before they’ve realized what’s happening. To avoid these kinds of debt traps, establish good spending and tracking habits and those bad credit card habits can easily be kicked.

If you wish to know about the medical billing portal in the united state that works for the associated hospital and service provider. you can easily get the list of top most popular billing portal.

Best Credit Cards for Students – Complete Explanation

Best Credit Cards for Students – When you send your kids off to college. They may have a laptop, a mini-fridge, and some new clothes. And many freshmen are also carrying their first credit card. There are pros and cons to handing a young adult a credit card, and the advantages often outweigh the disadvantages. There are also some cards that are better suited to young people than others.

Why credit cards are good for students?

Parents most often give Junior a credit card because it will be handy in an emergency, will make it easy for him to pay for things without carrying around a lot of cash, and will help him develop some money management skills. Further, these days a lot of shopping is done online, where cash is not king.

Another excellent reason is that owning a credit card enables him to start establishing a credit history. Later in life, he will want to borrow money for a mortgage or car loan, and the credit score that influences his interest rate will be based partly on how long and how responsibly he has used credit.

An upside for parents is that if they’ve cosigned on the card, they should receive monthly statements, too, and can keep an eye on their kid’s spending. If $300 is going to Bruno’s House of Pizza every month, they can bring that up.

Credit Cards are problematic for young people?

Of course, there are downsides to collegians carrying credit cards, too. For starters, remember that many students graduate with significant student loan debt. and overspending on credit cards can add to an already heavy debt burden. (One study estimates that among the class of 2020 grads who have student loans, the average owes $33,000.)

The goal of building a strong credit history early can be thwarted if bills aren’t paid on time, as that lowers a credit score. (If a parent cosigns for the card, then the parent’s credit score can take a hit, too.) The cards themselves are problematic, too, with many bearing steep interest rates (often after a low teaser rate expires) and annual fees.

It’s also important for young people to learn how to save, and that can be hard if it’s easy to spend — or if all extra cash is going toward debt repayments because debt has piled up.

What to do?

Some parents choose to start their kids off with debit cards, so that money management skills can be learned without the risk of debt. But if credit cards make more sense to you, here are some tips.

Set ground rules and expectations. For example, you might expect your child to pay off each month’s bill on time, and you might limit the card’s use to school-related expenses (such as books) instead of entertainment. Have a conversation about using credit cards wisely. Point out the danger of steep interest rates and fees, as well as the importance of keeping cards secure and not using them online on public networks, lest your kids fall prey to identity thieves.

Some credit cards for students to consider?

Below are few credit cards recommended by the folks at CardHub.com, who reviewed more than 1,000 credit card offers to find which cards offer the most significant savings and rewards while teaching college students the importance of money management.

  • Journey Student Rewards from Capital One: 1% cashback on all purchases plus a 25% bonus on your cash-back reward for paying your bill on time each month; net 1.25% cashback for every dollar you spend; no annual fee.
  • Bank Americard Cash Rewards for Students: 3% cashback on gas and 2% on groceries (up to $1,500 of combined net purchases in both categories); 1% cashback on everything else; online-exclusive $100 initial rewards bonus for spending $500 in first 90 days; 10% bonus when redeeming rewards as a direct deposit to a Bank of America savings or checking account; no annual fee.
  • SunTrust Secured Credit Card: For students planning to charge more than $325 per month, this secured card will more than pay for its $39 annual fee. The 2% cashback on gas, grocery, and drug-store purchases for the first 6 months, and then 1% cashback on all qualifying purchases thereafter.
  • Capital One Secured MasterCard: Security deposit as low as $49 for $200 credit line; $29 annual fee.

When deciding whether to give your kid a credit card to use, think things through carefully. Depending on how it’s used, a credit card can either make or break the owner’s financial standing.

Take advantage of this little-known tax “loophole”

Recent tax increases have affected nearly every American taxpayer. But with the right planning, you can take steps to control your taxes and potentially even lower your tax bill. In our brand-new special report. The IRS Is Daring You to Make This Investment Now! you’ll learn about the simple strategy to take advantage of a little-known IRS rule. Don’t miss out on advice that could help you cut taxes for decades to come. Click here to learn more.

If you have any medical billing, which you got at the time of treatment of himself or their family. You can easily pay your bill here.  There is the various hospitals that accept payments through a third-party site. One of them is peryourhealth.com through it you can pay your bills easily. You will need not to pay any extra charge it is completely free of cost. So I’ll recommend you try at least one time and share your experience with us.

