August 2024 - Hanover Mortgages

Apache is functioning normally

August 2, 2024 by Brett Tams

You don’t have to pay capital gains tax on investment profits while they are held in a traditional or a Roth IRA account. In most cases, the question of taxes comes into play when you withdraw money from a traditional or Roth IRA.

Each type of IRA is subject to a different set of tax rules, and it’s essential to know how these accounts work, as the tax implications are significant now as well as in the future.

IRAs, Explained

An Individual Retirement Account (IRA) is a tax-advantaged account typically used for retirement savings. There are two main types of IRAs — traditional IRAs and Roth IRAs — and the tax advantages of each are quite distinct.

Generally speaking, all IRAs are subject to contribution limits and withdrawal rules, but Roth IRAs have strict income caps as well as other restrictions.

Contribution Limits

For tax year 2024, the annual contribution limits for both Roth and traditional IRAs is $7,000, and $8,000 for those 50 or older.

It’s important to know that you can only contribute earned income to an IRA; earned income refers to taxable income like wages, tips, commissions. If you earn less than the contribution limit, you can only deposit up to the amount of money you made that year.

One exception is in the case of a spousal IRA, where the working spouse can contribute to an IRA on behalf of a spouse who doesn’t have earned income. Like ordinary IRAs, spousal IRAs can be traditional or Roth in style.

Traditional IRAs

All IRAs are tax advantaged in some way. When you invest in a traditional IRA, you may be able to take a tax deduction for the amount you contribute in the tax year that you make the contribution.

The contributions you make may be fully or partially tax-deductible, depending on whether you or your spouse are covered by a workplace retirement plan. If you’re not sure, you may want to check IRS.gov for details.

The money inside the account grows tax-deferred, meaning any capital appreciation of those funds is not subject to investment taxes, i.e. capital gains tax, while held in the account over time. But starting at age 59 ½ , qualified withdrawals are taxed at regular income tax rates.

If you think about it, this makes sense because you make contributions to a traditional IRA on a pre-tax basis. When you take withdrawals, you then owe income tax on the contributions and any earnings.

With some exceptions, early withdrawals from a traditional IRA prior to age 59 ½ are subject to income tax and a 10% penalty.

Recommended: IRA Tax Deduction Rules

Roth IRAs

Roth IRAs follow a different set of rules. You contribute to a Roth IRA with after-tax money. That means you won’t get a tax deduction for contributions you make in the year that you contribute.

Your contributions grow inside your Roth IRA tax-free, along with any earnings. When you reach retirement age and start to make withdrawals, you won’t owe income tax on money you withdraw because you already paid tax on the principal (i.e. your original contribution amounts) — and the earnings are not taxed on qualified withdrawals.

Boost your retirement contributions with a 1% match.

SoFi IRAs now get a 1% match on every dollar you deposit, up to the annual contribution limits. Open an account today and get started.

Only offers made via ACH are eligible for the match. ACATs, wires, and rollovers are not included.

What Are Capital Gains Taxes?

Capital gains refer to investment profits. In a taxable investment account you would owe capital gains tax on the profits you made from selling investments: e.g., stocks, bonds, real estate, and so on.

You don’t owe capital gains tax just for owning these assets — it only applies if you profit from selling them. Depending on how long you held an investment before you sold it, you would owe short- or long-term capital gains.

Retirement accounts, however, are subject to their own set of tax rules, and traditional and Roth IRAs each handle capital gains taxes differently.

Are Gains Taxed in Traditional IRAs?

Traditional IRA plans, as noted above, are tax-deferred, which essentially means that investment profits are not subject to capital gains tax while they remain in the account. Given this, the sale of individual investments like stocks inside an IRA is not considered a taxable event.

However, with tax-deferred accounts like traditional IRAs, you do have to pay ordinary income tax on withdrawals (meaning, you’re taxed at your marginal income rate).

So when you take withdrawals from a traditional IRA, you will owe income tax on the amount you withdraw, including any investment gains (i.e., earnings) in the account.

Are Gains Taxed in Roth IRAs?

The same principle applies to Roth IRAs, even though these are after-tax accounts: You don’t have to pay taxes on investment income or any assets that you buy or sell inside your Roth IRA.

Because you contribute to a Roth IRA with after-tax money, your money grows tax-free inside your IRA. Also, the earnings in the account grow tax-free over time and those gains are not taxed within the account.

In addition, qualified withdrawals of contributions and earnings from a Roth IRA are tax free. But remember: early or non-qualified withdrawal of earnings from a Roth IRA would be subject to taxes and a penalty (with some exceptions; for details see IRS.gov).

Roth IRA Penalties

Because you contribute to a Roth IRA with after-tax money, you can always withdraw your contributions (meaning your principal) without paying any tax or penalties.

