It seems like there are an ever-increasing amount of stories about people having to deal with massive hospital bills. This can happen to anyone, especially if they do not have an adequate health insurance policy. The good news is that if you are hit with an unexpected hospital bill that you cannot afford to pay then you have some options. Here are some tips in order to help you negotiate high medical bills.
Be Organized
The second that you receive your first hospital bill, it is crucial that you are extremely organized about keeping track of each one that you receive. To do this, it is recommended that you use a spreadsheet. Keep in mind that you may be dealing with a bundle of hospital bills and not just one. This can come from a hospital, from various doctors, from the ambulance, from a lab, etc. Bills usually come from the particular medical service you used and not from the hospital itself.
Review Your Hospital Bills
It is highly recommended that you place a call to the hospital’s billing department in order to make sure that all of the charges are correct and to see if there are any charges from bill you have not yet received. It is surprisingly common for bills to contain overcharges and errors and so it is up to you to ensure that you are being charged the appropriate amount for the services you received. For example, if you bring medications that you received from an outside source with you to the hospital, it is not uncommon for them to be charged to your bill by mistake.
Don’t Be Afraid to Challenge Your Health Insurance
You should be keeping track of any hospital bills that your health insurers reject due to the drug or procedure not being covered by your health insurance policy. If you truly think that your health insurers should be paying a larger portion of your medical bill then you should not hesitate to attempt to appeal the decision. In fact, you’d be surprised by how often health insurers change their mind from a previous rejection.
Negotiate Medical Bills After Figuring Out How Much You Have to Spend Out of Pocket
If you need more time to pay your hospital bills then it is quite easy to speak with the business office staff or hospital in order to fix up a payment plan. On top of this, you could try to get a cash discount by paying the entire bill all at once.
Compare Rates
It may be useful to look online in order to see the rates for other competing hospitals. In this way you may discover that the hospital you used is charging you a way larger amount than they should. You can use this knowledge in order to attempt to get your expenses down.
Consider Hiring a Professional
Due to the fact that medical bills are extremely messy and complicated, it can be worth your while to hire a medical-billing or patient-billing advocate. This advocate will most likely charge you between 15%-30% of what you save by using them. This is similar to getting a CPA to complete your taxes. If you go with this option then ensure that you do not have to pay the professional any fees upfront. A good advocate will be willing to work for you, and only be paid if they win the case.
See If You Can Get Assistance
You could be eligible for some financial assistance from the hospital you used. Most hospitals have some sort of charity/assistance program with most having a certain criteria you have to meet such as uninsured or low income etc. Check with the hospital in order to see what you may qualify for.
There are many people who have to deal with a fluctuating income. For example, freelancers face the struggle of handling the ups and downs of an income that isn’t steady. The same thing goes for those whose salary is tied to a commission. When it comes to creating a budget, things can get a little tricky when you have to handle a fluctuating income, and it can certainly be a frustrating situation if you do not handle it properly. Here are a few tips to follow when it comes to following a budget with an irregular income.
Project Your Income
It is recommended that you base your budget on the average monthly salary that you’ve made of the past 3-12 months. If you are like many people who have a fluctuating income, you will find that your income has declined over the past several months due to the economy, and so if this is the case you may want to use your minimum monthly income and not your average.
Be Thrifty
It is important to establish a thrifty mindset from the beginning. One of the most important things when it comes to dealing with an unstable income is adopting a thrifty lifestyle. To do this, take some steps in order to cut your spending down to a reasonable level. Try finding alternatives to expensive things that you spend unnecessary amounts of money on. For example, try Hulu instead of paying for cable television.
Prioritize Your Spending
It is a good idea to create a list of important expenses that you must spend your money on. Try listing these expenses from most important to least important. While doing this understand the difference between importance and urgency. Once you get your paycheck begin at the start of the list and pay off your most important expenses. After this is done you can work towards paying off the less important ones.
Build a Savings Buffer
As someone with a fluctuating income, you should try to set aside money into a rainy day fund. In case your income drops below a certain point, you can use this emergency fund in order to provide you with a supplemental income. If you build up your rainy day fund enough you can use it in order to ride out any financial downfall. Keep in mind that when you have fluctuating income, the bigger the rainy day fund, the better.