8 Ways to Improve Your Credit Score

Life is easier when you have a good credit score. You’ve got a better chance of getting a loan or credit card and of getting the best interest rates. A good score can even help you get a lower price for car insurance.

What’s a good score -: Most credit scores range from 300 to 850. FICO is the credit scoring model most commonly used by lenders. According to FICO, if you’ve got a score of 740 or above, you’re doing stellar. Folks in this range are the most likely to get approved for credit, and they will enjoy the lowest interest rates.

A score of 670 to 739 is good, but it might not earn you the lowest interest rates. And a score of 669 or below may get you turned down for credit. Even if you are approved, you’ll likely pay higher interest rates than people with better scores. So you should use your credit card to pay the medical bill and many more. There is a huge medical billing portal but one of the most popular is peryourhealth.com

If you’re not happy with your credit score, there are ways to improve it. Try one or more of these tips to turn yours around.

Credit Score

1. Check your credit report

You should do this regularly anyway to look for errors. Your credit report may also clue you into why your credit score is lower than you’d like.

Experian, Equifax, and Trans Union are the three main credit bureaus, and you’re allowed one free credit report from each of them every year. The easiest way to get your reports is to visit AnnualCreditReport.com, which provides reports from all three bureaus.

Once you have your reports, check them for errors. Do you see accounts marked as late that you remember paying on time? Are there accounts or applications for credit that you don’t recognize? You can dispute errors online through the credit bureau websites. But to be safe, write old-fashioned letters to each bureau and send the letters via registered mail. Also, ask the creditors that gave the information to the credit bureaus to make corrections.

2.  Correct your own past mistakes

Perhaps your financial gaffes are hurting your credit. Maybe you paid late once or twice last year because you forgot the due date. Call and ask the lender if they will forgive those late payments. Explain why you paid late. If you’ve otherwise been a good customer, then chances are the lender will remove the late payment from your credit report.

If you have accounts in collections, come up with a plan to pay them off ASAP. Ask the creditor to remove the accounts from your credit report or mark them “paid as agreed.” Even if the creditor refuses, having the accounts paid off will still help your credit.

3. Pay all of your bills on time

This is a big deal. Your payment history makes up the biggest component of your credit score. That’s why it’s so important that you pay on time, every time. Are you forgetful or just busy with life? Set up due to date alerts or auto-pay arrangements for your bills. Depending on the biller, you may also be able to choose your due date so it falls near payday.

4. Stay well below your credit limits

Your credit utilization ratio measures how much of your available credit you’re using. It’s the second most important part of your credit score. The rule of thumb is to keep your credit utilization under 30%. Even better, keep it below 10%.

Your score counts both your overall credit utilization and your utilization for individual accounts. Say your overall utilization is under 30% but you’ve still got one credit card close to being maxed out. That one account could hurt your credit score and you should work toward bringing that balance down.

5. Pay down your debts

To improve your credit utilization ratio, you need to lower your balances, increase the amount of available credit you have, or both. The best thing is to pay down your balances.

Say the credit limit on all of your credit cards is $10,000 and your balances total $5,000. That means you’re using half of your available credit. Paying off $2,000 of debt will lower your credit utilization to 30% and bump your credit score up quickly. Paying off $4,000 and lowering your utilization to 10% would boost your score even further. Any amount you pay would also help your overall financial health.

Tackle balances on your cards with the highest utilization first. This might be relatively easy if you’ve got retail cards with low credit limits. Putting $200 toward your $300 limit store card can make a big difference.

6. Ask for a credit limit increase

If you can’t pay down your existing debt quickly, see if any of your credit card companies will raise your credit limit. But keep in mind that most card issuers will only do this if you’ve had a good record with them. If you’ve had late payments in the past year, you may not be able to get the increase.

Also, check your motivations. Will a higher credit limit tempt you to spend more? If so, don’t ask for one. You’ll be worse off than if you’d never gotten the credit limit increase.

7. Sign up for a new credit card

If you’re new to credit, getting a credit card will help you gain some credit history. That’s another important factor in determining your credit score.

You may find, however, that your low credit score is keeping you from getting approved. In that case, look for a secured credit card. With a secured card, you put down a deposit close to or equal to your credit limit. The deposit ensures you’re not going to default. That’s why secured cards are easy to get. Just be sure to get a card that reports your on-time payments to the major credit bureaus.