If you wait to withdraw money from your Roth IRA until you reach age 59 ½, you can also withdraw your earnings without tax or penalties — as long as you’ve had the account for at least five years.

If you withdraw Roth IRA earnings before age 59 ½ or before you’ve held the account for five years, you may be charged a 10% early withdrawal penalty, though there are IRA withdrawal rules that may help you avoid the penalty in certain situations.

Are Gains Taxed in 401(k)s?

An IRA and a 401(k) work in a similar way when it comes to capital gains tax. Just as there are traditional and Roth IRAs, there are also traditional and “designated” Roth 401(k) plans, and they work similarly to their corresponding IRA equivalents.

So, generally speaking, you do not owe any capital gains tax on the sale of any investments held inside either type of 401(k) account.

Opening an IRA With SoFi

Most people are familiar with the basic tax advantages of using an IRA to save for retirement. Traditional IRAs are tax-deferred accounts and may provide a tax deduction in the years you make contributions. Roth IRAs are after-tax accounts that can provide tax-free income in retirement.

But the fact that you don’t have to pay capital gains tax is also worth noting. With both a traditional IRA and a Roth IRA, buying and selling stocks or other investments is not considered a taxable event. That means that you will not owe capital gains tax when you sell investments inside your IRA.

Ready to invest for your retirement? It’s easy to get started when you open a traditional or Roth IRA with SoFi. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

Help grow your nest egg with a SoFi IRA.

FAQ

Are Roth IRAs subject to capital gains tax?

No, buying and selling stocks or other investments inside a Roth IRA is not considered a taxable event. This means that you will not owe capital gains tax for buying or selling investments inside your Roth IRA. And because contributions to Roth IRAs are made with after-tax money, you also won’t owe income tax on qualified withdrawals.

Do you have to pay taxes if you sell stocks in a Roth IRA?

Selling stocks inside a Roth IRA is not considered a taxable event. So whether you regularly buy and sell stocks inside your Roth IRA, or just have unrealized gains and losses, you won’t need to worry about capital gains tax.

What happens when you sell a stock in your Roth IRA?

Buying and selling stocks inside an IRA is not considered a taxable event. So you won’t owe capital gains tax on stock you sell, but you also won’t be able to offset gains with a loss you capture from a stock sale inside your IRA.

Photo credit: iStock/designer491

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Individual customer accounts may be subject to the terms applicable to one or more of these platforms.

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Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Disclaimer: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

Apache is functioning normally

August 2, 2024 by Brett Tams

Whether you’re a student, a young professional, or someone seeking a more budget-friendly place to live, New Hampshire is full of beautiful and affordable towns to call home. Let’s explore six of the cheapest places to live in New Hampshire, highlighting what makes them so appealing through their largest employers and top affordable attractions.

1. Hudson

Average rent: $1,335

With an average rent of $1,335, Hudson is full of affordable housing options. One-bedroom apartments average $1,400, while two-bedroom apartments are $1,269. The affordability here makes it a great choice for families and young professionals alike.

One of Hudson’s largest employers is the homegrown Benchmark Electronics. For a fun day out and about, visit Benson Park, a large community park perfect for walking and soaking up the sun. The Hills House Museum offers a glimpse into the area’s history and is free to the public.

Apartments for Rent in Hudson | Houses for rent in Hudson | Homes for sale in Hudson

2. Concord

Average rent: $1,357

Concord has an average rent of $1,357, with studio apartments starting at $1,117. One-bedroom apartments in Concord are available for $1,405, and two-bedroom apartments for $1,550. These rates make Concord an attractive option for those seeking affordable housing in the capital city.

Concord is home to employers like Concord Hospital and Lincoln Financial Group. Free and cheap attractions include the beautiful trails at White Park and the fascinating exhibits at the New Hampshire Historical Society.

Apartments for Rent in Concord | Houses for rent in Concord | Homes for sale in Concord

3. Rochester

Average rent: $1,392

Rochester boasts a reasonable average rent of $1,392. Studios in Rochester will run you about $1,075, one-bedroom apartments average $1,400, and two-bedroom apartments sit around $1,700. You can find reasonably priced housing options that cater to various needs, whether you’re looking for a cozy studio or a spacious two-bedroom.

Noteworthy employers in Rochester include Frisbie Memorial Hospital and Safran Aerospace Composites. If you’re in town checking out apartments, make a plant to catch a show at the Rochester Opera House. Other great affordable options in town include Hanson Pines and the Rochester Museum of Fine Arts.

Apartments for Rent in Rochester | Houses for rent in Rochester | Homes for sale in Rochester

4. Claremont

Average rent: $1,500

Claremont’s average rent of $1,500 makes it one of the cheaper options in New Hampshire. One-bedroom apartments in Claremont average $1,600 and two-bedroom apartments $1,400, offering good value for larger spaces.

