personal-finance, Author at Financial Security for All

May 30, 2019May 30, 2019

Discussing Money Problems with Children

When money becomes scarce, the whole family, from young children to teens to
parents, can feel the pinch. Though family members may have limited or no control
over the causes of their financial difficulties, they can control their responses and
discuss money problems in a way that minimizes stress and anxiety in children.

• Parents can turn tough times into
learning situations. Help children
realize that managing money in
tough times requires communication,
patience and hard work. Also, assist
children …

May 30, 2019March 23, 2021

How do I get less FICA tax taken out of my paycheck?

The percentage of income for FICA tax that workers pay is determined by federal law and is the same for everyone. The only way to pay less FICA tax (as a dollar amount, not a percentage of pay) is to earn less income. FICA stands for Federal Insurance Contributions Act. FICA consists of two separate payroll taxes: Social Security (6.2% of pay) and Medicare (1.45% of pay), for a total of 7.65% of pay.

FICA tax is paid by workers …

May 30, 2019May 30, 2019

Investment Risk and Risk Reduction Strategies

Dr. Barbara O’Neill, Extension Specialist in Financial Resource Management

Rutgers Cooperative Extension

oneill@aesop.rutgers.edu

Did you ever wish that there was a “perfect investment”? That would be an investment that is risk-free, tax-free, and pays a double-digit rate of return. Unfortunately, it does not exist. Every type of investment product has some type of risk. The types of risks vary for different types of investments, however, (e.g., stocks versus bonds). The causes of investment risks include inflation, economic trends, political uncertainty, …

May 30, 2019March 23, 2021

How do allotments work through Defense Finance and Accounting Services (DFAS)?

Defense Finance and Accounting Services (DFAS) is the agency that handles military pay. An allotment is a way to withhold or distribute money from a service member’s military paycheck. There are two types of allotments, discretionary and non-discretionary:

Discretionary allotments can be used for expenses such as rent, car payments, loan payments, and voluntary payments to dependents.
Non-discretionary allotments are expenses such as child and spousal support, court-ordered payments, government indebtedness (which includes indebtedness to any department or agency of

…

May 30, 2019May 30, 2019

Affordable Care Act Resources for Educators

Ask an Expert — Health Insurance Literacy Community of Practice
This eXtension community exists to help people make smart health insurance choices and to plan for health care costs. The Ask an Expert feature enables consumers to submit their own questions about the Affordable Care Act. Health Insurance Literacy is a group of university faculty from across the U.S. whose goal is to help individuals and families make informed decisions about health care expenses.
Source: eXtension

Affordable Care Act Brochures …

May 30, 2019May 30, 2019

Are all pre-existing conditions allowed?

Yes, all pre-existing conditions are allowed and can no longer be used to bar an individual from obtaining health insurance coverage. This provision of health care reform and guarantee of coverage went into effect for children in 2010 and will apply to adults in 2014. Premiums will not be allowed to use pre-existing conditions as a factor for establishing rates.

The cost of coverage can be adjusted using only these four factors:

1) whether the policy covers an individual or …

May 30, 2019May 30, 2019

Is a Health Savings Account (HSA) a good idea? What are the advantages and disadvantages?

SavingYour Dollars

Health Savings Accounts (HSAs) can be established if you have a high deductible policy. The policies may be offered by employers or purchased privately. Individuals open the account at a local financial institution that offers an HSA option. Funds deposited into the account may be made privately or with contributions from employers. The funds cover the out-of-pocket expenses you are expected to pay with your insurance plan and can include vision and dental expenses that are not covered …

May 30, 2019March 23, 2021

What is the difference between bronze, silver, gold and platinum plans?

In order to be included in the Health Insurance Marketplace, each insurance company can offer four different types of “qualified” health insurance plans– Bronze, Silver, Gold, and Platinum.

A Bronze Plan will cover 60% of health care costs with the consumer responsible for paying 40%. For Silver plans insurance companies pay 70% of costs and the consumer pays 30%. For Gold Plans, the split is 80%-20% and for Platinum the split is 90%-10%. In general, the more the company …

May 30, 2019May 30, 2019

Can grandchildren being taken care of by grandparents be on our insurance until age 26 and what if we go on Medicare?

Grandparent

If you are the legal guardian or foster parent, your grandchildren can be added to a healthcare plan you purchase on your own through your employer until they reach the age of 26. If you are not the legal guardian, they will not be covered in your individual or employer plans and you will have to look at other options.

Medicare is and will remain as individual health insurance only for those 65 and over. If you are on …

May 30, 2019May 13, 2020

Are all hospitals supposed to accept any or all insurance?

In the past, each hospital has been able to select which insurance plans it will accept. This could mean that if you got sick or injured while traveling, for example, and you had to visit an emergency room that you may have had to pay entirely out of pocket for care provided at that distant hospital if they “didn’t take your insurance.”

This will no longer happen to a large degree. All Marketplace plans will offer the same set of …