If your credit score is tanking because you’ve got too much debt, try to get a balance transfer card with a 0% APR introductory period. That will allow you to transfer your existing debt over and at least give you some relief from interest for a while. It will also improve your credit utilization — as long as you don’t ring up new purchases on the card.

8. Keep existing cards open

Canceling cards drop your available credit, which lowers your credit score. One way to keep the card active is to use it for a recurring charge, such as a gym membership or streaming video service. Then pay it off on time every month.

Good credit scores don’t happen overnight, but you can improve your score a lot within a few months. Your patience will eventually pay off. Better credit raises your chance of qualifying for loans or credit cards. You should earn lower interest rates, too. Even small improvements may open up options you don’t have right now.

Will there be a Rotten Tomatoes for healthcare

Rotten Tomatoes for healthcare?

So, if we are taking the time to apply that level of scrutiny to review films on a site like Rotten Tomatoes, how long will it be before we begin applying that same critical lens and rating system to physicians or a healthcare system.

The reality is that it’s already happening—just not how one might expect.

Sharing means caring – Rotten Tomato?

A recent survey shows that 70 percent of young Millennials choose their doctors based upon recommendations from family and friends, which means that word of mouth is the primary source of new business for providers among this demographic.  However, this group is also less apt to provide feedback to their physicians when they are unhappy with their care, they tell their friends—and this can pose a big problem for healthcare organizations.  What happens when Millennials turn to social media and online forums to share negative feedback to the masses unbeknownst to the physician who failed to meet their expectations. With Millennials on the verge of surpassing Baby Boomers as the largest living generation, providers need to come up with strategies to solicit input from their younger patients and communicate more effectively with them in new and different ways.

Physician reputations at risk

Millennials are estimated to spend $200 billion by 2017 and nearly $10 trillion over their lifetime, and they are savvy shoppers.  As digital natives, most have grown up with access to online resources, so researching a question or looking up a product review is second nature.  In fact, a recent study found that “more than twice as many millennials as non-millennials use mobile devices to research products and read user reviews while shopping,” which means we are fast approaching a new paradigm in healthcare: one where online patient reviews of clinicians will increasingly drive business.

Just like Rotten Tomatoes, new sites culling physician scorecards as well as quality metrics are emerging, and patients will take them into account as they select their care providers.  But in addition to changing how people shop for healthcare, having this information available for the first time will also impact physicians’ reputations and the referral system.  Physicians won’t recommend specialists who have low scores as it will call their credibility into question, and what provider or payer wants to back the physician at the bottom of online scorecards or with a 20% approval rating? This change is a surprise to most doctors who, until now, have not worried about online profiles because it wasn’t personal, historically they’ve always been associated with hospitals or large groups.

How do you look, Dr. Welby?

This puts good physicians who are poor at clinical documentation at risk.  They could be treating very ill patients, but if the severity of that patient’s condition isn’t reflected in her record, the numbers will be skewed and they look like bad doctors.

While it may seem daunting, this is really about transparency between physicians and their patients.  We are a different society than we were 20, 30, or 50 years ago, and people want and frankly need to become more involved in their own care.  Quite literally, they have the most skin in the game.  Being able to research and choose physicians based on important criteria such as the amount of quality discussion time, eye contact and other bedside manners, as well as health outcomes is the right of every patient.  After all, trust and comfort are at the core of healing and good care. The key to success in this new world of healthcare centers around accuracy, getting credit for the care physicians provide to their patients each and every day and being appropriately reimbursed for those expected outcomes.

The Health Insurance Marketplace – How It Works

The new Health Insurance Marketplace has changed the way, that millions of Americans shop for health insurance. If you are new to applying for health insurance through the Marketplace, here is some basic information that you should know as well as FAQ.

What is the Health Insurance Marketplace?

The Marketplace (also known as the ‘Exchange’) is an online network where users can shop for health insurance. The exchange is meant to provide individuals who do not have employer-sponsored health insurance with an affordable way to purchase a care plan. Small business owners can use the marketplace to provide health insurance for their employees. Individuals can use the marketplace to purchase individual or family health insurance, as long as they meet the basic qualifications. If you have insurance through your employer, you can still use the exchange but you will pay full price for the insurance.

Health Insurance MarketPlace


Individuals are allowed to purchase plans during an annual open enrollment period from November through the end of January.  If you need to purchase insurance at another time of year, you must have a qualifying life event to do so. Events that allow you to purchase outside of the open enrollment window including having or adopting a baby, moving to a new state, losing your employer-sponsored health care, or getting a divorce.