Resist Inflation Due to Lifestyle
With a fluctuating income, you will generally have really good months where you make substantially more money than you usually do. During this time you should try not to increase your spending. Overspending during good months is one of the easiest things to do with a fluctuating income, as having a little extra wiggle room can tempt you into spending more than you should. Keep in mind that during a good month, you should protect yourself in preparation for a lean month.
Consider Living Off of One Income
If it’s possible and it works for your situation then you should consider living off of one income only. If your partner has a steady income and you have a fluctuating income then using only your partner’s money in order to meet the necessities may be a financially savvy move. This way you can use your irregular income for extras as well as put the rest into a savings account. Although this doesn’t work for everyone, if it works for you it can be a great means of budgeting your money. This is because it keeps your finances simple and sets an easy guideline to follow, which allows you to save the maximum amount of money.
Are you feeling like you need a vacation right about now? Before you start packing your bags, you need to plan and organize your trip. This means finding the best deals on your travels. One of the best ways to do this is to scour out travel discounts in order to save a significant amount of money on your trip. All you need to do is put a little time and effort in and you could save a significant amount of money on your travels just by using the discounts you find. Here are five tips in order to find the best travel discounts.
Shop Around
When it comes to your airfare, you should never purchase the first fare that comes up. Instead, begin your search by looking at a couple of major travel providers such as Travelocity.com or consolidation sites such as CheapTickets.com. Looking at sites like this will give you a good idea of what the going rates are, and how to spot a great rate. On top of this, make sure to check to see if any airlines have any discounts or promotions listed on their site for airfare, as this can often be the case.
Look at Deals on Twitter
In this day and age you can save a huge amount of money on your travels just by using Twitter. All you have to do is follow the right type of accounts and act fast when you see a great deal pop up. To start with, it’s a good idea to follow all of the hotels you often book and the airlines you usually use. Periodically, these airlines and hotels are known to tweet out a sweet deal that can save you money on your next trip. Also, if you know where you want to go then finding local twitter accounts for that destination can also snag you some great discounts for stores and hotels in that area.
Join Loyalty Reward Programs
Joining the loyalty reward programs of your favorite airlines and hotels is also a great way to receive discounts and promotions on a regular basis. Sometimes all it takes is for you to create an account with an airline or hotel in order for you to receive regular emails containing these types of deals. If you are part of a loyalty reward program don’t forget to go on Facebook and like the Facebook page of that particular program, as often times great deals are posted. For example, Hilton HHonors often posts great and exclusive rates to their members.
Check For Discounts with Groups Your Apart Of
If you are a member of AAA or AARP or are a member of a professional group such as the American Medical Association then you could be entitled to receive a major discount through these organizations. To see if any are available, simply call and ask about any discounts that they offer on hotel rates or airfare.
Find Discount Codes
If you know how to use a computer (which you likely do) then discount codes are everywhere. A simple search on the Internet is often enough to turn up a slew of different discounts for all of your travel needs. Try starting with discount code sites such as Hotels.com, Coupon Heaven, Orbitz.com and Retail Me Not, which will often do the heavy work for you and come up with plenty of different discount codes. It also doesn’t hurt to look for package deals on your travels, as these often save you a substantial amount of money. For example, booking a ticket with Virgin airlines and the Hilton can land you a discount for both.
In this economy the average rate for a CD is terrible. In fact, the majority of banks in the US are paying less than 1% for their savings account, and unfortunately this isn’t going to change any time soon. This low-interest environment has led retired citizens and other investors who depend on an income from an interest rate to try to squeeze as much extra interest as they possibly can. Here are a few alternative accounts that offer a better interest rate than a typical CD.
Long-Term CDs
The going rate for a five-year certificate of deposit is at 1.64% and you can find banks that’ll pay as high as 2.36%. This is significantly higher than the very low rates of a short-term CD. Keep in mind that 13% of banks in the US charge their investors a year’s interest if they cash their five-year CD out early. On top of this, some CD contracts allow banks to raise the penalties before it matures. This means that you should be prepared to mature a long-term CD.
