‘Financial Help’ Archives
A Bit of Good News About Your Medical Bills
By MARY ELLEN KALZUA No, President Biden is not forgiving them. Sorry. The good news is that beginning July 1st, paid medical bills will no longer appear on your credit reports. The three major credit bureaus also announced that starting July 1, medical bills now have to be a year old (previously 6 months) before they can be reported. Plus, starting January 2023, only medical bills $500 or more will be reported. The announcement came after the Consumer Financial Protection Bureau (CFPB) released findings that medical bills comprise the majority of reported collection accounts, to the tune of $88 billion, keeping credit scores down like a cement block in water. I’ve seen credit scores drop nearly 100 points from a medical collection of less than $25! A 100 point drop is devastating. It means a person may suddenly no longer qualify for a mortgage or be able to rent. They have to pay more for car insurance and their phone. They are charged higher interest rates, which can mean [...]
Save Money – Eat Your Weeds
Purslane Violets By MARY ELLEN KALUZA Eating well is expensive even without high inflation. Save money by foraging around your backyard, neighbor’s yard, or other overgrown areas. A small pile of free greens can easily save you $5. Here are a few common weeds that are delicious and nutritious. (Always look up the plant to safely identify and prepare. Harvest in areas you know are not treated with chemicals. Get permission, if necessary. Rinse thoroughly.) Lamb’s Quarter: My neighbor turned me on to lamb’s quarters years ago with quesadillas stuffed with them. Yum! They are also quite tasty on their own, lightly steamed with a little salt and pepper. Lamb’s quarters contain oxalic acid and you don’t want to eat too much of them raw. (Cooking removes the acid.) Purslane (verdolagas in Spanish): Purslane can be a pesky weed in the garden. Or in your sidewalk cracks. I get particular pleasure eating this weed because its stubborn tap roots and bazillion seeds [...]
Understanding Your Health Insurance and Medical Bills
By MARY ELLEN KALUZA Understanding your health insurance policy can be an exercise in crazy-making. Very few of us have insurance policies that cover everything. What isn’t covered shows up in medical bills. A little knowledge can help make sense of it all. INSURANCE PLAN TERMS Premium: This is what you pay to have insurance. Insurance through your employer is deducted from your paycheck. Otherwise, it's a regular bill like auto insurance. Copay: A fixed amount you pay for a medical procedure or an office visit. The copay amount may be different for different services. Not all insurance plans have a copay. Deductible: This is the amount of medical bills you must pay 100% before your insurance kicks in to pay expenses. This amount can range from a few hundred dollars to several thousand. Knowing how much your deductible is will help you plan for medical expenses. Coinsurance: After you have satisfied your deductible, your coinsurance kicks in. Typically, plans will [...]
