Startup CakeHealth.com Wants To Be Your Mint.com For Managing Your Healthcare Expenses

Cake Health is an online system that helps users understand and manage their health care. They have recently opened it to the public. Cake Health provides a central place to track all your healthcare plans online. It updates your plan status so you know what’s covered, automatically categorizes your claims, tracks your out-of-pocket expenses and alerts you to possible overcharges.

“Eight out of every 10 medical bills have mistakes,” said Rebecca Woodcock, co-founder and CEO of Cake Health. “We don’t think managing your healthcare dollar should be difficult. We developed Cake Health to help subscribers regain control of their health by helping them get the most out of their healthcare spending.”

Once a consumer signs up with Cake Health, getting started is easy. The new subscriber adds their insurance login information into their account and Cake Health does the rest. The service will monitor and analyze claims, dynamically update the policy information to reflect claims, insurance payments and deductible payments and search for potential billing mistakes like mismatched medications, double entries and other common errors.

Three key features to Cake Health include:

Cake Health Money Manager: A service that pulls together insurance benefit information as well as billing information from medical providers. Subscribers will see, in an easy-to-understand method, what coverage they have, where their healthcare dollar is spent and, in many cases, identifying benefits they didn’t realize they had.

Cake Health Plan Matcher: A unique recommendation engine that identifies healthcare plans based on a subscriber’s actual healthcare spending, individual requirements and history.

Cake Health Mobile: A bill capture feature for the iPhone and available through iTunes. With Cake Health Mobile, subscribers simply take a picture of their medical bills, and Cake Health Mobile reads the image and automatically populates their account. In addition, subscribers can scan documents and forward them to Cake Health via email at docs@cakehealth.com.

The healthcare system today is run like amateurs today. Having a reliable dashboard online to monitor your claims and benefits is desperately needed. You can use you insurers website but there is a lot of things there and often are hard to navigate. CakeHealth.com takes down the wall between insurers and consumers. Here you will find cost, coverage, and procedures plainly spelled out.

Start Them Young If You Want To Raise Savers And Not Spenders

Image via WikipediaThe most common way to save for college is 529 college savings plans. Mom and Dad dutifully scrimp and save for 18 years till junior is ready for college and hopefully there is enough in the account to cover college costs. For many families money is tight and the amount saved is not as much as hoped for. We are going to be living in this reduced economy for some time to come so things have to change.

A family financial crisis or success is always a good chance to teach personal finance to your children. Why not use the saving for college as one of these lessons. Some parents feel bad if they can't provide for their kids as they wish they could but again this is a lesson, the kids of the family should learn, for their own benefit.

I have been watching locally and nationally the problems pension and retirement funds are having. Municipalities, the Post Office, and unions are having an increasingly harder time fulfilling pension payments because of reduced revenue. The only way to make these plans work is for employees to make a larger contribution out of their own pocket. This relates to the troubles families have funding college costs and saving for retirement. The recipients of the college funds, your kids, are going to have to make a larger contribution to its success.

The value to saving is a lesson lost in many families. Some families are bringing their children up in an environment of material consumption. Those days are over if you want to have a funded college savings account. Getting the kids involved is key. That means when they receive money as gifts or from working, some of that money has to go toward their college education costs. That means it has to be saved and not spent on the latest electronic gadget. A hard thing to do in todays society.

The 529 college savings plan is a good option, but there are other ways to teach the kids to save:

Roth IRAs:

You can open a custodial Roth IRA for your child no matter how old they are and only if they show some earned income, even if it's from washing cars. Even if they don't make enough to file an income tax you must still keep records. You don't get a deduction from your Roth but you do get to withdraw tax free at retirement. This year, the contribution is limited to the lesser of the individual's income from work or $5,000. it's never to early to put some money away for retirement.

Coverdells:

These accounts are similar to 529s in that they enable investors to accumulate money tax-free to pay for qualifying education expenses. Investors typically can pick from a much wider range of investments than with a 529 plan, though the annual contribution is limited to $2,000 per child. Coverdells, unlike 529s, also may be used to pay for qualifying expenses from kindergarten through high school. Some families use Coverdells to complement a 529.

UGMA/UTMA accounts:

Accounts set up under the Uniform Gifts to Minors Act and the Uniform Transfers to Minors Act involve an irrevocable gift of cash or securities made to a minor and managed by a custodian. Account earnings are taxable, and income over certain minimums may be taxed at the parents' rate rather than the child's.

Saving for the future is not something kids look at with pleasure. They have to be taught it is a part of a life long way of life. Even for me saving is a sacrifice, but it will be one that pays off in the future.

A Better Way To Save Money On Phone Service For Yourself and Business

This is a Sponsored post written by me on behalf of Net10. All opinions are 100% mine.

