Articles Posted in financial wellness

stockfresh_7102501_college-debt_sizeS-300x300Those in school will be returning from spring break, and those who are graduating are wrapping things up. Everyone is hoping that after all those quarantines, life will return to near normal. COVID-19 caused some changes, but they were expected. The students might be back in the classrooms, and most things will return to the old days. That is terrible news for some about to graduate.

End to the Emergency

College graduates got a break from their student loans this past year. The last stimulus package probably means an end to the loan holiday. Those who have large college debts can expect to receive new interest rates and the payment schedules in a few more weeks. Those papers can be a real problem for the unprepared. Continue reading

stockfresh_4170119_what-is-next-black-marker_sizeM-300x200Nothing lasts forever, and that includes hard times. We all have endured quarantines and other sacrifices for over a year. Now we have the vaccines and COVID-19 figures are going down. It is time to plan for the financial future.

Readjusting Almost Everything

The stimulus checks helped, but these economic boosts to the wallet are history. People must now rely on their own resources to pay the bills. Those expenses, by the way, may come as a shock. Eviction prohibitions are going to be lifted and tenants must pay back rent. The school loan holidays are not going to be around, and Congress might not pass debt forgiveness. Everyone is facing a significant adjustment. Continue reading

stockfresh_1676251_happy-young-family-in-front-of-sold-real-estate-sign_sizeS-300x200Employees appreciate benefits that have obvious value. The assistance an employer gives, which helps with a challenge or improves a person’s well-being, is what employees enjoy. Countrywide Pre-Paid Legal Services has one that is more than worth the cost.

House Buying Weather

Spring is a time when real estate agents are frantically busy. Folks have been saving their money and want to spend the cash surplus on a house. It is no surprise many springtime shoppers are first-time buyers. Being a homeowner is a great life goal. Getting a home might be a significant hassle. Continue reading

stockfresh_5525954-300x200There is a rite of passage for many young employees: getting off their parent’s health plan. Those young people now have employer-based health coverage and taking responsibility for personal well-being is a significant step forward into the adult world. It can also be a headache.

Welcome to the EOB

The Explanation of Benefits (EOB) is the medical world’s version of sticker shock. This document gives a detailed explanation of medical expenses for a given treatment. THIS IS NOT A BILL (Every EOB contains that phrase). The EOB, however, is a surprise for anyone who never received one before. Continue reading

stockfresh_7709431_stressful-bristle-man-with-headache-using-laptop-computer_sizeM-300x200COVID-19 is a fantastic teacher. Management has learned so much from the pandemic experience and discovered ways to make employees more productive. One discovery is that remote working does improve the figures. People enjoy working from home and there have been performance increases. Nevertheless, there are some challenges regarding remote working that need attention.

 

One Is the Loneliest Number

 

It is the title of the hit song from the 60s and it is relevant today in the world of remote working. Employees must adjust to technology and how to manage their time. Management helps, but more needs to be done for someone who is working alone. Continue reading

stockfresh_6378534_financial-freedom-concept_sizeS-300x192We have been fortunate with the stimulus checks, but we have undoubtedly seen the last of them. Many used the money to pay down credit card debt, but there are still people in credit trouble thanks to the pandemic.

Coping with Costs

Consumers got used to delivery service during the quarantines. Instead of going to the supermarket for groceries, the supermarket came to the consumer. Delivery cars and trucks became frequent visitors. People used credit, not cash, to pay for the services. They are now in the habit of shopping on the Internet and paying for the delivery with plastic.

College debt holidays are going away soon. These bills must be paid, and personal budgets must be re-calculated to pay the cost. Financial wellness can be taking a beating. Continue reading

stockfresh_636353_stethoscope-laying-on-stacks-of-money_sizeS-300x200Deductibles are renewed on January 1 for most medical plans. This means an employee will have to pay as much as $5000 out-of-pocket before the full medical benefit kicks in. Anyone who starts an expensive medical treatment that overlaps the years pays the 2020 deductible and must pay the 2021 deductible. This is how people run into medical bill difficulties.

A Sense of Panic

Medical bills are a different breed of cat. A person receives an Explanation of Benefits (EOB) and learns the magnitude of medical attention costs. The EOB, by the way, is not a bill. The figures, though, are still frightening. The anxiety and stress a person feels begin when the collection agencies start calling. Hospitals will send unpaid invoices to the collection agencies, and these will how the person for payment. The medical bills can be thousands of dollars. An individual begins to worry about financial wellness and does not know how to protect it. Continue reading

stockfresh_8337903_senior-couple-pointing-to-a-distance_sizeS-300x200An organization employs people from different demographics. Each employee has a set of skills and works hard to meet goals. Senior employees, those over age 50, bring a wealth of knowledge gleaned from experience. Management needs those people to be productive, and smart executives try to remove any roadblocks. Older associates do have anxieties that center on financial wellness. The money issues can be very distracting.

 

Major Bills and Other Worries 

 

The upcoming golden years present challenges that were not there years ago. Student loan debt is troubling if a senior employee is helping a child pay the education bill. Medical problems are covered by group health insurance, but deductibles and copayments can harm the wallet.

stockfresh_479551_house-in-hand_sizeS-300x200It is exciting to purchase that first house. The buyers can move out of cramped apartments and into larger spaces with a yard. The new owners can put down roots and even start a family. The house is a sign of financial wellness, but caveat emptor (let the buyer beware!) is sensible advice. Too many first-time buyers will pay a premium for what they do not know.

 

Financing Is Tricky

 

A conventional bank loan is straightforward, but FHA financing requires inspections and a fair amount of paperwork. The size of the down payment will affect the monthly house bill for years to come. Continue reading

stockfresh_548333_people-standing-around-of-money-isolated-3d-image_sizeS-300x225Remote working is the new normal for thousands of people. They are working from home and are enjoying the change of scenery. Management likes the results. Studies are showing increases in efficiency and productivity caused by working from a distance. This is a workplace condition that will not end with the pandemic. The challenge will be how to improve on those benefits. Employers can do that with the right employee benefits.

Reducing Anxiety

Change produces benefits, but remote workers sometimes feel anxiety because they are not in the office. Those informal communication networks are gone, and it is not easy to get useful information. A big concern for many employees is personal finances. Management can lower employee stress by offering a financial wellness employee benefit.