In Claremont, you’ll find significant employers like Valley Regional Healthcare and Red River Computer Company. Locals love the freedom to easily enjoy outdoor activities at Moody Park, or see a show at the Claremont Opera House for local performances.

Apartments for Rent in Claremont | Houses for rent in Claremont | Homes for sale in Claremont

5. Manchester

Average rent: $1,611

Boasting an average rent of $1,611, Manchester offers affordable living in the state’s largest city. Studio apartments are a steal at $950, with one-bedroom apartments at $1,777 and two-bedroom apartments at $2,105.

The city is a hub for major employers like Elliot Hospital and Southern New Hampshire University. The Currier Museum of Art is free on select days and it never costs a dime to take a scenic stroll along the Manchester Riverwalk.

Apartments for Rent in Manchester | Houses for rent in Manchester | Homes for sale in Manchester

6. Keene

Average rent: $1,980

Keene’s average rent of $1,980 brings it to the edge of our affordability list. Studio apartments average $1,765, one-bedroom apartments $1,980, and two-bedroom apartments $2,195. This charming town offers a mix of historical and modern living at competitive prices.

Keene is home to Keene State College, which provides tons of quality jobs and contributes to the town’s cool college town vibe. For entertainment, we recommend a day on the Cheshire Rail Trail or a visit to Central Square for its quaint shops and free community events. The Horatio Colony Museum provides a uniquely Keene experience at no cost.

Apartments for Rent in Keene | Houses for rent in Keene | Homes for sale in Keene

Methodology

All cities must have over 10,000 residents per the US Census and have an average rent price under the median rent price for the state – which is $1,987 per month according to Redfin data. Average rental data from Rent.com July 2024.

A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.

Source: rent.com

Apache is functioning normally

August 2, 2024 by Brett Tams

Miami, Florida, known for its sunny beaches, vibrant nightlife, and diverse cultural scene, offers a unique lifestyle that attracts people from all over the world. This city is not just about palm trees and ocean breezes; it’s a bustling metropolis with a rich history and a bright future. Not sure if “Magic City” is for you? Read on to find out what to expect if you’re considering a move to the Miami area in 2024.

You know it from: Casino Royale, Moonlight, Scarface

Average 1 bedroom rent: $2,719 | Miami apartments for rent, Miami houses for rent

Average home price: $600,000 | Miami homes for sale

Average cost of full-service moving services: $91/hr for 2 movers

Average cost to rent a moving truck: $19 – $39/day

Top industries: Healthcare, Aviation, Education, Hospitality & Tourism

Move here for: Latin and Caribbean food/culture, the beach, the art & design scene

Be sure to bring: Your sunglasses and dancing shoes

1. The weather is mostly hot and humid

Miami’s weather is a major draw for many people. The city enjoys a tropical monsoon climate, meaning it is warm year-round. Summers are hot and humid with frequent rain and thunderstorms, while winters are mild and dry, making it perfect for beachgoers. However, the humidity can be overwhelming, and hurricane season runs from June to November, so it’s important to be prepared for the occasional storm.

2. It’s a true melting pot of cultures

Miami is a cultural mosaic, heavily influenced by its Latin American and Caribbean communities. Neighborhoods like Little Havana and Little Haiti showcase the vibrant traditions, cuisine, and music from these regions. This cultural diversity is one of Miami’s strengths, offering residents and visitors alike a rich tapestry of experiences and flavors.

3. The beach is a way of life

Living in Miami means embracing a beach-centric lifestyle. With iconic spots like South Beach, Miami Beach, and Key Biscayne, the ocean is never far away. Beaches are not just for sunbathing; they’re hubs for water sports, social gatherings, and fitness activities. The beach culture is a fundamental part of what makes Miami unique and appealing.

4. Public transportation is improving

Miami has been investing in its public transportation infrastructure. The Metrorail, Metromover, and Metrobus systems are increasingly used by locals to navigate the city. While the city is still largely car-dependent, efforts to expand and improve transit options are making it easier to get around without a vehicle, especially in central areas like Downtown and Brickell.

5. The cost of living is above average

Miami is one of the more expensive cities in Florida, with a cost of living that is than 18% higher than the national average. Housing costs, in particular, are more than 50% higher than the national average, driven by demand for coastal living. Everyday expenses like groceries and dining out can also add up. However, many residents feel that the lifestyle and opportunities available in Miami justify the higher cost of living.

6. The job market is booming

Miami’s economy is diverse and growing. Key industries include tourism, finance, healthcare, and international trade. Major employers like Baptist Health South Florida and American Airlines provide numerous job opportunities. The city’s strategic location as a gateway to Latin America also makes it a hub for international business.