Trying to save money in this economy is no easy task. One of my major expenses in my business is cell phone charges. I have to supply 3 employees with cell phones and this can get very expensive. I needed to find a way to reduce costs. I have always used AT&T for my cell phone carrier. When I initially started using them, for my companies phone service, I had to sign up for a 2 year plan for each phone. Being locked into a long term plan was impractical. If an employee left, what would I do with their phone? I would have to continue to pay the phone bill on the unused phone. This actually happened when one of my employees quit for another job opportunity. I had no choice but to continue paying or be hit with termination fees.

 

I found a solution to my problem by changing my phone service to NET 10. I like Net 10 because they have no contracts. For a low monthly fee of $50  I get unlimited talk, text, and data. I don't have to worry about having a good phone because they carry all the best phones from manufacturers like LG, Motorola, Kyocera, Nokia, and Samsung. Now every month I know what my phone expense is going to be. The flexibility is also just what I need because I can add a phone if I hire another employee or stop using a phone if I have less employees. All without contracts, cancelation fees, activation fees, overage charges, or hassle.

 

 

 

 

 

Paying your bill or adding minutes is easy to do, just go to www.NET10.com, over the phone at 1-877-ten-cent, or at 70,000 retail locations. If you want to spend less than their $50 NET10 Unlimited deal, their Easy Minutes Plus Plan is $15 for 200 minutes and is  more than enough for some. 

 

Cute NET10 commercial

 

Real NET10 customer

 

Go to their NET10's website at www.NET10.com or follow them on twitter at @Net10_Wireless and Facebook at NET10Wireless

3 Ways To Teach Your Children How To Use A Credit Card

Image via WikipediaAs parents it's our job to teach our children all they need to know about life. When they are young we teach them take care of their belongings and their home. As they enter school we teach them the importance of studying. We teach them morals and respect for others. We spend years going over and over again teaching and preaching so they will become responsible well rounded adults. Overall we do a pretty good job but one thing we don't do to well is teaching them to handle money and debt.

We usually begin teaching our children about money and use cash as a tool to teach about working and being paid for it. As they get older, we have them open a checking and savings account to keep their money they receive as gifts. Later they get jobs and need to write checks. If your like me it stops there. I tell my kids a checking and savings account is all they need while they are in college. They want to get credit cards too but I say, that can wait till later. Being on a cash basis is enough for the time being.

I like them being on a cash basis because it's hard to get into to much trouble that way. But I know eventually the credit card will enter their life eventually. I would like to teach and prepare them for that inevitable day. Because it will probably happen when they are on their own and I can't be their to guide them.

Teaching them the proper way to use a credit card is the best gift you can give them. With credit cards the the ways to get into trouble are numerable. If you want to give them some hands on training with credit cards, lets try one with the training wheels on first.

Use a Parents Credit Card.

All you have to do is call your credit card company and have your student be an authorized user on your card, with all the same privileges you have. Before handing it over to them make sure you lay down all the ground rules. Designate when the card should be used and if permission is required before each use. Discuss what kinds of items or services the card is to be used for.

This will actually demonstrate to the student the mechanics of how to use the card and for what reasons are appropriate. They will learn from this experience that the card is only for a specific purpose and can not be used for just any reason. It's the safest way to get a card into their hands but not cut the apron strings just yet.

The downside is they do not see the other side to credit cards, paying them off every month when the bill comes in.

Sign up for a student credit card.

The sign up rules for student cards are a little easier when they apply because credit card companies know student have little or no income. If they can be approved for the card on their own credit rating is always better. Never co-sign for their first card or any other credit application. You would be totally responsible if the student refused to pay the bill.

Almost half of all college students have a card of their own. Only 36% of students carry a balance from month to month, says Student Monitor, a market-research firm, but the average balance this year rose 35%, to $695, from 2010. Also many cards offer a reward system which could encourage more spending. Remember interest rates for student cards are usually higher.

With the student credit card, both sides of the process are able to be experienced, the credit card use and the receiving of the monthly statement. If they are responsible, they will grow an appreciation of the interest charges and how much of their money goes to pay it. The downside is they could run the card to it's limit and pay heavy fees for not paying on time or going over the limit.

Use a prepaid card.

A prepaid card is the best of both worlds. Here the student can not over spend and get into serious debt. Only money deposited on the card can be used to charge purchases. It's the reverse of the average credit card where you charge first and then pay the bill. A prepaid card makes you pay first when you load the card and then later use the card till the money is gone. Here a secondary lesson of budgeting your money has to occur or the student will have used up all their money before it can be refilled again.

In a prepaid card you have the smart way to teach the credit card lessons, it's almost like the real credit card. It's a safe way to get the job done. It will work overall but when a unforeseen incident happens and a larger expense needs to be paid, the prepaid card will not be able to cover it immediately.