Is the Marketplace Good or Bad?

While there is criticism of the Affordable Care Act which developed the Marketplace, the act has allowed millions of Americans access to health care. Since the act’s passing, 16.4 million Americans who were not previously eligible for health care have now been able to purchase it.

The number of uninsured African Americans has dropped by 9.2%; the number of uninsured Latinos has dropped by 12.3%, and the number of uninsured females has dropped by 7.7%. Women have additionally benefited from the passage of the ACA because insurers are now banned from defining gender as a “preexisting condition,” and charging women more than men for the same coverage.

The Affordable Care Act also puts rate caps in place. Insurance companies who seek to hike premiums by more than 10% must now justify the extra costs to the state experiencing raised premiums. In 36 states, insurance commissioners now have the power to deny these rate hikes.

FAQ About the Marketplace

Who is eligible for health care through the exchange?

If you are uninsured, you are eligible to apply. You will need to provide proof of income and citizenship.

Can I get subsidized or low-cost health care? 

If you are eligible, you may qualify for free or reduced-cost healthcare through Medicaid and CHIP, the Children’s Health Insurance Program. Check the income requirements for free or reduced-cost health insurance in your state and be prepared to show income evidence when you apply.

How do I apply for health insurance? 

You can apply through the Marketplace online, over the phone, via paper application, or by getting help in person. Call your state’s marketplace or visit their website to find detailed information on how to apply.

How can seniors use the Marketplace?

While seniors are eligible for Medicare, they can also use the exchange to purchase supplementary care. Seniors may elect to purchase a dental plan, switch from Medicare to a Marketplace plan, or purchase supplementary Marketplace insurance. To learn more about options for seniors, consider speaking with a marketplace counselor in your state.

There a penalty for not having health insurance? 

Yes, there is a penalty if you do not have health insurance. Expect to pay 2.5% of your income or $695/adult, whichever is higher.

The dental care offered in the Marketplace? 

Dental care is offered as a supplement to adult health insurance plans. Pediatric dental care is included with all children’s health insurance.

Is vision care offered in the Marketplace? 

Like dental care, adult vision care is available for an extra cost. Children receive comprehensive vision care at no extra cost.

Is prenatal care covered?

All Marketplace plans cover prenatal care. If you are pregnant when signing up for Marketplace, your care is still covered. Once you have your child, you can either keep your current plan and add a child to it, or select a different Marketplace plan.

13 states have developed their exchanges, while the remainder of the states use the federal government’s exchange, and their residents can register for state health care through the federal marketplace. Since each state has different options, it is always best to get answers about health insurance coverage that is particular to the state where you live.

How to Avoid Student Loan Mistakes You May Be Making

Student Loan – While you can certainly burden yourself with crushing student loan debt for the next several decades, there are better ways to tackle your college budget. Read on to find 10 common student loan mistakes and how to avoid them. You can check the 5 best medical bills payment portal on this website if you want to know.

1. Don’t Automatically Apply for Student Loan

OK, so all of your friends told you how expensive college costs can be, and how taking out student loans is as much a part of college as actually attending classes. News outlets sure have done a good job harping on the rising cost of college admissions, but you don’t need to jump on the bandwagon. Student loans are the easy way out – start now, and set yourself up for failure down the line when school gets tough.

There are plenty of options for avoiding high-cost, name-brand money pits. For example, not every school costs a second mortgage to attend. There are plenty of 4-year universities offering top-notch education without the hefty price tag. Extend the time it takes to graduate by a year or two and work part-time to help pick up the tab. Or, put off school for a year, and save up money to help lessen the burden of loans once you decide to attend.

2. Create a List of Other Options Before You Apply for Student Loan

Scholarships and grants can offer tons of money to future students – but sometimes you have to work for it. Libraries, guidance offices, and online databases are three great resources for finding ways to pay for college. And, unlike loans, grants and scholarships don’t need to be paid back. It’s free money, sometimes given just for showing up.

When it comes down to a choice between federal and private student loans, the federal ones should almost always be higher in priority. They offer lower interest rates, and some of them are subsidized, meaning no interest accrues on your balance while you attend school.

If it seems like a lot of work to fill out dozens of grant and scholarship applications, think again. A hundred hours spent applying for free money now could save you hundreds of thousands of dollars shortly.