7. Nightlife is unparalleled

Miami’s nightlife is legendary. Areas like South Beach and Wynwood are filled with clubs, bars, and entertainment venues that stay open late into the night. The city’s nightlife scene is not just about partying; it includes sophisticated cocktail lounges, live music venues, and cultural performances that cater to a wide range of tastes.

8. Art and design scene is thriving

Miami has become a major player in the art world, thanks in part to events like Art Basel Miami Beach. The Wynwood Walls and the Perez Art Museum Miami (PAMM) are just a couple of the city’s many cultural attractions. The Design District is home to high-end fashion, art galleries, and innovative architecture, making Miami a hotspot for creativity and design.

9. Home to world-class events

Miami hosts numerous high-profile events throughout the year, including the Miami International Boat Show, the Miami Open tennis tournament, and the Ultra Music Festival. These events draw visitors from around the globe and offer residents a chance to experience world-class entertainment right in their backyard.

10. Traffic can be a challenge

Traffic congestion is a common complaint among Miami residents. The city’s rapid growth and high tourist numbers often lead to crowded roads, especially during peak hours and in popular areas like Downtown and South Beach. Planning ahead and using public transportation or ride sharing services can help mitigate some of the frustration.

11. The food scene is exceptional

Miami’s culinary scene is a reflection of its diverse population. The city is known for its Cuban cuisine, with must-visit spots like Versailles in Little Havana. However, Miami’s food scene goes beyond Cuban food, offering everything from Peruvian ceviche to Japanese sushi. Foodies will find no shortage of exciting dining options to explore.

12. Plenty of outdoor activities

With its warm climate and natural beauty, Miami offers countless outdoor activities. Residents can enjoy boating, fishing, kayaking, and paddleboarding on Biscayne Bay. The city’s parks, such as Bayfront Park and South Pointe Park, provide green spaces for jogging, picnicking, and yoga. Outdoor enthusiasts will never be bored in Miami.

13. Spanish is widely spoken

Miami is often referred to as the “Capital of Latin America” due to its large Hispanic population. Spanish is widely spoken, and bilingualism is common. This linguistic diversity adds to the city’s cultural richness and can be a significant advantage in both personal and professional settings.

14. Strong sense of community

Despite its size, Miami has a strong sense of community. Neighborhoods like Coconut Grove and Coral Gables offer a small-town feel within the larger city. Community events, local farmers’ markets, and neighborhood associations help foster connections among residents, making it easy to feel at home in Miami.

15. High tourism rates year-round

Miami is a major tourist destination, attracting millions of visitors annually. While this can lead to crowded beaches and busy streets, it also means that the city has a wide range of amenities and attractions. Residents benefit from the vibrant tourism industry, which supports local businesses and keeps the city lively year-round.

Methodology: Average rent prices sourced from Rent.com July 2024. Home prices sourced from Redfin July 2024. Average moving costs sourced from MoveBuddha. Employment data sourced from Greater Portland.

Apache is functioning normally

August 2, 2024 by Brett Tams

Medical debt is an unfortunate reality for millions of Americans. As healthcare costs continue to rise, it becomes increasingly important to understand the financial implications of medical debt and its impact on your credit score.

This article explores the topic of medical debt and provides you with strategies to manage and minimize its effects on your credit score.

How Medical Bills Affect Credit Scores

Unpaid medical debt can have a significant impact on your credit scores, especially when it becomes delinquent or goes to collections. Here are some key points to consider:

The role of medical debt in credit score calculations: Medical bills, like other types of debt, factor into your credit score calculations. Late or missed payments and unpaid bills can lower your credit scores, making it more challenging to obtain loans, credit cards, or favorable interest rates.
Late payments and unpaid medical bills: Late payments on medical bills can be reported to the three major credit bureaus, which may negatively affect your credit scores. If unpaid, medical bills can eventually be sent to collections, further damaging your credit.
Impact of medical debt on different credit scoring models: Unpaid medical debt can affect your credit score differently, depending on the credit scoring model being used. For example, newer credit scoring models like FICO Score 9 and VantageScore 4.0 give less weight to medical debt compared to other types of debt, while older models treat medical debt more harshly.

The Medical Debt Collection Process

Understanding the medical debt collection process can help you take control of the situation and potentially minimize its impact on your credit scores.

How medical debt becomes a collection account: When a medical bill remains unpaid for an extended period, the medical provider may sell the debt to a collection agency. The collection agency then reports the debt to credit bureaus, which can cause a significant drop in your credit scores.
The role of collection agencies: Collection agencies are responsible for recovering unpaid medical debts. They may contact you through phone calls, letters, or even legal actions to collect the outstanding balance.
Statute of limitations on medical debt: The statute of limitations for medical debt varies by state, ranging from three to ten years. This is the time frame within which a collector can sue you for the unpaid debt. It’s important to know the statute of limitations in your state, as it can help you strategize your approach to dealing with unpaid medical debt.

