Articles Posted in financial wellness

Nothing 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

Employees 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

There 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

COVID-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

We 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

Deductibles 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

An 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.

It 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

Remote 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.

COVID-19 has been rough on personal finances. All levels of government stepped up to help and their efforts did ease the burden. Support included stimulus checks, interest-free forbearance on federal college loans, and moratoriums on evictions. It has been great, but there is a catch: all of this will end soon.

Headaches on the Horizon

Those interest-free forbearances will stop, and the eviction holidays will be over. We know this was going to happen eventually. Unfortunately, many forgot to plan. Continue reading