Bump-up CDs
This is a type of long term CD that allows you to raise your rate before the CD fully matures if average rates increase. However, CDs that have a bump-up option also come with a lower starting rate than those CDs that don’t allow for bump-ups
I Bonds
Investors that purchase a Savings Bond that is adjusted for inflation (otherwise called an I Bond) can earn an interest rate of 4.6% for the next six months. Be aware that I Bonds are made of two components: an inflation rate that is adjusted every half-year and a fixed rate that remains consistent for the bond’s life. This means that the high interest return is only effective for six months.
Rewards Checking Accounts
The average rate for a rewards checking account comes in at 2.56%. This is significantly higher than the average rate of any type of CD. An added benefit of this type of savings account is that you are able to take out money any time that you please without a penalty. However, to earn this type of interest rate you have to be eligible and meet requirements that can be quite rigorous. The majority of credit unions and banks that offer this type of savings account mandate that you use your debit card a minimum of ten times per month. This means that if you use your debit card only 9 times your interest rate will sink substantially. Another drawback to this type of savings account is that the amount of money that can be used for rewards rates is limited.
Online Savings Accounts
Investors that are not able to gain access to a rewards checking account are still able to increase their interest rate by using their bank’s online system. The average rate for an online savings account is 5 times more than the rates for a traditional bank. For instance if you had $10,000 in your online bank you will get a .87% interest rate versus a .15% one from a brick and mortar traditional savings account. You will also not have to deal with any extra risk by using an online banking system. You are able to link your checking account from a traditional bank to an online savings account and can use the online account to make transactions whenever you please. This includes ATM withdrawals.
Unfortunately in this economy any interest rate that is higher than 1% is considered to be a great deal. This means that if you are an investor who depends on the income gained from a savings account you might be in a dire situation. The good news is that by looking at these alternative accounts that offer increased interest rates; you can make more money than a typical CD would offer.
If you like eating quality food and using quality things then chances are you’ll benefit greatly from a Costco membership. If you don’t already have a membership card than you should consider getting one, as you can save a huge amount of money on your groceries and other necessities through the great deals they have at Costco. However, in order to get into the doors at Costco and get access to their great prices, the Costco membership is not free. In fact, it ranges from $55 to $110 depending on the plan that you get. However, if you aren’t sure you want to commit to a Costco membership then there are ways to access the Costco merchandise without a card. Here are six ways to fly under the radar and do some membership-free shopping at Costco.
Go On a Trial Run
Costco’s membership has a great refund policy. If you are dissatisfied for whatever reason at any time you can ask for a full refund of your membership fee. This allows you to pay for a membership to Costco and give it a test run. If you feel as though you are not getting enough value from it then you can simply ask for a full refund of your money at any time. This allows you to give shopping at Costco a risk-free try before fully committing to the membership price.
Purchasing Alcohol
Costco allows the sale of alcohol to any non-members who are of a legal drinking age. This is due to the fact that there are alcohol regulations that do not allow for membership-only alcohol purchases. This means that you can get great discounts on your favorite alcoholic beverages without having to purchase a membership. In fact, Costco has its own brand of alcohol that is comparable to quality alcohol brands such as Grey Goose. All you have to do is tell the door attendant that you are there to purchase alcohol and you should get in without a problem.
Purchasing Prescriptions
Similar to alcohol, prescription drugs are very highly regulated, which forces Costco to sell them without requiring a membership. As with alcohol, all you need to do is let the door attendant know that you are there to purchase prescription medication and you will be let in the door. With Costco boasting some of the best prices in prescriptions, this is very beneficial, especially if you have an ailment that requires the frequent purchase of medication.
Use Costco.com
Non-members can purchase items online from Costco.com. However, there is a downside to this service. Those that aren’t members are charged an extra 5% on all items besides alcohol and prescription drugs. Additionally, the food products are pretty limited online as well.
Use the Costco Cash Card
Costco allows non-members to use the Costco Cash Card at any time. This cash card is pretty much a gift card. When a non-member shows one of these cards at the door they will be let in to make any purchases with it that they want. The problem with this card is that it can only be bought by a Costco member and cannot be reloaded. If you want to test drive a Costco grocery trip then asking a member to purchase a card for you can be a great way to try it out.