Medical Bills Grace Period and Reporting

A grace period can provide some relief when dealing with medical bills, but it’s important to understand its impact on credit reporting.

How grace periods work with medical bills: Some medical providers may offer a grace period, typically 30 to 180 days, during which they will not report late or missed payments to credit bureaus. This gives you time to resolve any disputes, work with your health insurance company, or make arrangements to pay the bill.
Impact of grace periods on credit reporting: Even if your medical provider offers a grace period, it’s essential to pay your medical bills promptly. Once the grace period ends, late payments can be reported to credit bureaus, negatively impacting your credit.
Changes in medical debt reporting rules: Recent changes to credit reporting rules have made it more difficult for medical debt to impact your credit scores. These changes include a 180-day waiting period before medical debt can be reported to credit bureaus and the removal of medical collections paid or settled by insurance.

Can medical bills be removed from my credit report?

If you believe a medical collection on your credit report is inaccurate or unfair, you are entitled to dispute it. To dispute a medical collection, you’ll need to contact the credit bureau reporting the debt and provide supporting documentation to prove that the collection is inaccurate or unjust.

First, you’ll need to gather all relevant documents, such as medical bills, insurance Explanation of Benefits (EOB), payment records, and any correspondence with the medical provider or collection agency. This evidence will help you build a strong case when disputing the collection.

Then, once the credit bureau receives your dispute, they typically have 30 days to investigate the matter. If the dispute is resolved in your favor, the medical collection will be removed from your credit report, which may result in a boost to your credit score.

Does paying off medical collections improve my credit?

Paying off medical collections can have a positive impact on your credit, but the extent of the improvement depends on various factors.

The importance of paying medical debt: Paying off medical debt shows financial responsibility and can help prevent further damage to your credit.
How payment history affects credit scores: Your payment history makes up a significant portion of your credit score calculation. Settling medical debts can have a positive effect on your payment history, potentially improving your credit.
Settling medical debt for less than the full amount: In some cases, collection agencies may be willing to accept a lower amount to settle the debt. While this can help you save money, keep in mind that the partial payment may still be reported to credit bureaus, which could have a less favorable impact on your credit score compared to paying the debt in full.

Strategies for Managing Medical Bills

Effectively managing your medical bills can help prevent them from damaging your credit scores.

Negotiating medical bills with healthcare providers: Before a bill goes to collections, you may be able to negotiate with your healthcare provider to lower the cost, set up a payment plan, or request financial assistance.
Repayment plans and options: Many medical providers offer payment plans that allow you to pay your medical bills over time. This can make it more manageable to handle large medical expenses without hurting your credit scores.
Hiring a medical billing advocate: A medical billing advocate can help you review your medical bills for errors, negotiate with medical providers, and even guide you through the insurance claim process.
Seeking financial assistance and grants: Look for financial assistance programs, grants, or charities that may help cover the cost of your medical bills. Some hospitals and clinics also have programs for eligible patients.
Weighing the pros and cons of personal loans or credit cards: Using personal loans or credit cards to pay off medical debt can be an option, but consider the potential impact on your credit scores, as well as the interest rates and fees associated with these forms of borrowing.

What to do if You Can’t Pay Your Medical Bills

You have certain rights under the Fair Debt Collection Practices Act (FDCPA), which protects you from abusive or deceptive debt collection practices. Make sure you understand your rights and options when dealing with medical debt.

Keep an open line of communication with your medical provider and debt collectors. Discuss your financial situation, ask for assistance, or negotiate a payment plan to help manage your medical bills.

In extreme cases, bankruptcy may be a viable option to address overwhelming medical debt. However, it’s essential to consider the long-term implications, as bankruptcy can have a significant and lasting impact on your credit.

Preventing Medical Debt from Damaging Your Credit

Taking a proactive approach to managing medical expenses can help protect your credit score. Review your medical bill and insurance statement carefully for errors, and address any discrepancies promptly. Keep track of due dates and submit insurance claims as soon as possible to avoid late payments or collections.

Maintaining a record of your medical expenses can help you budget effectively and ensure you don’t miss any payments. Consider using financial management tools, apps, or a simple spreadsheet to stay organized.

You should also regularly review your credit report for any inaccuracies. By catching errors early, you can dispute them and potentially prevent damage to your credit score.

Keeping Your Credit Score Healthy

Some strategies for maintaining a healthy credit score include making timely payments on all your debts, keeping your credit utilization low, and diversifying your credit mix by using different types of credit responsibly.

Establishing a solid credit history takes time and consistent effort. By using credit responsibly, making timely payments, and avoiding high levels of debt, you can build a strong credit history that will serve you well in the long run.

