Disability insurance – Wankanyakla Self Help Group http://wankanyaklaselfhelpgroup.com/ Thu, 13 Jan 2022 04:09:16 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://wankanyaklaselfhelpgroup.com/wp-content/uploads/2021/06/icon-80.png Disability insurance – Wankanyakla Self Help Group http://wankanyaklaselfhelpgroup.com/ 32 32 Limiting payday loan installments is bad news for those who need them https://wankanyaklaselfhelpgroup.com/limiting-payday-loan-installments-is-bad-news-for-those-who-need-them/ Thu, 13 Jan 2022 04:09:16 +0000 https://wankanyaklaselfhelpgroup.com/limiting-payday-loan-installments-is-bad-news-for-those-who-need-them/

Late last year, the so-called “Michiganders for Fair Lending” launched a voting initiative that would do anything but make lending fairer in Michigan. They have dubbed this monstrosity the “Michigan Payday Loan Interest Rate Cap Initiative,” which would likely put Michigan lenders out of business, hurting working-class Michigan residents in the process.

To understand the damage this would cause, one must understand the people using these products. Payday loans and other short-term loans are small parts of our financial system that help consumers who have seasonal income or don’t have access to emergency funds, such as savings accounts, bank loans, home equity loans, and 401(k) loans.

Lacking these resources during financial emergencies, these “underbanked” consumers are forced to resort to more expensive options such as payday or auto title loans, unfunded check fees, or non-payment of bills. Consumers are in this position for a variety of reasons, but the sub-banks are often young people, recent immigrants, single parents and minorities.

Many of the products available to underbanked consumers (including underfunded and short-term loan fees) have been criticized as expensive, in part because of their high annual percentage rate (APR). The problem with APR is that bad check and payday loan fees don’t last for a year.

When people take out these loans, their intention is to pay them back in days or weeks, not months, let alone a year or more, so the whole concept of judging them by their APR is not only absurd, it’s but it also hides the true cost of these products.

Think about it: if Aunt Ronda lends you $100 today and you pay her $101 tomorrow after your paycheck hits, that would be a good deal for you, right? You could avoid overdrafting your account or bouncing some checks. That $1 could save you hundreds in bank fees.

Not according to the Michigan Group: According to their vision, your affordable short-term loan will bear an APR of 365%. Suddenly sweet old Aunt Ronda is a loan shark.

We needn’t guess what will happen in Michigan if this law passes: After Oregon passed an interest rate cap, overdraft fees and late bill payments increased, while the overall financial condition of Oregon residents deteriorated.

In Georgia, an interest rate cap led to a spike in bankruptcy rates, bounced checks, and complaints with the Federal Trade Commission. And a 2018 World Bank study found that interest rate caps led to negative side effects, including the loss of borrowing options for many underbanked consumers.

Michigan residents are rightly thinking creatively about how to address the plight of consumers who are financially marginalized. Underbanked consumers earn less and save less, on average. However, the majority of these consumers are also satisfied with the products they use and use them responsibly.

Therefore, a policy designed to ‘protect’ a few irresponsible or unfortunate consumers from themselves would likely harm many more consumers, pushing them to use less affordable alternatives.

Short-term loans are a cheap and attractive form of credit in times of the financial crisis. If you think Michigan residents should avoid putting your neighbors in unsustainable financial situations, and you see a rate cap question on the ballot next year, you should vote no.

And before that, if you’re asked to sign a petition regarding a rate cap, you should decline the request.

Kent Kaiser is Secretary/Treasurer of the Domestic Policy Caucus, whose mission is to support transparent, public conversations about critical policy issues at the local, state and federal levels, educate voters on the issues that will have the greatest impact on their community, and assisting community members to work with elected officials on these critical policy issues.

]]>
Property taxes keep rising: what retirees should – and shouldn’t – do when they can’t pay them https://wankanyaklaselfhelpgroup.com/property-taxes-keep-rising-what-retirees-should-and-shouldnt-do-when-they-cant-pay-them/ Tue, 11 Jan 2022 10:00:00 +0000 https://wankanyaklaselfhelpgroup.com/property-taxes-keep-rising-what-retirees-should-and-shouldnt-do-when-they-cant-pay-them/ Whether or not the hot housing market cools – as some real estate analysts have speculated – millions of homeowners have already been burned by the spikes in property taxes that came with their skyrocketing home values. What to do if you can no longer afford your property tax

According to Attom Data Solutions, property tax on a single family home rose 4.4% nationwide in 2020. And realAppeal, which is helping people appeal against property tax laws, predicts property taxes will rise an average of 6.5% in 2021.

These tax increases hit financially weak homeowners hardest, including older Americans living on steady incomes, according to Michael Billnitzer, executive director of the Cleveland-based Benjamin Rose Institute of Aging’s ESOP subsidiary. ESOP (Empowering and Strengthening Ohio’s People) provides housing and financial advice to aging adults.

The basic control vise for some older adults

While monthly social security payments are set to rise 5.9% in January – the biggest jump in four decades – that’s not enough to help budget-struggled older adults meet soaring property tax demands.

“Here in Cuyahoga County, property taxes have increased an average of 16%,” said Billnitzer. “Older adults, many of whom have already struggled to make ends meet, are now facing such drastic tax increases and have a much harder time affording aging in their homes.”

