Articles Posted in financial wellness

Happy New Year!

This is the time when New Year’s resolutions start to kick in, and people commit themselves to do things a little bit differently in the new year. Employees who have college debts might be a little anxious about what the future holds. Federal loans have been paused for quite some time, but that will change.

The Biden Administration extended the student loan payment, which was supposed to end January 31, 2022. The loan relief ends on May 1, 2022, so the payment obligations will start up again on May 2. The good news is that the repayment process will change and permit repayments to be managed through a portal on StudentAid.gov. The not so good news is that the debt still needs to be repaid. Continue reading

Survey data tells upper management that the best way to retain good employees is to provide benefits that support their well-being. Financial wellness is something that fits that worker’s request. An excellent New Year’s resolution for an organization is to provide services that will help staff members encountering a financial crisis.

The Holiday Consequences

The last few weeks have been a time of giving, and going into debt. Most people can easily handle credit card payments, but some, unfortunately, are in serious trouble. People’s spending habits changed during the pandemic, and the eviction moratoriums and the stimulus checks altered financial behavior. So, it is no wonder that many folks went into severe debt and are now forced to confront the consequences. They are looking at possible bankruptcy, foreclosure, and forbearance to pay college loans. Continue reading

COVID-19 helped many college graduates with their college loans. The government froze federal student loans, and that gave many a reprieve. But unfortunately, all good things must end, and the piper must be paid.

Payments Are Going to Resume

Federal loan payments will be starting back up again very soon. This is sobering news for anyone who was approaching default on their obligation before the initial freeze. The government is going to make the transition to paying as easy as practicable. Those who are in low-income brackets can benefit from income-driven repayment (IDR) plans. These can provide limits of 10% to 20% of income. There are additional possibilities for relief from the Public Service Loan Forgiveness Program (PSLF). Debt cancellation might happen, but that will depend on what the US Congress wants to do. Continue reading

People who have chronic medical conditions are in for a pleasant surprise next year. The No Surprises Act will take effect in January 2022, and it will stop surprise medical bills from being issued.

A surprise medical bill for those who do not know what it is refers to out-of-network balance bills that the patient is not expecting. These are situations where an out-of-network doctor provides treatment and then issues an invoice, which the patient is obligated to pay. It happens many times in emergency room cases. As a result, people pay large bills that they thought were covered by their insurance.

It is excellent news for anyone anticipating medical treatment next year. However, these individuals should also look at how they are going to be managing medical expenses. It is essential to do some planning because medical bills can be steep. Continue reading

We are now in the middle of the holiday gift-buying season. This is a beautiful time of the year for many people, and it allows them to share with others. It is also an opportunity to overspend, which is not always a good idea. Fortunately, people have become more cost-conscious in the past couple of years. A pole that CreditCards.com took recently noted that 69% of the respondents will either be spending less or proximally the same as last year on holiday presents. It is sensible to be smart about shopping. Credit cards that are not watched will have enormous debt balances by New Year’s Day.

Here Are Some Ideas Continue reading

Spring is the traditional time for the real estate market to open. New houses go on the market in April and May, so December is the best time to start planning the adventure into housing. There is a lot to know about, and those familiar with the terminology do well.

It is Not Easy

The house is the most significant financial investment any employee is going to make in their life. It is going to require a commitment to mortgage payments that may last 30 years. People sometimes get nervous about house hunting because they do not know anything about the process. The prospect of buying a home can be intimidating for some. Continue reading

The holiday shopping season is hitting checking accounts like a tsunami. It is more than simply people being generous. End-of-the-year medical treatments, college loans debts needing attention, and home renewal projects are all beginning to overwhelm folks. We do not think anyone will clean the slate entirely by New Year’s Eve; too many bills are coming from too many directions.

Employers are aware of the importance of helping employees balance their domestic books. Sums of money only help temporarily (how long did those stimulus checks last?). Employee benefits that include developing strategies to cope with year-end costs and ideas that might be implemented in 2022 mean a great deal.

Negotiating is a Key Tool Continue reading

Employers are beginning to respond to the Great Resignation movement. When approximately 4.3 million Americans quit their job in August, it grabbed the attention of the executive floor of many organizations. Retention is now critical for the productivity and even survival of many companies.

One group that is getting a lot of attention is the college-age employees. The management of several Fortune 500 companies is going to pay for the tuition of employees who are willing to stay longer with the company. Continue reading

Employers face problems such as recessions and low sales figures now and then. They are used to these disturbances and learn how to deal with them. Now, something entirely new has surfaced, and it is bewildering management. It is called The Great Resignation.

Labor reports issued in August 2021 show 4.3 million employees quit their jobs. Reasons vary, but there are some common explanations. People enjoy remote working and expect employers to permit it. Other folks want to have a work schedule that coincides with daycare needs. Working conditions and benefits seem the most critical reasons for seeking greener pastures. The staff wants everything better. Continue reading

We are coming to the end of the year, and many people are more concerned about credit card balances than other expenses. We understand that Christmas is the season for slapping the plastic around, but gift buying is only one concern. Additional costs can train wreck a family budget, and one of these is medical costs. These may require some creative management strategies.

Paying The Bill Continue reading