Having a financial plan and an emergency fund can help you handle unexpected medical expenses without relying on credit, which could negatively impact your credit. Aim to save at least three to six months’ worth of living expenses in an emergency fund.

Conclusion

Unpaid medical debt can have a substantial impact on your credit, but understanding how it works and taking proactive steps to manage it can help you minimize its effects. Stay on top of your medical expenses, communicate with medical providers and debt collectors, and maintain a healthy credit score by following the strategies outlined in this article.

Remember, your financial health is just as important as your physical health, and taking control of your medical debt is a significant step toward financial well-being.

Frequently Asked Questions

What happens when medical debt is sold to a collection agency?

When medical debt is sold to a collection agency, the agency becomes responsible for recovering the unpaid debt. They may contact you through phone calls, letters, or even legal actions to collect the outstanding balance. The collection agency also reports the debt to credit bureaus, which can cause a significant drop in your credit score.

What are the consequences of unpaid medical collections over $500?

Unpaid medical collection accounts over $500 can stay on your credit reports for up to seven years and have serious consequences, such as:

Significant damage to your credit score
Difficulty obtaining loans, credit cards, or favorable interest rates
Potential legal actions or wage garnishments
Increased stress and financial burden

It’s essential to address unpaid medical debt promptly to minimize these consequences.

What should you do if you can’t pay a medical bill on time?

If you can’t pay a medical bill on time, consider the following options:

Communicate with your medical provider about your financial situation and ask for assistance or a payment plan.
Explore financial assistance programs, grants, or charities that may help cover the cost of your medical bill.
Negotiate with the medical provider to lower the cost or set up a payment plan.
Hire a medical billing advocate to help you review your bills and negotiate with the medical provider.

How can you negotiate medical bills?

To negotiate medical bills, follow these steps:

Review your bills and insurance statements for errors or discrepancies.
Research the average cost of the medical service in your area.
Prepare a case, explaining why you believe the bill should be reduced.
Contact your medical provider’s billing department and discuss your concerns.
Be prepared to provide documentation and evidence to support your case.
Remain polite and persistent throughout the negotiation process.

How can I get medical bills off my credit report?

To get medical bills off your credit report, the first step is to review your credit report for inaccuracies and verify the legitimacy of the medical collections listed. Inaccurate or unjust collections can be disputed, and if the dispute is resolved in your favor, the medical debt will be removed from your credit report.

To dispute a medical collection, contact the credit bureau reporting the debt and provide supporting documentation, such as insurance Explanation of Benefits (EOB), payment records, and any correspondence with the healthcare provider or collection agency. The credit bureau typically has 30 days to investigate the dispute, and if successful, the medical collection will be removed, potentially improving your credit score.

Another approach to getting medical debt off your credit report is by negotiating a “pay-for-delete” agreement with the collection agency. In a pay-for-delete agreement, you offer to pay the outstanding medical debt in exchange for the collection agency removing the collection from your credit report. This strategy, however, isn’t always successful, as collection agencies are not obligated to agree to such terms.

Source: crediful.com

Apache is functioning normally

August 2, 2024 by Brett Tams

Chase has announced that it will be changing the benefits administrator and underwriter for it’s cards to Assurant (from eClaimsline) on October 1, 2024. In addition there will be a new website chasecardbenefits.com where cardholders can view their benefits and also file insurance claims in one place. In addition coverage will be increasing across a number of products, for example:

Travel accident insurance coverage from $250,000 to $500,000
Auto rental coverage: will now include more vehicles, coverage up to $60,000 for eligible vehicles with an MSRP of $125,000 or less
Emergency Evacuation and Transportation, provider now arranges and provides emergency transportation for qualifying events so cardholder doesn’t have to pay upfront and then be reimbursed

A number of other benefits are also being improved upon. Need to see what the claims process is like but overall seems to be a positive change.

Source: doctorofcredit.com

Apache is functioning normally

August 2, 2024 by Brett Tams

Editor’s note: Live Nation / Ticketmaster, a dominant force in the live concert market, from venues to promotion to ticketing, was sued on antitrust grounds by the U.S. Department of Justice in May. Long-simmering anti-Ticketmaster sentiment crested with a major fiasco during presale for Taylor Swift’s Eras Tour in 2022, leading to a congressional scolding and, finally, the current DOJ action, which has not yet been resolved. We asked longtime music writer and historian Jim Washburn to give an account of what ticket-buying was like before Ticketmaster, and before the internet.

“Good afternoon, young man. May I help you?”

“Yes, thanks, ma’am. I’d like six peanut clusters and two Jimi Hendrix tickets, please.”