Shop With a Member
Although this one shouldn’t be used to often, as the actual member of Costco could get annoyed. Asking to piggyback off of a member doesn’t hurt every once in a while. All you have to do is tag along, and the Costco cashier will ring up your purchases separately.
It is all too easy to make a debt consolidation error. In the end, it’s much easier to fall into a debt trap than it is to get out of one. Being in debt can be extremely stressful and many people find that their options are limited when it comes to debt relief. The good news is that by understanding all of your options and knowing what debt consolidation mistakes to avoid, you can ensure that you make the right decision when it comes to your debt and avoid any consolidation loan pitfalls.
Not Shopping Around
When you consolidate your debts, it is extremely important to take the interest rates into consideration. Don’t just consolidate your debt at the first consolidation company that you locate. Instead, look around for the best interest rate possible. On top of this, look at your credit report for any errors before going to a lender. If you do find an error then you should immediately dispute it in order to give your credit score a boost and qualify for a better interest rate.
Choosing a Longer Term
When thinking about making a monthly payment many people don’t consider their loan term. By extending your repayment term, it does in fact lower your monthly payments, however it comes at a more expensive overall cost due to the fact that you have to make an increased amount of payments. When it comes to refinancing, it is important to calculate the complete cost of your loan, which includes interest. Pick a consolidation loan that has a repayment schedule that is short enough that the total cost of your loan is lower than what you would originally pay if you didn’t consolidate.
Raising Your Interest Rate
If you are dealing with a debt that has a low interest rate then you shouldn’t refinance it by consolidating with an increased interest rate. This makes no sense when it comes to your finances, as it will increase the overall cost of your debt. When it comes to consolidating debt, it is important that you compare your debt consolidation interest rate to the rates of all of your individual debts. Only consolidate the debts that will get you lower interest rates as a result.
Consolidating Unsecured Debt into Secured
There are two major types of debt—unsecured and secured. Unsecured debt is the type of debt that is not attached to any asset. This means that if you are unable to repay the debt then the lender can attempt to collect it through other means. A secured loan, on the other hand, is one that is attached to a property. This means that if you miss a debt payment then the lender has the right to take your property from you. When it comes to debt, a secured loan does come with a lower interest rate however it also puts you at risk of losing your property. Unless you are completely confident that you can keep up with your loan payments, you should avoid consolidating an unsecured loan into a secured one.
Replacing Your Debt
After you consolidate your debt, especially if it is credit card debt then it is important that you do not make the mistake of replacing the debt right away, as this can lead you to be in an even worse situation. Instead, you should ensure that you put down your credit cards after you have taken the debt off of them. If you cannot trust yourself than hide your credit cards or close your account completely in order to avoid putting yourself back into the same situation you were in before consolidation.
Having bad credit or no credit at all can keep you from purchasing a house, paying for your education, or even obtaining your dream job. Due to this, building up your good credit is essential. However, this can be a little tricky as a student. In order to have good credit, you must use your credit responsibly. Here are five ways to build credit as a university student.
Only Borrow As Much as You Can Afford to Pay Back
When you start only borrowing money that you can afford to pay back, it allows future creditors and lenders to see that you are a responsible borrower. This will make it easier for you to borrow money as well as get new lines of credit. By showing that you understand the importance of borrowing what you can afford to repay, you can not only build up your good credit, but also avoid falling into a debt trap. The same thing applies to loans. By only taking out loans that you can afford to pay back, even if the lender says you qualify for more, you will ensure a positive credit history.
Utilize Only Minimal Amounts of the Credit Available to You
Using all of your available credit, or even coming close to that is extremely irresponsible, especially as a student who has limited access to funds. This is especially the case if you do not think you can repay the entire balance by the end of the month. Those people that tend to max out their credit cards are usually the ones who have trouble repaying the loans that they borrow, and so lenders can be more wary when it comes to giving out loans. It is recommended that you stay below fifty percent of your credit limit, and even attempt to stay below 30% in order to build a good credit score.
Use Only One Credit Card
Many people who first start using credit cards begin to accumulate a huge collection of them within the first few years of their credit use. You should not make this mistake, as opening up too many credit cards all at once is not a good way to build up good credit. Keep in mind that the more credit you possess, the more credit you’ll end up using which will make it harder to maintain your credit card payments. On top of this, having too many inquiries on your record will negatively impact your credit score.