Billnitzer fears that bloated property tax bills could put millions of elderly homeowners into foreclosure or into the hands of unscrupulous fraudsters and predatory lenders.

Antoinette Smith, ESOP’s Advisory Director, shares some tips on how to avoid these unpleasant results:

Do: Get (the right) help

The first step, Smith said, is to contact a US-approved housing and urban development consultancy (HUD) where you or your loved one lives. HUD has a map of approved agencies on their housing advice page, or you can call the agency’s interactive voice system at 800-569-4287 to find an office nearby.

“HUD-approved agencies must have individual HUD-certified consultants,” said Smith. She advised staying away from mortgage advisors who are not HUD approved because they “don’t have the same level of references” and “may have dubious motives at best”.

It’s often free to work with a HUD-approved advisor to assess the situation and determine if the homeowner is eligible for the property tax reduction. Such homestead exemptions are available in many states, but they vary widely. Smith said various proposals to ease property tax at the local and state levels are being considered across the country.

Currently, disabled elderly low-income Ohio residents can qualify for $ 25,000 homestead leave. That is, if the home was worth $ 100,000, the owner would be taxed as if it were worth $ 75,000.

In contrast, all Florida homeowners are eligible for up to $ 50,000 exemption, but those 65 and older who meet certain income limits can claim an additional $ 50,000.

A HUD-approved advisor will also be aware of any new or emerging wealth tax relief programs. And the advisor can help clients figure out if they qualify for other household savings, such as financial assistance with energy bills.

Don’t: ignore the bill

Smith said the opening of a major property tax bill tends to create an “escape” reaction among low- and middle-income older people who lack the means to pay for it. However, if you ignore the problem, it will get worse.

Related: Social security recipients get a big raise – but also keep falling behind

If homeowners fail to pay their property taxes, the local tax authority will begin charging interest, late payment interest, or both on the unpaid amount, adding to the bill. The local government could also mortgage the house and eventually force a sale.

“Of course we don’t want it to come to that,” explained Smith. “Before the bill is due, we would like older adults or their caregivers to contact a HUD housing advice agency and get in touch with a counselor who can help them understand what that bill means and what action to take next . “

See also: The latest problem for the elderly: rising food prices

Do: Get a payment plan

Smith said that people on fixed incomes often have difficulty paying large, flat-rate quarterly or half-yearly bills. However, many tax authorities offer programs that allow homeowners, especially those in financial distress, to qualify for an installment payment and pay off their property taxes over time.

Cuyahoga County, Ohio, for example, has an “EasyPay” plan that automatically debits pending payments from a checking or savings account each month. Paying $ 291 a month, Smith said, is “a lot easier to digest” than paying half ($ 1,750) or even a quarter (875) of a $ 3,500 tax bill all at once.

Do not miss: Much about retirement planning is wishful thinking – what I learned after 3 years in retirement

Don’t: Let predatory lenders capture you

Robbery loans are one of the greatest dangers for the elderly in financial distress. Smith said she was alarmed by recent data suggesting that payday loan use by Americans age 62 and older has tripled in the past five years, with percentages up to 372% annually.

“We have had some situations where seniors have two, three, or even four payday loans at once to pay their taxes and that eats up all of their income,” said Smith. “They are then unable to meet their other basic needs because they are caught in this vicious circle of payday loans.”

Reverse mortgages can also be fraught with pitfalls.

They are some of the most expensive mortgage loan products, and since the loan is topped up with interest every month – and the homeowners make no payments – the reverse mortgage balance grows over time. If a borrower dies, sells his apartment or moves out, the loan is due immediately.

See also: My wife and I saved $ 775,000 for retirement and will be paying off our mortgage in six years. Would it be a mistake to move to California?

Smith recommends speaking with a real estate advisor before taking out a reverse mortgage loan and avoiding payday loans altogether.

Do: Be vigilant about scams

Scammers do not want to miss this unique opportunity to take advantage of tax-disadvantaged older homeowners and promise easy money or higher social security payments.

Fend off the threat by brushing up on your fraud prevention skills and making sure your loved ones know how to stay out of the crosshairs of a fraudster, including:

  • Never give financial or personal information to anyone you do not know and whom you do not trust.

  • Do not click links in emails from unknown sources.

  • Avoid making immediate financial decisions.

“The key is to be proactive. Don’t wait for someone to come to you with a solution, ”said Billnitzer. “You can eliminate fraud and cheating if you take the initiative to contact a HUD-approved advisor and develop a plan.”

Judy Stringer is a freelance writer and editor with over 25 years of media work experience. Much of her frequent articles appear in Crain’s Cleveland Business, where she also writes for the newspaper’s custom content division, Crain Content Studio. In addition to business, she reports for ScripType Publishing, a collection of nine monthly magazines in the Summit and Cuyahoga counties of Ohio, and oversees senior housing, wellness, and home improvement departments.

This article is used with permission from. reprinted NextAvenue.org, © 2022 Twin Cities Public Television, Inc. All rights reserved.

More from Next Avenue:

]]>
Why women need life insurance, regardless of their age https://wankanyaklaselfhelpgroup.com/why-women-need-life-insurance-regardless-of-their-age/ Thu, 26 Aug 2021 06:59:57 +0000 https://wankanyaklaselfhelpgroup.com/why-women-need-life-insurance-regardless-of-their-age/

By Suzanne Stevens

Although women make up almost half of the workforce, it appears that many women still lack long-term coverage. This can be seen in the number of insurers adapted to the needs.