That 13-year-old young man was me in 1968, and that’s pretty much what buying concert tickets was like then. In Southern California, you’d either get your tickets from the event box office, or at a Mutual Ticket Agency, which had outlets wherever they could put one: department stores, Clifton’s Cafeterias, college campuses and all manner of mom-and-pop shops.

In my case, that was the See’s Candy shop at La Mirada Mall, where I was usually helped by a matronly woman with her gray hair in a bun, who likely didn’t know Jimi Hendrix from Jiminy Cricket. You’d tell her the artist, date and venue. She’d call the Mutual Agency’s Los Angeles headquarters to see what was available, fill in ticket blanks with your seat numbers and such, and you’d pay the face value of the ticket — $4.50 in this case — with no service charge.

The Mutual agency had been around since at least the 1930s, and it was still working pretty well in the late 1960s. But it was a rapidly changing world. The first concert I bought tickets for was Cream and Spirit at the Anaheim Convention Center in March 1968. My stepdad thought “concert” meant “society event,” and made me wear my J.C. Penney’s burgundy suit with a clip-on tie, ideal attire if you enjoy having hippies laugh at you. Thankfully, Dad had relaxed his dress code by that summer, when I was seated in a sweltering dirt field amid some 60,000 seemingly psychedelicized folks at the Newport Pop Festival, there to see Jefferson Airplane, the Grateful Dead, the Byrds and other rock avatars for $4.50.

The following year’s Woodstock festival and its subsequent film were a major accelerant to the live music scene, and to ticketing. When 1955’s “Blackboard Jungle” had opened with Bill Haley’s “Rock Around the Clock” blaring from movie-house speakers, it was a clarion call for kids who’d been waiting forever for music they could call their own. The Woodstock concert film was that on steroids, plus acid and weed. Its audience had grown up seeing their heroes assassinated, their friends shipped home in body bags and fellow students shot dead on college campuses for protesting. Now they had music that spoke to and for them, delivered via the loudest damn amplifiers anyone had ever heard.

A lot of us thought the questing music of the 1960s would lead to a utopian era of peace, love, flying cars and computers that could solve any problem. We settled for Ticketron.

The Ticketron era

Founded under another name in 1966, and functioning pretty well by the 1970s, Ticketron was the first successful computer-based ticketing system. There was certainly a need for it. As nice as the folks fumbling with the phones at Mutual agencies were, there was no way they could cope with the burgeoning crowds now seeking concert tickets. Had you seen the Who in 1968, you’d have been among maybe 1,500 hardcore fans, but by 1970, the Who were playing in arenas and stadiums, sometimes to more than 30,000 people.

Ticketron outlets were most often found in upscale department stores, such as the Broadway, May Co. and Robinson’s, and generally located deep in the stores’ customer service nook. Some had competent, trained staff who were sensitive to music fans’ longing to get the good seats before they were snatched up at other outlets. But some employees seemed to revel in frustrating the rockers infesting their tony store: “I’ll be right with you, dear, as soon as I’ve shown this couple our full array of gift-wrap paper.” Meanwhile, entire sections of concert seats would vanish.

That’s one reason why many fans chose to join the line at a concert venue’s box office, another reason being the perhaps mythic assumption that box offices had the best tickets. But no one shunned Ticketron to avoid the service fee — it was only 25 cents — or the convenience fee — since there wasn’t such a thing yet.

Ticket prices, meanwhile, had only moved up a buck or two in the early ’70s. Consequently, fans were outraged in 1974 when prices for Bob Dylan and the Band’s arena tour were jacked up to $8 and $9.50. But what performers and promoters noted was that, outrage or not, every show sold out and scalpers were getting record prices for tickets.

Scalpers enter the scene … and ticket prices rise

That was the first spark igniting the quick and apparently never-ending climb in ticket prices. When scalpers started to get $200 or $300 for tickets with a $15 face value, bands, promoters, venues and other stakeholders saw that as money that should be going into their pockets, not some scuzzball street vendor’s.

As a result, deadpans longtime concert-goer Matt Rosney, “Not that much has changed, except the decimal point. In 1975 I was paying $6.50 for a Stones’ ticket; now it’s $650 if I’m lucky.”

I’m mixing some different voices into the story at this point, because I became a music critic in 1983 and for the next quarter-century scarcely ever had to pay for the hundreds of concerts I saw. Poor me. So I asked friends and Facebook friends to weigh in with their experiences.

Philadelphia-raised Matt has seen the Rolling Stones in six different decades, beginning when he was a young teen in 1966: “I went with my mother and brother to Atlantic City. While they shopped or something, I spent one dollar and three cents tax to see the Stones in the Marine Ballroom on Steel Pier. They only played six songs in a half-hour set, with the audience screaming and going nuts, and I told myself, ‘I need more of this!’”