Pay Off Your Credit Card in Full
If you only use your credit card enough that you will be able to repay it in full at the end of the month then you wont have to worry about accumulating debt. On top of this, being able to repay your balance every month shows creditors that you can pay your bills on time, which is something that is very beneficial to your credit score. Keep in mind that a substantial part of your credit score is you being able to make payments on time, and so paying your balance in full will improve your credit score.
Age Your Accounts
The longer that you have a line of credit, the more beneficial it is for your credit score. By leaving your accounts open and letting them age, it will allow you to increase your credit age and thus build good credit. Avoid closing old credit accounts because of this, and keep in mind that if you do decide to close an account, it will not disappear from your credit report right away. In fact, it will take a few years in order for credit bureaus to drop your closed accounts.
Where many people see an empty guest room, you are thinking about turning your empty space into a way of making extra cash by renting it out to a guest. In fact, the average going rate for renting a room is as high as $65 per night depending on the location of your house. Whether you are considering renting out a spare bedroom for a few nights to a vacationer or something more long term, you should know the ins and outs of renting out a room.
Use a Website
There are plenty of websites out there that will help you rent out a room in your house for a small period of time in order to make some serious cash. For example, Airbnb.com and iStopOver.com can aid in getting a room rented out in no time. Simply post a picture of your location and room with some pertinent information and you can be well on your way to making money. This has become increasingly popular over the past few years. In fact Airbnb.com has over 70,000 listings in the US alone. This is probably due to the fact that these types of sites help tremendously in finding renters trustworthy tenants.
Clear Out the Clutter
Before you can properly advertise your guest room and find a tenant you need to make it ready to live in. This means clearing out the clutter and making the room presentable. Make sure to take out any personal touches such as family photos, as tenants do not want to feel like they are intruding.
Paint The Room
People don’t want to feel like they’re sleeping in a prison or boarding room so make sure to spruce up the room before attempting to rent it out. This includes repainting it with a bright and cheerful color as it not only makes the room feel cozier, but also makes it feel bigger. If you’re going to spend money on anything to redo the room your renting out then paint is the first thing you should invest in.
Keep In Mind That Big Beds Rent Better
If you have anything smaller than a queen bed in your guest room then you may want to consider upgrading to a bigger bed. This is because a bigger bed opens up the doors to your room getting rented out by a much larger pool of potential guests. It is also recommended that you purchase brand new sheets in order to give the room a fresher and cleaner feeling.
Get Professional Photos Taken
If you use a website in order to rent out your room they may send out a photographer to take photos of your room for free. Otherwise, you may want to consider hiring one in order to get great photos of your room from all angles.
Use Common Search Terms When Listing Your Room
If you reside close to a major city or a lake or park then don’t hold back from bragging about it. By putting in key search terms that are relevant to your location and the room you’re renting out, you can get your rental listing at the top of the search results. It is recommended that you avoid search words such as budget, bargain and cheap. This is due to the fact that the price is already listed and so it’ll speak for itself. On top of this, those words can often be associated with poor quality. Instead you should think more along the terms of beautiful and luxurious or peaceful and calm in order for guests to get a feel for the atmosphere they will be staying in.
Although you may plan on keeping your car running forever, that doesn’t usually work out. The good news is you can take a few steps in order to extend your car’s life, while also lowering the chance of having any inconvenient mechanical malfunctions. Here are five basic and easy ways to extend the life of your car.
Follow Your Service Schedule
This may seem intuitive, but there are many vehicle owners who pay way too little attention to their car’s maintenance schedule that is displayed in the owner’s manual. You should follow this schedule and not that of the car dealer’s, as they are the ones that built the car and so know the best schedule to follow in order to make sure you car remains in tip top shape. This is especially the case if you have a later model car, as not following the maintenance schedule can result in costly damage to your car.