Beginning

When you’re young, you feel invincible. Why would we need life coverage when we have few assets, no dependents and we are in good health? To some extent, this is true. When entering the workforce, most people really only need enough life insurance to pay off debts and pay for funerals. But where the real need arises is with disability insurance. The most important thing that women need to protect at this stage is their ability to earn an income; they still have a lifetime of paychecks in front of them and they need to protect them. Although young women are not as likely to suffer from a serious illness like cancer, they could still be the victims of an accident, for example, which could affect their potential for future earnings.

Moving in

For women who work with families, in addition to making sure they have disability coverage, they should also prioritize death coverage. When women have financial dependents, they must make arrangements for those they leave behind in the event of death. Critical illness coverage is also essential here, as the likelihood of illness increases with age and unforeseen costs can arise.

Stay-at-home moms may think they don’t need life coverage because they’re not earning an income. However, one thing that is often overlooked is the importance of temporary disability or impairment insurance. If a stay-at-home mom becomes ill or injured and is unable to care for her children for a period of time, it could lead to unforeseen expenses for the family, such as the cost of child care or transportation. Temporary coverage would fill this gap. As with working mothers, critical illness coverage is also essential, again for additional expenses associated with illness or injury.

It is essential that single mothers have full life insurance, to cover their families for all eventualities. Death, disability and critical illness are all critical.

For working women in their 30s and 40s without children or significant others, their focus should be on disability and serious illness. While they may think that because they don’t have dependents they don’t really need life insurance, these women still need to protect their ability to earn an income. A death cover amount will still be required for final expenses associated with the death, such as the cost of the funeral and any taxes that may be due.

Rise socially

The general assumption about age and life insurance is that the older you get, the more death coverage you need. However, the opposite is true. Usually, as people get older, their financial liabilities tend to decrease. You need less death coverage as well as less disability coverage because you have fewer paycheques to protect. What should increase for women at this stage of life, however, is critical illness coverage. Good health becomes much less certain and cancers, heart problems and other diseases become more common.

The golden years

Once women reach retirement age and start living off their retirement savings, they no longer need disability coverage because they are no longer actively earning income. Critical illness insurance remains a high priority in the golden years, as declining health becomes more likely. Death cover only applies here for funeral costs and death bed costs.

Just like men, the life insurance needs of women will continue to evolve throughout their lives. So it’s in their best interests to have coverage that changes with them, so that they get the maximum benefit from what they pay for their life insurance.

Suzanne Stevens is the Deputy Managing Director of BrightRock

PERSONAL FINANCES

]]>
John Clay: Football is starting, but here are five college basketball notes worthy of attention | Sports https://wankanyaklaselfhelpgroup.com/john-clay-football-is-starting-but-here-are-five-college-basketball-notes-worthy-of-attention-sports/ Wed, 25 Aug 2021 09:30:00 +0000 https://wankanyaklaselfhelpgroup.com/john-clay-football-is-starting-but-here-are-five-college-basketball-notes-worthy-of-attention-sports/

LEXINGTON, Ky. – As we prepare for the start of college football, let’s not forget college basketball. Five developments you may have missed:

1. Kentucky’s New and Better Goal

Whispers from early Kentucky basketball practice insist that they are a much better shooting team than previous editions of John Calipari. That goes without saying given that the transfer portal delivered snipers Kellan Grady from Davidson and CJ Fredrick from Iowa to the Cats. But the word is that others have also increased their perimeter game.

It is true, we have heard this speech before. Too often, players who would drop it in training at Joe Craft Center, suddenly can’t drop the ball at Rupp Arena or opposing gyms. Feel like this year could be different, though.

2. The NCAA may still have some bite after all

Just when you thought the NCAA has gone powerless, the organization is jumping and imposing two years probation on the Texas A&M men’s basketball program and a two-game suspension on coach Buzz Williams for violations during the pandemic.

Williams made inadmissible contact with a rookie. An assistant coach performed several tries during the unofficial visit of another recruit. And the assistant completed 24 supervised off-campus workouts with team members who were banned by COVID-19 restrictions.

Meanwhile, the NCAA has extended its investigation into LSU beyond the July 31 deadline. According to The Advocate in Baton Rouge, the alleged violations now include “at least 13 potential student athletes” in connection with Will Wade’s basketball program. It sounds like a lot.

3. Memphis continues to make the news

First, Penny Hardaway hired Larry Brown, 80, he of the NCAA and NBA title rings and checkered past, as an assistant coach. Now Hardaway is adding former North Carolina center Rasheed Wallace to the Tigers staff. When he wasn’t picking up technical fouls (a record 41 in 2000-01), Wallace was helping Brown win the 2004 NBA title with the Detroit Pistons.

And after adding coveted center Jalen Duren to Memphis’ roster, Hardaway could be in the running to get Emoni Bates, the 6-foot-8 forward who has upgraded to play this season. He decides between Memphis, Oregon, Michigan State and the G League. After Bates’ disengagement from Michigan State, Memphis is considered the frontrunner for his services. According to 247Sports, Bates is the No. 4 ranked prospect in the class of 2021. Duren is ranked No. 5.

