The Cost of Living in Indiana in 2022
Your dollar will go a long way in this state.
The post The Cost of Living in Indiana in 2022 appeared first on The Rent. Blog : A Renterâs Guide for Tips & Advice.
Your dollar will go a long way in this state.
The post The Cost of Living in Indiana in 2022 appeared first on The Rent. Blog : A Renterâs Guide for Tips & Advice.
Managing your budget can be stressful, especially if you have an unexpected emergency pop up. Fortunately, there’s a way you can prepare for unexpected financial emergencies. By building up a savings buffer—called an emergency fund—you can be prepared to pay for unexpected emergencies without having to turn to credit card debt, family loans, or other borrowing options … [Read more…]
Itâs now possible to activate/enroll all 5% category credit cards for the third quarter of 2022, including the Chase Freedom, Chase Freedom Flex, Discover IT, Citi Dividend, US Bank Cash+ and a few others. In this post weâll provide the activation link for each card and links to track your spend, along with strategies to […]
Most kids are encouraged by their parents to save their money from their paper route or part-time job by throwing it into a bank savings account. While any kind of saving is better than nothing, there may be a way to do it where your kids can get tax benefits as well as a potentially better rate of return.
A Roth IRA, if properly invested, will likely appreciate in value far more than money sitting in the bank â and could do it with tax-free growth. And the day will come when your child will be very grateful for the parent with the wisdom to have them do this. Later the Roth IRA will be available to help pay for college, and up to $10,000 of it can be put toward your childâs first home, all without early withdrawal penalties.
And if the young person canât resist pulling some funds out for that bicycle, the good news is that the original amount invested in a Roth IRA can always be withdrawn tax and penalty free. Also, for the child with the foresight to use some of their Roth IRA for retirement, withdrawals after 59½ will be completely tax free.
As long as a child has earned income, they can contribute up to $6,000 per year in a Roth IRA at any age. Someone else can also fund the Roth IRA for the child for up to $6,000 a year as long as the child has earned income equal to the amount contributed on their behalf.
If the child is legally a minor, which means in most states under 18 years of age, they will need to open a custodial Roth IRA where the child is the account owner with an adult, usually a parent, serving as the custodian. Contributions are reported to the IRS under the minorâs Social Security number, but the custodian is the individual authorized to act on the account.
While the original contributions can always be withdrawn tax-free, any growth in the investments in a Roth IRA if withdrawn before age 59½, would be subject to taxes as well as a 10% penalty. But keep in mind the IRS does make an exception if the funds are used for college or up to a $10,000 amount for a first-time home buyer, both which can prove to be a nice benefit for young people. In these cases, the funds can be withdrawn without a 10% penalty, although the growth would still be subject to taxes.
Something else to be aware of is how to document income if the minor is not employed with a company and is not issued a W-2, for example if they mow lawns or shovel snow or babysit. In this case the custodian should document that the child received earned income that was reasonable. For example, a parent should not pay a child $1,000 for shoveling the sidewalk one time.
For a younger child, donât get overly concerned about putting the Roth IRA money in stocks or stock mutual funds, which historically have made the most money over time compared to putting it in things like bank CDs. The best safety against market fluctuation is time, and for a younger child, statistically speaking, they will have a lot more time to average out the fluctuation in the market and likely end up with some good average returns.
A recession may be on the way. One tell-tale sign: The U.S. economy declined by an annualized rate of 1.4% in the first quarter of 2022, according to the U.S. Department of Commerce. While unemployment is historically low and job growth is strong, gas prices are historically high and inflation is at 8.6% â the [â¦]
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
If youâre about to make a move to Medicare from your private insurance, you might want to make sure youâve had all your shots – especially your vaccination for shingles. Thatâs because coverage of recommended vaccines under Medicare is more complex than under private health insurance.Â
Under the Affordable Care Act, private insurers are required to cover all recommended vaccines as preventive care with no out-of-pocket costs to beneficiaries. But under Medicare, different vaccines are covered under different parts of Medicare with inconsistent out-of-pocket costs for beneficiaries.
In short, the shingles vaccine is not covered by Medicare unless you have a Part D prescription drug plan or an Advantage plan with prescription drug coverage; even then, youâre likely to have out-of-pocket costs.
Medicare Part B covers certain vaccines, including flu and pneumonia, but not others, including shingles. Vaccines covered under Part B are provided to beneficiaries at no cost to them.
