If I Fall Behind on my Health Insurance Premiums What Happens?

If you’re having financial difficulties it may be that you’re in danger of falling behind on your health insurance premiums. This can obviously be a worrying time for you but it needn't be major problem unless you let it.

The most important thing to note is that you should always take out a plan that you feel as though you can keep up with. That way you can avoid many problems. But many of us have unexpected changes in our lives that mean are financial circumstances are different. There is always a chance you will experience difficulties in paying your premiums, but finding an affordable plan at the outset is still the best option. Keep reading at the HBF health insurance site, where you can learn more about the coverage available & ask questions relevant to your situation.

Can I get help with health insurance from the outset?

If you’re looking at the health insurance marketplace you’ll be able to view a lot of different plans with different provisions and costs. You will probably be able to find a plan that is suitable for your budget. However, there are tax credits available if you are really struggling to afford your health insurance.

You have access to these tax credits straight away and they are intended to take some of the pressure off you financially by enabling you to afford a health insurance plan. You don’t have to buy a plan through the marketplace but it does give you a wide range of choice and it does give you the option of applying for tax credit help. 

If I experience problems after purchase what happens if I miss payments?

If you get a plan that you can afford then hopefully you won’t have any difficulties but life doesn’t always work that way. We have all experienced unexpected events in our life and one of these may lead to you having problems with continuing to pay your premiums.

There are rules that apply under the Affordable Care Act to allow for issues that people may have meeting payment requirements. The one thing you should always remember is to let your insurer know as soon as you are aware that you will be having difficulties; there is no point trying to hide the issue as this will not help. The rules of the Affordable Care Act mean that you have three months within which to catch up with payments you have missed.

Of course this doesn’t mean you should take the whole three months, the sooner you can get back on track with your payments the better. There‘s a very good reason for this as your insurer will only accept claims from you for thirty days after you miss a payment. If you don’t catch up by this time you stand the chance of being faced with a large bill if you have the misfortune of falling ill.

This isn’t going to help you financially and may lead to you missing further premium payments. This is a potentially serious situation as if you don’t pay all of the premiums due by the end of the three months your insurance will be cancelled.

5 Tips to Pay Your Mortgage Off Fast

For many people, the biggest financial commitment they will ever make is the mortgage on their home. Most of the time, that commitment lasts for 25 years, but many of us

just aren’t comfortable taking it that far. Not only are you in debt for a quarter century, but the interest you pay along the way is ridiculous.

And so, strategies and plans to pay off mortgages fast and avoid these pitfalls were born, and scores of homeowners have benefited. Here are 5 tips that can help get your mortgage out of the way a lot faster than normal.

1. Accelerated Bi-weekly

It stands to reason that paying off your mortgage is all about making the payments, and the difference between monthly and accelerated bi-weekly payments can make a big difference. With monthly payments, you’ll make 12 payments per year, and on the accelerated bi-weekly plan you’ll make 26 payments.

The exact numbers will vary depending on the amount of your mortgage, the amortization and interest rate, but by switching it isn’t unusual to shave a few years off the amortization and up to $20,000 off the amount of interest you pay.

2. Don’t Get Too Comfortable

It’s easy to sit back and get comfortable after you have set up all the details of your mortgage, but that isn’t always a good idea if paying it off early is your goal. This is especially true if the mortgage payment is an automatic withdrawal, because you don’t even have to think about it.

Even if you are in a fixed-rate term, if the rates have dropped significantly, you might be able to save thousands and shorten your amortization even with the penalty you have to pay for breaking the mortgage. Of course, the only way to know this is to stay informed and pay attention to what is going on “out there” in the mortgage world.

3. Boost Payments Whenever Possible

If you anticipate times during your life where you’ll have extra money, or even if you don’t, arrange your mortgage so you can make payments that come off the principal, whenever you like. This might refer to bonuses at work, inheritances, or even increasing your average payments when you get raises at work.

Whenever you get your hands on money that you weren’t expecting, dumping it into your mortgage won’t affect your budget because you weren’t expecting it anyway. Tax refunds and lottery winnings are some other sources or money you probably hadn’t factored into your budget. You certainly don’t have to put every cent you get on the mortgage, but adding different amounts over the course of the loan can make a big difference in the amount you spend and how quickly you pay it off. 

4. Take Advantage of Pre-Payments

Pre-payment privileges are another opportunity to make a lump sum payment and knock a few years off your amortization period. Depending on how much you have available and how much you’re willing to give, you could end up saving the price of a brand new car just in interest. Not to mention, the mortgage-burning ceremony will be sooner. Ask about this option when you are working out your mortgage details, to see if it’s one that applies to you. Even a relatively small sum can make a difference.

5. Knock Some Off at Renewal Time

If you have a 25-year amortization period like so many other homeowners, you will encounter several renewal times during the course of the mortgage. If you saved your money and made a lump sum payment before you renewed the term every five years, you could own the house several years sooner and save yourself thousands in interest, too.

Owning a house is a huge deal for most people, and even though you might feel like you have no choice but to accept whatever terms are laid in front of you, that isn’t always true. You can negotiate and you can shop around and you can knock years off the amount of time it takes for you to own the home outright.

It’s important to keep in mind that lenders all have competition, and even though they seem intimidating and have the power of yes or no over you, they still rely on the business of people like you to survive. If you pass the basic criteria and you know that you qualify for a mortgage, consider some of the above tips when thinking of ways to knock time off your mortgage rate. Not every method is right for every homeowner, but with some creative thinking and some sacrifice, you’ll find one that’s right for you.