4. Overtime Elite continues to recruit players

The new NIL reforms do not have a total influence on some of college basketball’s most renowned rookies. This month, Jazian Gortman, Tyler Smith and Bryce Griggs all signed big contracts with Overtime Elite, the Atlanta-based group that “gives the world’s most talented young basketball players a better path to becoming professional athletes.”

Griggs is said to have signed a two-year contract worth $ 1.2 million. A five-star prospect for 2022, Gortman is said to have signed a $ 600,000 contract. Smith is ranked eighth best prospect for 2023 by ESPN. “I already wanted to be a pro, working on things the NBA is working on,” Smith told ESPN.

Fifteen high school juniors and seniors have now signed with OTE, which guarantees a minimum wage of $ 100,000. Players will also receive ZERO income through the sale of jerseys, collectible cards and video games, as well as health care coverage and disability insurance.

5. Louisville offseason is a mixed bag

On the one hand, as part of court records in his extortion case, former Louisville assistant Dino Gaudio made new allegations about the Cardinals’ program, including that head coach Chris Mack threatened to withdraw scholarships from players after the U of L failed to make the NCAA tournament last. season.

(If you recall, Calipari wrote a letter supporting Gaudio as part of the sentencing case after Gaudio pleaded guilty in the case.)

On the flip side, the Cardinals used the portal to add four of ESPN’s top 100 transfers, including West Carolina’s Mason Faulkner; Jarrod West of Marshall; Noah Locke from Florida and Matt Cross from Miami. Faulkner averaged 16.9 points per game last season. West averaged 12 points and six assists. Locke is a career 42% 3-point shooter. Cross was ranked 86th by ESPN in the Class of 2020.

© 2021 Lexington Herald-Leader. Visit kentucky.com. Distributed by Tribune Content Agency, LLC.

Copyright 2021 Tribune Content Agency.

]]>
Cut off from Australian squad, champion Alberto Campbell set to race for Jamaica at Tokyo Paralympic Games https://wankanyaklaselfhelpgroup.com/cut-off-from-australian-squad-champion-alberto-campbell-set-to-race-for-jamaica-at-tokyo-paralympic-games/ Sun, 22 Aug 2021 19:39:09 +0000 https://wankanyaklaselfhelpgroup.com/cut-off-from-australian-squad-champion-alberto-campbell-set-to-race-for-jamaica-at-tokyo-paralympic-games/

Runner Alberto Campbell will wear green and gold at the Tokyo Paralympics, but it will be to represent his native Jamaica, not Australia.

The 28-year-old had proudly represented Australia in athletics for more than a decade at the international level, but was excluded from the Rio squad due to a technical issue.

The International Paralympic Committee reduced Australia’s quota for the track team and Campbell was eliminated.

He was in uniform, had been promoting the Games and was crushed when he missed his match.

Campbell at his training track in Brisbane, before leaving for Tokyo.(

ABC News: Brittney Kleyn

)

“But I found a way to get over it and you know tell me, it’s not the end of the world.”

A decade of dreams come true

Campbell was born in Jamaica and raised by his adoptive parents in Brisbane, which gave his coaches an idea of ​​how their national champion could still compete in Tokyo.

Julie-Anne and Paul Staines with Campbell on Christmas Day in 2002.
Campell with his adoptive parents Julie-Anne and Paul Staines on Christmas Day 2002.

“One of the Australian coaches said, ‘Why don’t you contact Jamaica to see if there is a chance that they will represent them at the Paralympic Games?’” Said his adoptive father, Paul Staines.

Campbell, who has dual citizenship, received an email from the Jamaican Paralympic Committee earlier this year confirming he could represent his home country in the 400-meter track event.

After more than a decade of training, his dream of becoming a Paralympian is coming true.

Runway star with her adoptive mother
Campbell and his Mrs. Staines on their first Mother’s Day together in 2003.(

Provided

)

He flew to Tokyo on Saturday and will compete next week, joking that if he wins a medal, he hopes to sing two national anthems on the podium.

“My allegiance doesn’t go one way – I’m right in the middle,” Campbell said.

Mr Staines said it was Australian officials who helped tick all the boxes.

“[One] actually told me, ‘He’s competing for Jamaica, but he’s always going to be an Australian,’ and that shows how fantastic the athletics community is, ‘said Mr Staines.

Alberto Campbell at the Jamaican Orphanage, 2001, as a freshman.
Campbell at the Kingston Orphanage, 2001, as a freshman.(

Provided

)

From the street to the track

Alberto Campbell’s story began when he was abandoned when he was born on the streets of Jamaica.

He suffered from malnutrition, leaving him with an intellectual disability.

Teachers Paul and Julie-Anne Staines met Campbell while working at a Salvation Army orphanage in Kingston and adopted him at the age of nine.

Campbell's adoptive father Paul Staines on a training track in Brisbane.
Campbell’s adoptive father, Mr. Steines, at his son’s training track in Brisbane.(

ABC News: Brittney Kleyn

)

They only discovered his talent for athletics at his first sports carnival.

Mr Staines said his advice to his son then was to follow his friends, have a good time and remember, “it doesn’t matter.”

“Then he ran and won and won convincingly,” said Mr. Staines.

It didn’t take long for Campbell to represent Australia, winning bronze in her category at her first world championship.

Alberto Campbell and his friends at the Jamaican Orphanage, 2002.
Campbell with his friends at the orphanage in 2002.

Running is “my comfort zone”

Today, Campbell feels more comfortable when he’s at home or on the track.

