4 Steps to Choosing Health Insurance.

You have to chose health insurance, yet are overwhelmed and don’t know where to even begin? Don’t worry, you are not alone, here are some steps and questions you can ask yourself along the way to help make that process easier.  

1)    Terms to know:  

·     Premium: The monthly amount you have to pay to the insurer for covering your risk. 

·     Co-pay: The amount of money you have to pay for each office visit.

·     Deductible: The amount of money you have to pay out-of-pocket until the insurance will start paying a percentage of the costs.

·     Out of pocket maximum: The maximum amount of money you have to pay out-of-pocket, per plan year, until the medical insurance will start paying 100% of the costs. 

2)   Types of insurance

·     Medical: Is Preventative care and medication prescription costs covered? How much is covered when visiting your PCP, specialist, ER, Urgent care, maternity hospitalization etc.?

·     Dental: Is preventative care, basic care, and orthodontia covered? 

·     Vision: Are routine eye exams, lenses, frames, and contact lenses covered?

3)    Other things to consider: 

·     Does the plan have a narrow, or wide network of providers? 

·     Who is the medical/dental/vision claims administrator? (ex. Moda health, Delta group? Core vision?)

·     How much is your employer willing to pay? 

4)    Be prepared: Once you have chosen/accepted your insurance coverage, look up in-network medical, dental, and vision providers that you can follow up with.  Write down their name, number, and location so that should an unexpected urgency arise, you know whom you can go to. 

What factors do you consider when choosing health insurance? 

Photo source: kinodelirio.com

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Want to move out into your own home?

You are wanting to move out into your very own place, but have never done that before! It may seem crazy, and even foreign to you. Yet, don't fret, here are 7 simple steps you can follow to help you obtain a place of your very own: 

1)   Go to your bank, and request a mortgage loan preapproval before hunting for places, to see how much the bank will let you borrow. This will help you look for a place that is in your price range, and unearth any credit problems that need to be addressed before purchase.

·     Have at least a 20% downpayment saved to prevent you from needing to get mortgage insurance, plus an additional 10,000$ for closing fees.

·     Keep your anticipated monthly mortgage payment below 28% of your gross (pre-taxed) monthly income. 

2)   Look for listings in your desired area via Zillow.com, Realtor.com, etc. Find out when they have their open house, and go check the place out.

·     Consider the features you would like it to have: # of bedrooms, # of bathrooms, type of flooring, square footage, lot size, ceiling height etc. As well as its proximity to parks, public transportation, shopping centers and schools. 

3)   If you found a place you like, call the real estate agent and put an offer. Usually, offers need to be done in person so you can sign the paperwork. 

·     Normally, sellers want you to put money down (~1000$) with your offer to see that you are serious. This money will count towards the down payment, or if you don't agree on the price, it will be returned. 

4)   If the seller doesn't like the offer they can do a counteroffer/complete an "addendum to purchase", or basically negotiate with you.

5)   Once you agree on a price and paperwork is signed, you can get a house inspection. You can still ask for less, or cancel the entire deal if something comes up during inspection.

6)   An appraisal, or expert estimation of the value of your house will be conducted by someone chosen by your bank. The bank does not want to give you a loan on a house that isn't worth the amount it is being sold for.

·     They appraiser will look for any foundational cracks, roof deterioration, drafty windows, landscaping maintenance, exterior/siding, appliance functioning (air-conditioner and heater), utilities functioning (water, electricity, gas) etc., to determine the value of the home. 

7) You will need to finalize your mortgage loan application at the bank, review your loan commitment and sign. Congratulations, you are now an owner of your very one place! 

What tips do you have for first time property owners? 

Photo source: telegraph.co.uk

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Financial Adulting: How to get a credit card

Are you interested in buying a home, a car, going to college, or opening up a business, but don’t have any money to pay for it? You can consider applying for a loan at the bank that will pay for you, and you will slowly pay the lender back in interest over time. Yet, to get a loan in the first place, you need to have a good credit history. 

 

A credit history is a record of how good you are at paying your bills on time, and demonstrates your responsibility with money. One way to build your credit history is to open a credit card. Here are the steps to doing that: 

1) As soon as you’re 18 and have an income, or feel responsible enough to handle money, go to the bank and open up a checking/savings account.

·     If you are younger than 18, you can consider opening a joint account with an adult. 

2) Request to talk to a Personal Banker, and let them know you want to see the available credit card options, and fill out a credit card application. 

·     Choose a card with good perks like: having a high cash back rewards rate with each purchase, no annual fee, or the ability to earn points/miles with each purchase. 

·     When getting approved for a credit card, lenders want to see you have a steady income and can make payments. They will ask you for your employment information, and driver’s license. 

3) If accepted, you will receive the credit card in the mail. You will just need to activate it, and start building your credit. 

·     Build your credit by making small purchases and paying in full, on time, every month. Set up automatic payments, or put a reminder on your phone/calendar to ensure you pay by the payment due date. 

·     Find out what your available line of creditis, and keep your balance low relative to that number. Do not use more than 40% of your available line of credit. 

·     Only buy what you can afford. 

·     Know your Annual Percentage Rate (APR).This number divided by 12 months gives you how much interest will be applied to your outstanding balance on your credit card. The APR can change year to year based on the Federal Reserves lending rate, so keep an eye on it.

4) Check your credit score annually.   

·     Every year, you can check your credit report for free from all three credit collecting and reporting agencies: Equifax, TransUnion, and Experian at annualcreditreport.com. 

·     Your credit score is best when 720 or greater. 

·     You are now well on your way to building credit! Well done. 

How are you helping build your credit score?

Photo source: cafecredit.com

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