I’m a federal employee, and I’ve been furloughed during the government shutdown. Can I apply for unemployment benefits while I’m furloughed? What happens to my health insurance and other benefits while I’m waiting for my paycheck to start up again?
1) Preexisting conditions won’t matter: You can no longer be denied coverage or charged steep premiums because of a preexisting condition—or qualify only for insurance that excludes your medical condition.
2) Early retirees can breathe easier: You’ll still be able to keep COBRA coverage after 2014, but you may find a better deal on your own, now that you can’t be rejected or charged more because of your health.
3) Young adults may pay more: Unfortunately, healthy young adults looking for coverage on their own are likely to face some of the steepest premium increases under the new law.
The size of your income also determines the maximum amount you have to pay for insurance — starting at 2% of your income if your modified adjusted gross income is below 133% of the federal poverty level and gradually rising to 9.5% of your income if your modified AGI is 300% to 400% of the federal poverty level.
It can happen to the best of us: A credit card bill gets buried in a pile of mail, you miss a payment, and you’re smacked with a late fee. Fortunately, federal rules now limit late fees on credit cards to $25 unless you’ve missed a payment within the past six months, and the fee can’t exceed the minimum payment you owe.
Some issuers have instituted even more lenient policies, but even if your card issuer isn’t as forgiving, there’s a decent chance it will waive the late fee. Here’s what to do: http://mykip.co/15gVtNz
Borrow now and repay a cut of your income later: It’s a new trend as student debt overwhelms starting salaries. Borrowers with Upstart pay up to 7% of their income for a decade, capped at five times the original loan amount. If their salary falls below $30,000, they get a pass, with skipped years added to the repayment term. And, states are getting in on the act, too.
My daughter is leaving for college this week and isn’t taking a car with her this year. Should I notify my car insurance company? And is her laptop and everything else she takes with her still covered under my homeowners insurance policy?
Make sure your child’s belongings are covered by your homeowners policy, and let your insurer know if your child isn’t taking a car to school. Here’s why: http://mykip.co/14jbbJo
Many of the virtues often extolled by health-and-fitness fanatics come with the added bonus of keeping money in your pocket. So subscribing to these money-saving healthy habits is like killing two boneless, skinless birds with one stone.
“That makes Roths particularly attractive for young workers. If you’re just starting out, you’re probably in a low tax bracket, which makes the upfront tax savings of a deductible IRA less valuable. A Roth, however, promises decades of tax-free earnings growth. And if you find yourself in a much higher income tax bracket when you retire, your tax-free withdrawals will be all the more valuable.”— Why You Should Open a Roth IRA
What You Should Know About Student Loan Forgiveness Programs
Two-thirds of students who receive bachelor’s degrees leave college with debt in tow. Worried about how much you’ll owe Uncle Sam after graduation? Loan forgiveness programs may help. Here’s what you should know:
1) There are two broad categories of loan-forgiveness programs.
2) You can double dip.
3) Only federal loans are eligible for forgiveness in most of these programs.
4) You should apply early.
5) It’s a big commitment.
6) Yes, you’ll earn a salary.
7) There’s no partial credit.
8) You’ll pay taxes on the loan forgiveness awards.
At Kiplinger, our money is on Yellen. Summers simply has too much baggage. But if Obama does opt for Summers, it will be instructive. Whatever other changes in political leadership this president embraces, it will be clear that the critical job of managing the country’s money supply is still seen as best left in the hands of a Wall Street familiar.