If you have a prescription drug plan, Medicare Part D, it will cover other commonly available vaccines, including those for shingles. But even then, Part D is not required to provide cost-free coverage of preventive treatments. What this means is medications and vaccines covered by Part D plans will likely be subject to deductibles and copays, resulting in out-of-pocket costs.Â
Which Vaccines Are Covered?
Medicare Part B covers the following vaccines: flu, pneumococcal and COVID. If the patient becomes at risk for tetanus, such as from stepping on a nail, then Part B covers a tetanus vaccine. If nothing happened to create the risk, tetanus vaccines are covered under Part D. Likewise, if a patient is considered at immediate or high risk for hepatitis B, that vaccine is covered under Part B at no cost to the beneficiary. Otherwise, itâs available only under Part D, which, again, may include out-of-pocket cost.
The Center for Medicare and Medicaid Services encourages Part D plans to include vaccine coverage with no out-of-pocket costs for beneficiaries. But few Part D plans, which are offered through private insurers, have that feature.
According to the Centers for Disease Control and Prevention, shingles, also known as herpes zoster, is a painful rash that develops on one side of the face or body. The rash is made up of blisters that usually scab over in seven to 10 days and fully clear up within two to four weeks. The rash may be accompanied by other symptoms, including fever, chills, headache and upset stomach. In addition, 10% to 18% of patients can develop long-term, sometimes-debilitating nerve pain called postherpetic neuralgia. The older you are when you develop shingles, the higher your risk of postherpetic neuralgia.
The CDC currently recommends shingles vaccines for people 50 and older. According to the CDC, the two-dose Shingrix vaccine is 90% effective against the virus and postherpetic neuralgia. Recent research has also found that people who had COVID are 15% more likely to develop shingles, increasing the urgency for seniors to get shingles vaccines.
Concerned that the complicated and sometimes expensive Medicare vaccine coverage system is resulting in low vaccination rates among Medicare beneficiaries, bipartisan members of Congress have introduced legislation that would require all recommended vaccines to be covered under Part B at no cost to beneficiaries. This would include vaccines for both shingles and the combination vaccine for tetanus, diphtheria, and pertussis (Tdap).
According to bill sponsor Senator Shelley Moore Capito (R-W.Va.), before the pandemic, the U.S. spent more than $15 billion every year treating diseases that could have been prevented by vaccines.
The Protecting Seniors Through Immunization Act would also require beneficiaries be given information about vaccines and require a study of vaccination rates among Medicare patients.
In addition, President Bidenâs proposed 2023 budget recommends consolidating vaccine coverage under Medicare Part B, âmaking more preventive vaccines available at no cost to Medicare beneficiaries.â The budget also establishes a new Vaccines for Adults program to give uninsured adults free access to all recommended vaccines
Researchers at Avalere Health, a consultancy, found that out-of-pocket costs for vaccines are common among Medicare beneficiaries. As of 2020, Part D plans require a copayment for recommended vaccines 87% of the time, with an average copayment of $47 and a maximum as high as $100.  Â
If youâre covered by a private health plan other than Medicare, such as through your employer or the healthcare exchanges under the Affordable Care Act, virtually all recommended vaccines are required by law to be provided at no cost to you. In that case, this means you can get a free shingles vaccine, as well as any other vaccine recommended by the CDC.
If you want to avoid any out-of-pocket cost for a shingles vaccine, you should consider getting the vaccine before switching from your private insurance to Medicare.Â
If youâre already on Medicare and are a beneficiary of a Part D plan or an Advantage Plan that includes prescription drug coverage, you will pay less for a vaccine under the plan after you meet the planâs deductible in a given year.
In addition, some Medicare Part D beneficiaries qualify for âextra helpâ provisions, which aid in paying for their monthly premiums, annual deductibles, and co-payments related to Medicare prescription drug coverage.
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Paying student loans on time can have a positive effect on your credit score and help build a good credit history. On the flip side, when you have a late or missed student loan payment, that can be reflected on your credit report as well. Delinquent payments can lower your credit score and have financial […]
The post Can You Remove Student Loans from Your Credit Report? appeared first on SoFi.
We all dream of retirementâwhen we hope to have more time to travel, spend our golden years with family, or just sit back and enjoy the finer things in life. However, it’ll be hard to do any of that if you donât have your finances in order. Thatâs where retirement planning comes in. A good
The post What is Retirement Planning? appeared first on MintLife Blog.