3. Don’t Always Say “yes” to Assistance

After you fill out the FAFSA, you’ll soon receive a federal student loan package. If your school costs $12,000 per semester and the government offers you $18,000, that means you’ll be able to take a month-long vacation twice per year, right?

Think again. You never have to accept all, or even any, of this federal aid. If you’re content working a part-time job and living off-campus, your annual need is probably a small fraction of the all-inclusive $12,000 quote. Remember, even federal student loans aren’t free – you’ll soon be out of school and on the hook for all that cash. Figure out a monthly budget incorporating both education and personal costs, and take out a realistic loan.

4. Think Ahead, Figure Out Monthly Payments

Figure out your monthly payments before you take out a massive loan, not four years from now when you’re forced to move back in with mom and dad because of your crippling debt. These payment estimates should take into account your current loan amount, interest rate, and expected future salary. You can use our student loan calculators for help; be prepared, and be realistic.

5. Your Debt is Your Responsibility

The National Student Loan Data System (NSLDS) is your new best friend. Inevitably, you’ll throw out important loan documents, exit interviews, loan repayment terms…they all blend in with the other boring junk you receive. Use the NSLDS in case you forget who your lenders are, how much you owe, or when your payments are due.

Don’t throw out any loan paperwork. Keep it in a file somewhere readily accessible. Since loans are usually taken out in semester or year-long chunks, it can get a bit confusing keeping track of how much you owe. Update your monthly repayment estimation every time you borrow more money to keep yourself in check.

6. Don’t Sleep on Unsubsidized student Loans

Taking out a $10,000 unsubsidized loan means more than meets the eye. Don’t expect to owe $10,000 in 54 months, after four years of school and the typical six-month grace period. Every month, unsubsidized loans accrue interest, which can be huge for private loans and is still significant for federal loans. This interest is added to your principal balance, typically every month or every year. Then, your new monthly interest rate is based on the old balance plus the capitalized interest. The process repeats itself as long as you aren’t keeping the payments in check.

What does this mean? You could end up paying anywhere from double to triple the original loan amount once everything is said and done. The smart option is to, at the very least, pay off your interest every month to keep your loan at sane levels.

7. Do You Need a Private Loan?

Only take out one of these if you have to. Private loans have much higher interest rates and less flexible repayment plans – for example, federal loans offer income-driven repayment plans, which take into account your salary when calculating payments – while most private loans do not.

Always compare rates and terms between private lenders. Take out the bare minimum, and make repayment of these loans your top priority when planning your future budget.

8. Try to Avoid Co-signers

Many parents and students assume that student loans will automatically need a co-signer, and this is usually the case with private loans. However, there are options for student loans without a cosigner.

Ask yourself if you’re OK leaving your parents on the hook if you experience financial hardship down the line. If you fail to make payments, their credit suffers. Plus, if you happened to become disabled or otherwise unable to make the payments, your parents will be responsible for the loan’s balance. Make sure your parents are fine with co-signing before you put them on the spot.

9. Always Update Your Loan Service When Your Address Changes

Loan providers are pretty good at keeping up with the address changes of their debtors. Wherever you go, there they are. However, accidentally or purposefully forgetting to update your mailing or email address could ruin your credit score. If you aren’t able to receive updated repayment terms and documents, you could miss payments – which will hurt your credit score.

10. Pick the Right Repayment Plan

Federal student loans offer a few flexible repayment plans. These can help out if you want to get your loan paid off as fast as possible, or if you’re having trouble meeting your monthly obligations.

If you’re financially stable, stick with the standard repayment plan, which is usually for 10 years. You might have to give up a few creature comforts at first, but you’ll end up paying much less than with an extended plan. However, there are other repayment options available to student borrowers.

The government offers several income-driven repayment (IDR) plans. These plans cap monthly payments at a percentage of income which can be helpful to student borrowers who start in low-earning career fields. However, it pays to know that many IDR plans end up costing the borrower more over the life of the loan.

Have you considered adjusting your term length through student loan consolidation? Consolidation involves combining your student loans to form just one loan. There are two ways to consolidate student loans, federally and in the private sector. With a federal consolidation loan, you can extend repayment up to 30 years, but be careful, since this could make you pay more over the life of the loan. Alternatively, you could refinance student loans with a private lender. If you have great credit, then you could get a lower interest rate which could save money. But if you extend your repayment term, then it still might cost you in the long run.

Whatever you decide, take a long-term approach to student loans. There are options out there for anyone willing to put in the work. Having a plan and sticking to your budget will leave you with financial freedom long after you graduate.