“I feel like I’m going to stop running?” ” he said.

“It means a lot to me because I can show people what I can do and I feel more comfortable.

“It’s like my comfort zone.”

Campbell’s goal isn’t necessarily to get on the podium on his Paralympic debut in Tokyo.

“I have goals for me, so my goal is to reach the final,” he said.

“My goal in the final is to have a good time [and] a medal would be a bonus. “

Campbell has gained self-reliance in recent years and has moved on on his own, in part with funding from the National Disability Insurance Scheme (NDIS).

]]>
The conundrum of long-term care https://wankanyaklaselfhelpgroup.com/the-conundrum-of-long-term-care/ Sun, 22 Aug 2021 08:30:05 +0000 https://wankanyaklaselfhelpgroup.com/the-conundrum-of-long-term-care/

Man scratches his head Getty Images

Long Term Care Insurance, or LTC, helps pay for the cost of home health care or a retirement home. It also covers prolonged illness or disability. While LTC coverage can be great for retirees, premiums have started to rise in recent years, making it a difficult expense for those with limited income.

So how do you determine the best way to prepare for the costs of long-term care in retirement? Here are two factors you should consider.

Would you prefer a long term care facility or home care?

Before determining the type of insurance you want, you need to determine the likely cost of long-term care. A good first step is to identify where you want to live. The average cost of living in a retirement home in the United States is $ 93,075 per year ($ 255 per day) in a semi-private room and $ 105,850 ($ 290 per day) in a private room. By 2030, these costs are expected to reach $ 125,085 and $ 142,254, respectively. I recommend visiting long term care facilities in your area to see how much they cost and to determine if you can consider living there.

What if you wanted to live in your own home? You can maintain this comfort and familiarity by hiring someone to come to your home. The average price for home care is $ 53,768 per year. The average price of home care is slightly higher at $ 54,912 per year.

Should you choose traditional long-term care insurance or a hybrid plan?

Once you’ve decided where you want to live, the next step is to decide if you can self-insure the cost, essentially determining whether you can allocate some of your current assets to pay for those healthcare expenses. long term if necessary. I recommend thinking about this in a simulation context: “If I go to a long-term care facility for ‘x’ years at cost ‘y’, can I pay that cost without affecting my other goals? of retirement ? If the answer is yes, self-insurance will probably be the most cost-effective and flexible solution to cover a possible LTC expense.

If the answer is no, but you have significant liquid assets held outside qualified retirement accounts, a hybrid LTC insurance policy might be an alternative solution. These insurance policies are designed to provide LTC benefits, but are backed by whole life insurance. After paying a single initial premium, if you need long-term care, the policy pays a specified monthly benefit for a predetermined number of years. If you do not need long-term care or if you decide to stop insuring the risk at any time, you will get your original premium back. Hybrid long-term care policies tend to have a more transparent and flexible cost structure than a traditional long-term care policy.

Also consider the likelihood that your rates will increase over the life of your policy. A 2019 report claims General Electric does not have enough funds to cover claims from its long-term insurance plans. As a result, the company plans to increase premiums by $ 1.7 billion over the next 10 years. Many companies are doing the same. In this case, if you are unable to pay your premium, your policy will expire and you will not be able to recover anything.

I recommend speaking to a certified financial planner to determine the best option for you.

Defined Financial Planning LLC (“DFP”) is a registered investment adviser providing advisory services in the States of California, Nevada and other jurisdictions where it is exempt. Life insurance policies are contracts between your client and an insurance company. Guarantees for life insurance products are based on the financial strength and claims settlement capacity of the issuing insurer. Living benefits and LTC riders are not available on all index universal life insurance products and may not be available in all states. Adding an accelerated death benefit or LTC rider may require additional fees. Accelerated death benefits and LTC riders are subject to eligibility criteria. A public relations firm was paid to assist with media placement.
California Insurance License # 0L77279 and # 4042728.
Certified Financial Planner Board of Standards Inc. (CFP Board) holds the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER ™ certification mark and the CFP® certification mark logo (with plaque) in the United States, which it authorizes use by those who meet the initial and continuing certification requirements of the CFP Board.

You may also like

15 home features today’s buyers want the most

Your guide to Roth conversions

13 reasons to shop at Walmart (even if you hate Walmart)

]]>
ACT registers 19 new cases of COVID-19 https://wankanyaklaselfhelpgroup.com/act-registers-19-new-cases-of-covid-19/ Sun, 22 Aug 2021 05:10:08 +0000 https://wankanyaklaselfhelpgroup.com/act-registers-19-new-cases-of-covid-19/

The ACT recorded 19 new locally acquired COVID-19 cases within 24 hours to 8 p.m. last night, with six of the new infectious cases in the community.

There are now 121 active cases associated with this outbreak.

Of the 19 new cases, 17 are linked to the current epidemic in the territory and two of them are still under investigation.

There are now three positive cases in the hospital, two of which are unrelated to symptoms of COVID while the other is receiving treatment for COVID-19 but does not require respiratory assistance at this time.

A group of 14 people grew up in the ACT disability sector, including support workers.

There is a case related to the Australian National University.

At 9 a.m. today, ACT Health continues to work with more than 15,400 people who self-identified as close contacts of ACT outbreaks.

Yesterday, over 3,600 tests were collected from government and private providers through ACT.