Check Tire Pressure and Fluids on a Regular Basis
This task takes around ten minutes or less. All you need to do is let your engine cool down before opening up the hood of your car and pulling out the oil dipstick. With a rag, wipe it clean and then reinsert it and take it out again in order to check your oil levels. Keep in mind that oil is the most important fluid for your engine, and so it is crucial that it is well maintained. After this you should check the radiator reservoir level as well as the brake cylinder reservoir. You should also regularly check the transmission fluid level and the power steering fluid level. After all your car’s fluids have been checked, you should then check your car’s tire pressure by using a pressure gauge. This should be done at least once a month if not more.
Go Easy on the Start Up
A cold engine has little to no oil in its moving parts as it has all drained down the oil pan. This means that after starting up your car, you should keep your engine rpm to a minimum for the first few seconds while the engine gets re-lubricated. All your engine needs is thirty seconds before it is nice and oiled up and ready to be revved. If your engine has been off for more than 24 hours than you should give it a little more than thirty seconds to warm up.
Listen For Strange Noises
It is recommended that you turn off your radio every once in a while in order to listen to any strange noises that your car could make. For example, a clicking sound could be that you drove over a nail and it is stuck in your tire. On the other hand, if you hear a screeching sound whenever you break then it is probably time to get new brakes. If you don’t know exactly where the noise is coming from in your car, you should immediately take it to a mechanic to find the source of the problem.
Drive in a Calm Manner
It’s important to go easy on your car when you are driving. This means not pressing too hard on your brakes and not driving too hard. On occasion putting your car in full-throttle acceleration or panic stopping is not going to do any harm to your car, however if it is a common occurrence then it can erode your car’s tires and brakes and significantly lower your car’s time on the road. The same thing goes for shifting gears. You should make sure that your car is fully stopped before going backwards or switching back into forwards.
As the summer months start rolling in, theme parks are notorious for raising their prices. That doesn’t stop people from wanting to have a great day at their favorite theme park however, and it shouldn’t put a stop to your plans. The good news is there are several ways to save money on the cost of your visit to a theme park. Here are six tips that should keep some money in your pocket while still allowing you and your family to have a great time.
Buy Your Tickets Online
It is typically much cheaper to buy your tickets from an online vendor than directly at the gate. On top of this, printing your tickets at home allows you to save time waiting in line to buy your tickets. You should also keep in mind that one-day tickets can sell at a pretty premium, whereas buying a multi-day ticket deal can save you money each day. You should also look into purchasing a season pass if you frequent a certain theme park, as these often pay for themselves in two to three visits.
Sign Up For Newsletters
Signing up for theme park newsletters can often mean receiving exclusive deals on theme park events. You should also look into special savings on such websites as Groupon.com and park websites such as Disneyland.com for special offers.
Look For Special Offers on Products
Some major theme parks such as Disney and Six Flags partner with different companies in order to offer you special deals on their tickets for purchasing a certain product. For example, you can find Six Flags coupons on Coca-Cola products. You can also find coupons for Hershey Park at participating Burger King, Subway and CVS locations in the four states around the park’s location in Pennsylvania.
Save Money on Food and Drink
Food and drink at theme parks are notoriously expensive. You can save some money on this however by opting out of the $10 hot dog and having a tailgate picnic in the parking lot instead. At some theme parks you are also allowed to bring in a small cooler, which you could rent a locker for and put a homemade lunch in. This will save you a significant amount, even with the price of the locker. Additionally, if you decide to purchase a drink, consider sharing a supersized version, which will always give you more bang for your buck than a small cup and often come with free refills.
Consider Parking Costs
If you are flying in to California or Orlando for a multi-day trip to Universal or Disney then you need to take the cost of renting a car as well as parking and gas into consideration when looking at the price of hotels. Even if you find a cheaper room rate at a farther distance away from the park, keep in mind that you may actually save money and time by staying at a hotel that is run by the park, as they usually offer free shuttle service to and from the theme park. On top of this, many park-run hotels offer incentives such as free meals and discounts.
Make a Budget
Before you head off for your adventure at a theme park, it is a savvy move to create a budget for the extra expenses that you’ll likely accumulate. For example, give each of your kids $10-30 in order to spend as they please in the park, but set that limit and do not budge if they ask for more. If you are on a strict budget then you could also declare off limits to any sort of extras. This means steering clear of souvenir shops and activities that cost extra such as carnival games.