Venetia Rose has been a freelance writer and blogger. She loves to share and keep herself updated with the latest tips in mortgage and financial consulting. Her interests are cooking, photography, craft and painting. Follow her on Face book https://www.facebook.com/laksh.venetia

6 Things to Budget for Now If You Plan to Retire

Did you know that over 46 percent of Americans have less than $10,000 saved for retirement? Not planning for the future is one of the easiest ways people fall in debt, and unless you plan to work well into your 80s, you should start taking a more active approach to your future today by planning for it. It doesn't matter whether you’re 15 or 50, saving for retirement today can help you live a better, less stressful tomorrow.

1. Long-term care costs

While most people plan on retiring in their mid-60s, people are living longer, which means that age-old retirement plans just aren't cutting it anymore. In fact, the average American now spends over 20 years in retirement.

Don't underestimate long-term healthcare costs, as studies show it can cost around $100,000 per year to live in an assisted living center. Insurance can sometimes help alleviate these costs, but not always. If you have a family history of debilitating illness or a chronic medical condition, make it a priority to budget for higher assisted care costs. 

2. Medical emergencies

It's hard to budget for unexpected medical costs, especially since you never know what's going to happen, but you should have some money reserved specifically for medical emergencies. At the very least, a good rule of thumb is to try to have enough saved to cover the cost of your highest deductible. 

3. Debt resolution.

If you're dealing with more debt than you can handle, you're not alone. In fact, the average American household is over $15,000 in credit card debt. If you’re struggling to make ends meet, you may want to consider using a site like Creditguard.org to help lower your outstanding rates and plan a budget you can stick to.

4. Day-to-day costs

In addition, budgeting for everyday costs, like buying food and paying the utilities, is important as well. It’s easy to forget about these things when you are pulling in a steady paycheck, but they can become very expensive when your fixed income is gone. Keeping track of regular, day-to-day expenses is one of the best ways you can plan for your retirement budget. Consider free sites like Mint.com to help you prioritize and budget.

5. Property taxes

Though property taxes vary by location, it’s important to budget for these as well. The government will take a portion of the value of your land through property taxes. Make sure that you budget enough to pay for the average cost of these taxes, which can change based on property values. Since property value is often correlated with your local real estate climate, keep an eye on the housing market in your area to make sure your property tax budget will remain sufficient for years to come.

6. Insurance policies

There will probably be a number of insurance policies you'll want to retain during your retirement. These could include home insurance, car insurance, health insurance or life insurance plans. Unfortunately, the fees themselves aren't the only things you should budget for; extra expenses like vehicle maintenance and home improvements should also be factored in. It is important to prioritize your insurance expenses; if your budget is tight and there are a few policies you can live without, consider ending these and focusing on only the essential plans.

There are many expenses to plan for in your retirement budget, even excluding major costs like a mortgage or a car payment. That's why it's so important to plan ahead so that you are ready for the financial changes to come when you retire.

This article was co-authored by Maria Rivera, who has spent the last 13 years helping people overcome their financial hardships. She currently manages CreditGuard of America’s credit counselors and helps prepare individuals who are seeking their credit counseling certification. A resident of Boca Raton, Florida, Maria is always on the lookout for great new recipes and beauty tips. She's also a self-admitted pop culture junkie. You can follow the latest from Maria over on Google+.

How to Make Money with a Garage Sale

If you are looking for a great way to get rid of household clutter, a garage sale can be just the ticket to turn your junk into cash. Easy to plan and manage, garage sales are a great way to clear out all of your old belongings and regain your precious storage space. Also if you are planning to build a new garage, conducting a garage sale will help you get rid of the unnecessary items. To get started planning your garage sale, follow these simple steps:

1. Gather items to sell:

Go through the boxes in your attic, shed, closet, and garage to select items you wish to sell. Then, walk room to room through your home and identify items you no longer need or use. Many people have trouble parting with items even when they are not being used. If you belongings have not been used for over a year, chances are you will not miss them.

2. Inventory your belongings:

Many homeowners skip this step but it can be extremely helpful on the day of the garage sale in case price tags get lost. It can be hard to come up with a fair price on the spur of the moment under pressure but an inventory will help. 

3. Label each item or box of items:

Attach a brightly colored label with the price to each item. For similar items you can save time by putting them into a box together and labelling the box but be sure to include the boxes and their contents on your inventory sheet. 

4. Review your inventory and assign prices:

If you have items you simply wish to get rid of, price them accordingly. After all, you don’t want to end up backing them back into storage if you try to get too much money for them. For more valuable items, it is common to charge about ¼ of what you paid or less. You may wish to make exceptions to this rule for certain items that are practically new or any valuable antiques but keep in mind that garage sale shoppers are looking for a bargain. 

5. Obtain a permit if required:

Some city’s may place restrictions on things like the placement of signage, hours of operation, or frequency of garage sales so be sure to check local regulations. 

6. Set a date and advertise:

Two-day garage sales are often the most successful and summer weekends are the best time to have them. Advertise before you sale in the local paper, free weekly community papers, and online resources like Craigslist. Be sure to mention any big ticket items you have for sale. Make and hang signs around your neighborhood. Include times and location of the big sale. 

7. Tidy up:

Garage sale shoppers are more likely to buy if it looks like the merchandise is from a home with owners that take care of their belongings. They are also more likely to feel comfortable stopping to browse if the sale space is clean and attractive. So make sure that the sale is put up in a well organized and clean garage space.

Finally, before you set up for the day, go to the bank and get some rolls of change and smaller bills. Keep in mind that many people who wish to buy from you will probably have 20 dollar bills and will require a fair bit of change.

Author Bio:

Anne Flemings loves interior designing and is always in pursuit of the latest changes and trends in home improvement. Her other interests lies in cooking, painting and blogging. She is an enthusiast homemaker who lives in Toronto with her husband and two kids. You can follow her on twitter @AnneFlemings



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