ACT Pathology and private providers returned 4,586 negative test results within 24 hours until 9 a.m. today.

Vaccination rollout continues in ACT, with the total number of vaccine doses administered now at 186,420.

The 19 new cases were more than double the total number of cases announced on Saturday, but Chief Minister Andrew Barr said this reflected the slight change in the notification deadline to 8 p.m. daily.

“This reflects the situation we are facing, there will be more new cases in the days to come,” he warned reporters in Canberra on Sunday.

“What we are looking for is that not all of these new cases are contagious in the community.”

The list of ACT exhibition sites was updated last night with over 320 locations listed while the Assembly pub in Braddon was reclassified as a ‘survey location’.

Anyone who was at the Assembly pub on Lonsdale Street on Saturday, August 7 from 7:00 p.m. to 11:59 p.m. has been asked to come forward for testing to help contact tracers find the source of the ACT COVID-19 outbreak.

In a statement released this afternoon, ACT Health advised the following:

Case related to the Housing ACT complex

ACT Health is investigating whether Condamine Court in Turner, which is an ACT Housing complex, is an exhibition location linked to any of the current active cases of COVID-19. Currently, there are no cases among residents of the complex.

ACT Health works closely with a wide range of partners, including Housing ACT and the Community Services Branch to communicate directly with those affected.

This situation is still evolving and the emphasis is on supporting tenants and their needs.

Case in the disability sector

ACT Health can confirm that there is currently a cluster of disability cases under management.

At this point, 14 cases are in the cluster, including four clients, seven support workers, one tradesperson and two support workers from NSW who are linked to the ACT cases.

ACT Health worked closely with all partners, including the Directorate of Community Services, the Office for Disability, the National Disability Insurance Agency (NDIA), disability service providers and industry leaders. to ensure that everyone involved receives the support they need.

ACT Health and the Community Services Branch will continue to work with the disability sector to keep them informed of the current situation and how the government is responding.

Case at Australian National University

ACT Health can confirm that there is a positive case of COVID-19 linked to ANU.

ACT government public health response teams work closely with ANU staff and students and communicate directly with those affected.

At this point, ACT Health has not confirmed any exposure sites on the ANU campus, but this remains under investigation.

With PAA

Get all the latest Canberra news, sports, entertainment, lifestyle, competitions and more straight to your inbox with the Canberra Weekly Daily bulletin. register here.

]]>
Long-distance COVID patients fight for disability benefits, lawyer says https://wankanyaklaselfhelpgroup.com/long-distance-covid-patients-fight-for-disability-benefits-lawyer-says/ Mon, 09 Aug 2021 17:30:00 +0000 https://wankanyaklaselfhelpgroup.com/long-distance-covid-patients-fight-for-disability-benefits-lawyer-says/ “The problem with long haul is that there are no diagnostic criteria set for it, there are no tests,” said Barrie lawyer Steve Rastin.

As the medical community strives to resolve persistent health issues linked to COVID-19, these patients known as long haul are struggling with more than their health.

Barrie attorney Steve Rastin says a battle is brewing between those with long haulers who haven’t been able to work and are looking to use their benefits to survive, and insurers who refuse to pay.

A year-old British study found that 10% of people infected with COVID-19 would have symptoms that do not resolve over the following months, describing it as a multisystem disease.

But Rastin believes it could be the bottom of the ladder an American study suggests it could go up to 30 percent.

But even at 10 percent, that’s 140,000 of the 1.4 million Canadians infected with COVID-19 who could be long-haul.

Their struggles with insurance companies over benefits have already resulted in lawsuits.

“We don’t have a working definition of long-haul COVID” describing how long a patient exhibits symptoms before being considered long-haul, Rastin said. “There isn’t one unified set of symptoms for everyone.”

Long-lasting symptoms often include fatigue and brain fog. But some people have also complained of muscle pain, shortness of breath and / or gastrointestinal issues as well as other medical issues.

A local pulmonologist said earlier Barrie today that the symptoms are varied and that the medical community is confused as to how to treat the underlying cause of all problems.

Some people with persistent symptoms who have been off work for an extended period of time hit a brick wall while applying for long-term disability benefits. Rastin says insurance companies want proof that claimants are indeed sick and unable to work.

“The problem with long haul is that there are no diagnostic criteria established for it, there are no tests for it … a lot of insurance companies ask for objective evidence,” he said. -he declares.

Susie Goulding, who started COVID Long-Haulers Support Group Canada, which now has about 14,000 members, says the lack of definition of what makes a long haul is the problem. Insurance companies have relied on this “loophole” to prevent disability awards, she said.

“They deny the claims left, right and center,” Goulding said. “Because there is no definition, these insurance companies have no code to write off.

“The people who have not been supported throughout this pandemic are the people who have actually been directly affected by the virus, who have the virus and who are not able to work. They fall through the cracks, ”she added.

Goulding, who had the virus in the first wave, criticizes Canada’s national health system, which only recognized symptoms of long-lasting COVID-19 in recent weeks, much later than other countries, she says.

In a July 7 statement, Canada’s Chief Public Health Officer said prolonged or recurring symptoms, called Long COVID, are recognized by the World Health Organization as a “post-COVID-19 condition.” .

Initial results from the Public Health Agency of Canada indicated that most 83 percent of lab-confirmed COVID-19 patients continued to have one or more symptoms within four to 12 weeks and 56% beyond 12 weeks.