You must decide the proper use of the credit card with your child. Will it be for everyday expenses or is it for that unexpected emergency. Remember good communication throughout the process is key. Use this experience to teach the benefits and problems associated with credit cards. Most importantly teach them it's OK to not have a credit card and that they can function just fine only using cash.

The New Retirement versus The Old Fashioned Retirement - How Is It Changing?

It looks like the old fashioned retirement is just a pipe dream for many. Dreams of retiring to a care free life after many years of working are going up in smoke. The bad economy and decreases in your retirement investment balances are just some of the reasons. The rising costs of daily life with the additional rising costs of health care are causing many to postpone or even cancel retirement.

My father's generation looked at retirement as working as long as you physically could and then sitting on the porch waiting for the inevitable. Well, things have changed. Today's retirement will be different for many reasons, and as the leading edge of the baby boomers trade in their work shoes for golf shoes, let's take a look at why their retirement plans will be different.

Even 30 years ago, the norm was to work until 65, retire and die less than 10 years later. Retirement was a short period that was relatively easier to fund and was often with the assistance of a company pension plan. New retirees are now living longer, are more active and will be busier. The goal will be to experience all of those things they did not have the time or money to do while working.

Advances in medical science are allowing us to live longer and in better general health. But, all this can add up to a more expensive retirement. Many people find themselves busier in retirement than they were before at work. "Retirement" could now last 20 to 30 years and it is entirely possible that you could spend more time in retirement than you did in the workforce, and we need to finance that extra time.

For those struggling to make ends meet with their current retirement income, part-time work may be essential. It is amazing how earning even a modest income in retirement will stretch your nest egg by reducing draws from your savings.

My grandparent's generation did not plan very many Caribbean vacations or Disney cruises with the kids while they were working. People are re-evaluating their work-life balance and opting to enjoy life to the fullest while their health is good and they are physically able to do what they want. Phased retirement may not only be good for retirees, but good for the economy. The sheer numbers of baby boomers moving into retirement will create strains on the workforce as fewer workers will be available to replace those moving on. Employers will need to find creative ways to keep older workers engaged and around to pass on valuable skills. I expect to see a rise in part-time employment, flexible work times and job sharing to accommodate these workers in transition.

The idea a working retirement is starting to become the norm because many have failed to plan and many plans have failed to bare fruit. Finding ways to save on living expenses and implementing new part time sources of income are the only way to save retirement for many.

Living longer and healthier has become a blessing and a curse. Mom and Dad didn't worry as much about money as we do now. Because today all the things like cell phones, computers, and other things we spend money on, they didn't have.

Retirement means different things to different people and a healthier much more balanced lifestyle is the goal for many. You will need to determine what is important to you, decide what "your retirement" will look like and plan to make it happen.

Will Hurricane Irene Have Any Effect On Insurance Rates

Image via WikipediaWhile many people in the North East are cleaning up the mess that hurricane Irene left, many of them are wondering what this will do to the rates they pay on the homeowners insurance. In Florida we managed to avoid serious damage from the recent storm. By law, insurers can not hike rates because of financial issues caused by losses in other states.

Florida isn't the only state having trouble with hurricane insurance. Also North Carolina, New Jersey, and Connecticut are having troubles with their insurers leaving the state. Many of these states have formed state sponsored homeowners insurance companies to fill in the gaps of insurance companies failing to provide coverage to the states homeowners.

Many states with long coastlines like New Jersey and Connecticut are in the same shape as Florida. Connecticut has in common with Florida a large percentage of its population living in coastal areas. Florida has 79 percent of its population living on the coast while Connecticut has 65 percent of its people living on the coast.

Don Brown, former Florida State Representative and Senior Fellow at The Heartland Institute and former state legislator who was chairman of the House Insurance Committee and is a noted national insurance expert, said since Irene missed Florida and aimed its fury to the north, any impact on higher rates would be because of reinsurance.

“You might see some upward pressure on reinsurance,” Brown said. “It’s unlikely there would be any immediate impact. It would down the road.” 

Reinsurance: is insurance that is purchased by one insurance company from another for risk management, transferring risk from the insurer to the reinsurer. 

So National insurance companies will have to pay more to other insurance companies who help in sharing the risk. If there wasn't reinsurance, we would all have to pay a much larger insurance premium.

The bottom line is insurers are not going to eat the costs of higher reinsurance costs. Sooner or later they will pass the costs down to the consumer. The days of cheap homeowners insurance died the day hurricane Andrew hit Homestead and wiped it out.


Having proper homeowners coverage means you need check your policy to see if your under or over insured. Check your policy for coverage due to storm wind damage. Also check to see if you need flood insurance.