“Due to the low certainty of the evidence, more research is needed to determine the true burden of the post COVID-19 state,” the country’s director of public health said in a statement.

The belated recognition has delayed efforts to find a definition of what constitutes long haul, leaving an entire community that is not ready, able or willing to work and without access to benefits, Goulding says.

Some of the other obstacles that Rastin and Goulding point out are the inability for some to see their family physicians to obtain documents on the objective evidence requested by insurance companies and, for some of the early COVID-10 patients like Goulding, not not have positive results. test results.

“We’ve had these issues before,” Rastin said, pointing to the chronic pain resulting from fibromyalgia, which was difficult to diagnose, and even Lyme disease. “It’s a chronic post-infection syndrome.

“Insurance companies have usually set people on fire, ‘Well, you have to prove that you have this problem.’

Rastin sees a major legal battlefield develop as these patients struggle to prove they are too disabled to work. He says it is fundamentally unfair that after paying long term disability benefits, long haul carriers are now denied benefits.

All of this, he adds, follows an insurance vacuum resulting from the pandemic lockdown in which there were far fewer people on the roads, resulting in far fewer insurance claims. Personal injury attorneys found that their phones had stopped ringing for an extended period of time as there had been so few accidents, slips and falls and bar fights.

Closing or downsizing courts meant existing insurance claims were not being processed or settled and those receiving benefits did not have access to many therapies.

“Insurance companies have benefited in a number of cases” from the pandemic, said Rastin.

Goulding’s group calls for recognition of Long COVID, research to identify and define the problem, and rehabilitation to treat it.

“Canada must recognize that Long COVID is a national crisis and that it is a handicap,” she said. “It also needs to be taken seriously by the government and, like other countries, we need to have access to disability benefits. … And what does returning to work look like?

]]>
KNOWLEDGE CENTER: Four Ways to Invest Extra Money in Your Savings Account [Column] | Company https://wankanyaklaselfhelpgroup.com/knowledge-center-four-ways-to-invest-extra-money-in-your-savings-account-column-company/ Mon, 09 Aug 2021 05:30:00 +0000 https://wankanyaklaselfhelpgroup.com/knowledge-center-four-ways-to-invest-extra-money-in-your-savings-account-column-company/

Over the past year, many Americans have amassed money to prepare for the uncertainty of the COVID-19 pandemic. So much so that the personal savings rate of Americans has reached record levels. The U.S. Bureau of Economic Analysis (BEA) reported that Americans’ savings rate reached 33% in April 2020, the highest ever recorded by the BEA.

As 2021 approaches, Americans’ savings rate has declined as the economy reopens, with consumers releasing pent-up demand. However, even with higher spending compared to 2020, Americans continue to show high savings rates compared to pre-pandemic levels.

While it may seem prudent to maintain excess levels of money in a savings account, there are also opportunity costs to consider in keeping extra cash on hand. Most importantly, it is worth considering the return that can be generated in a savings account. The rate of return on a savings account (even a high yield savings account) continues to be below the historical average and is unlikely to keep pace with inflation. These extra reserves fail to even cope with their purchasing power and end up losing value in the long run. Instead of leaving funds on the sidelines underutilized, there may be more practical solutions for that money to maximize overall return.

Maximize 401 (k) and IRA contributions

First and foremost, maximize the contributions to your pension plan offered by your employer. While you can’t fund a 401 (k) from your savings account, it may be a good idea to get less take-home pay by increasing the amount deducted from your paycheck. Money taken from take home pay and placed in a 401 (k) reduces taxable income. If you do not participate in a 401 (k) or other qualifying plan, contributions to a traditional IRA may also be tax deductible.

Contribute to the Health Savings Account (HSA)

Another investment vehicle that could potentially be a home for additional funds is a Health Savings Account (HSA). HSAs allow an individual to contribute annually towards health care costs and offer significant tax benefits. Some of the benefits of an HSA are:

• Contributions to an HSA are tax deductible at the federal level, which reduces your taxable income.

• Contributions and income increase sheltered from federal tax

• Withdrawals for eligible reimbursable medical expenses are also tax-exempt – whenever they are taken, regardless of age.

Pay off the debt

Apart from investing excess cash, paying off outstanding debt is another way to reduce the opportunity cost of excess cash. Making prepayments on bonds, like credit card payments and car loans, could be an effective way to save interest and fees. Paying off debt sooner than expected basically allows someone to create a rate of return. To illustrate this, if there is an annual interest rate of 5% on a loan and we manage to repay this loan 12 months before maturity, this individual has just blocked a 5% return on his loan. silver.

Review existing plans

You may also want to take this time to review your risk management plan, including items like auto insurance, life insurance, and disability insurance. If you need more coverage, you can use your extra funds to set up the coverage you need.

If you feel like you are in a position where you don’t know how to maximize your additional savings, you should take the time to think carefully about your larger goals and how you can use the money to achieve them. Investing your money in the stock market can help you reach your long-term goals faster. Although this carries more risk than keeping money in a savings or money market account. It may be beneficial to partner with a financial advisor to analyze your goals and design a portfolio that you are comfortable with navigating this market environment.

Balaj Singh is a research analyst on the West Capital Management research team and supports the West Capital Management investment committee. Singh is responsible for investment due diligence on managers and strategies, portfolio construction and performance reporting. Singh graduated from Rutgers University with a Bachelor of Science in Finance and Accounting with a minor in Economics. Singh has achieved the CAIA® designation and is currently a Level III candidate in the CFA® program.

]]>
It’s no fun haggling with your insurance company over a claim. Here’s how advisors negotiate their way to bigger payouts https://wankanyaklaselfhelpgroup.com/its-no-fun-haggling-with-your-insurance-company-over-a-claim-heres-how-advisors-negotiate-their-way-to-bigger-payouts/ Fri, 06 Aug 2021 20:08:00 +0000 https://wankanyaklaselfhelpgroup.com/its-no-fun-haggling-with-your-insurance-company-over-a-claim-heres-how-advisors-negotiate-their-way-to-bigger-payouts/ Financial advisers love to talk about how they add value. From preparing tax returns to providing career advice to clients’ children, they strive to offer a far-reaching service beyond their basic investment management and financial planning offerings.

When a client seeks insurance or files a claim, certain advisors step in. They provide advice on selecting the best carriers, how and when to report a claim, and tips on negotiating larger claims settlements.

To get started, knowledgeable advisors guide clients through purchasing policies from reputable companies. They monitor insurers by verifying their financial soundness, their regulatory record and their customer service.

Specifically, they assess the credit scores of insurers with agencies such as AM Best Company and Demotech. Since insurance companies are regulated by each state in which they operate, advisers can contact a state’s insurance department to confirm that a particular insurer is in good standing and licensed to sell policies in that state. . They can also track customer satisfaction surveys that measure complaints service.

Thomas O’Connor, a certified financial planner in Huntsville, Alabama, recalls helping a client purchase a home insurance policy from a reliable, highly rated insurance company. The client heeded O’Connor’s advice. When the customer subsequently filed a complaint and received superior service, O’Connor took full advantage.

“We introduced him to what we knew to be a reliable insurance company and we oversaw the whole process,” said O’Connor. “Just this week, he called to rave about how the insurance company responded to a recent claim he filed.”

The real test of an advisor’s worth comes when clients experience a loss and file a claim. Some people may not realize that their advisor can suggest ways to get a larger claim payment.

Atlanta-based counselor Faye Sykes cites the example of a woman in her 40s with three children. After the death of her ex-husband, she sought to receive the death benefit from her three life insurance policies.

To her dismay, the widow discovered that two of the three policies had lapsed for non-payment of the premium. Due to a long-term disability, her ex-husband had stopped paying the bills.

Inspecting the fine print of the policies, Sykes discovered that the ex-husband had sought disability waiver when he initially purchased his life insurance, but never sent the final documents. (A disability waiver frees policyholders from continuing to pay premiums if they become severely disabled.)

“It took about 60 days for everything to be sorted out,” said Sykes. “I involved my wholesaler who works with the insurance company and received all the correct documents. “

As a result, his client ended up receiving $ 750,000 in death benefits. Left on her own, the widow would have ended up with far less money – than just one of the three policies.

“She didn’t know what a disability waiver was,” said Sykes. “People in her situation might assume, ‘Oh, the policy has lapsed’ and think they won’t benefit. But you can’t stop there. Having incomplete documentation can delay things.

Filing a claim quickly almost always works to your advantage, regardless of the type of insurance. But it’s worth speaking with your advisor who can work with you to analyze the policy provisions.

“Notify your insurance company as soon as possible of a claim, but know your deductible first,” said Eileen Freiburger, certified financial planner in Sebastopol, Calif. For example, it may not make sense to file an auto insurance claim for a car. burglary or pebble hitting a windshield, she says, because the coverage may not be great – and your rates may go up later.

Filing a long term care insurance claim is long and complicated. But delaying the tedious process can work against you and your loved one in care.

Echo Huang, a certified financial planner in Plymouth, Minnesota, urges policyholders to be quick when it comes to gathering a doctor’s letter and filling out other forms necessary to submit a health care insurance claim. long duration. Many policies impose a waiting period that typically ranges from 30 to 180 days before benefits begin.

So once you know the policyholder can’t perform at least two of the six activities of daily living (like washing, eating, and dressing), start putting together the documentation to file a claim. “If you don’t report, no one knows when the start date is,” Huang said.

Some counselors are used to helping clients recover from disasters. This is especially true if they live in a high risk area prone to severe storms or forest fires.

Based in Sonoma County, California, Freiburger is familiar with the destructive nature of massive fires. She says that after a total loss, a key question for policyholders is how to ensure that they receive a fair settlement that fully reflects what they are entitled to charge on their home insurance policy.

From her experience advising clients, she found that insurance companies could withhold a seemingly generous amount to move faster to a settlement and close the claim file. It recommends that policyholders proceed with caution.

“Some insurers might say, ‘We’ll write you a check for 50% or 75% of your content coverage, so don’t bother to itemize.’ [the contents you’ve lost]”Freiburger said. But that settlement figure may not be enough if a home had personalized features with antiques, art, and jewelry.

Diligent owners keep detailed records and receipts of content and architectural improvements so that they can accurately calculate the value of what has been lost.

Following: Medicare covers hospital care and doctor’s visits. But did you know that it also covers grief counseling and screening for depression?

Read also : I’m a 39 year old single dad with $ 600,000 in savings. I want to retire at 50, but I don’t know how. What should I do?

]]>