Matt hasn’t missed a Stones’ tour since, and once managed to see 19 shows on a 25-city tour. For the band’s 1969 jaunt, he had to drive to where the distant shows were a month early to try to buy tickets. When the Stones next toured, in 1972, Matt learned that if he could get the Ticketron code numbers for their gigs in other cities, he could buy the tickets right from the Ticketron outlet in a Sears store in Philly.

The communal side of standing in line

Matt and several others told me that one thing they miss about those days is that, alongside the competition to get good tickets, there was also a lot of camaraderie. When you’re in a queue sharing a joint or bota bag of wine with people as nuts about a band as you are, you sometimes form lasting friendships. One of Matt’s line-made friendships was with a huge collector of Stones memorabilia, who in turn was friends with the band’s security manager, who would sometimes get them into shows.

On the West Coast, Orange County teen Andrea Waters first saw the Stones at the L.A. Forum in 1972, and the following year spent a night in a sleeping bag in the Forum’s parking lot to get tickets for a benefit concert the Stones headlined. (She was amazed when famed concert promoter Bill Graham himself handed out the ticket slips in the morning.)

Like Matt, Andrea hasn’t missed a Stones tour since then. Sometimes the ticketing was done by mail order, and — taking a tip from a friend who’d mail in for TV game show prizes — she used colorful, hand-decorated envelopes labeled “Pick Me!” But it was Ticketron, and then Ticketmaster, outlets she had to deal with for most of the rock concerts she attended.

“That involved running at full speed through the local Broadway or May Company to the floor with the ticket counter,” she recalls. “They frowned on running, but that never stopped us. Once there, my friend Mike and I usually brought a clipboard with a sign-up sheet — like we were officials — so people wouldn’t try to jump their place in line.

“Unlike the old ladies at the May Company, at the Tower Records stores the Ticketron, and later Ticketmaster, crews really knew what they were doing. The problem was everyone knew that, and there’d be a hundred or more people lining up at Tower before they opened, so your chances could be dim there, too. We lucked out, for a while, when we found a Ticketmaster outlet in an out-of-the-way stationary store. Of course, people found out about that before long.”

When the Stones toured the U.S. in 1978, Andrea and some friends took to the road to catch several of the shows, and made some far-flung new friends in the queues. Matt Rosney was still doing the same, and at the Stones’ Cleveland show that year the two met and clicked. After clicking even more when they both turned up at subsequent shows in various states, Matt eventually moved west, and Andrea became a Rosney when they married in 1983. Forty-one years later, they’re still hitched, are grandparents, and still joined in the ticket scramble on the Stones’ current tour.

Ticketmaster, before the internet

These digital days, it’s not entirely surprising that a number of people I spoke with refer to the Live Nation-aligned Ticketmaster as Ticketbastard. But back in the service’s brick-and-mortar heyday, a lot of people on the business side of the counter did their best to make it work for ticket buyers. Lorraine Chambers, a writer and editor at the Hollywood Times, was part of the Ticketmaster crew at the Costa Mesa, California, Tower Records two decades ago.

She says, “We operated like a great assembly line, with a precisely delegated setup.” That entailed prepping the hopeful buyers in line outside: issuing wristbands; pre-checking IDs; instructing buyers to have cash and credit cards ready rather than fishing them out at the counter; and requesting they be quiet inside, so everyone’s orders could be heard clearly.

“Our goal was to keep the Ticketmaster machine printing out the most tickets possible before a show sold out,” Lorraine says. “The last thing we wanted to hear was a buyer moaning when that happened.”

Getting creative in search of tickets

I’ve heard several stories of other means of getting into shows. One couple mixed a gallon of screwdrivers in a plastic milk jug and traded it for tickets outside a multi-act stadium concert. One less consumer-minded person sold rabbit droppings as hashish outside a Tom Verlaine show. In more than one instance, people got to the front of a ticket line by carrying pizza boxes and saying they were making a delivery to the box office.

And then there were the Grateful Dead fans. In 1978, the Dead recorded a song called “I Need a Miracle,” and it became a mantra for fans who followed the band from city to city but lacked tickets. Sometimes they’d find someone with spare tickets; sometimes a sympathetic stagehand might slip them in a side door; but most often they’d find a poorly guarded fence to scramble over by the dozens.

That was at least more civilized than the heyday of rock festivals, when hordes would tear down parameter fences. As then-young concert-goer Mike Ritto put it, “Palm Springs Pop Festival: no tickets; got in free when the fences came down. Newport Pop Festival ‘69, Devonshire Downs: no tickets; got in free when the fences came down.”

Sometimes serendipity gets the job done. When Leonard Cohen’s final tour made its way to Seattle in 2013, my friend Karl Zwick went to the theater ticketless because he usually lucked out buying last-minute unclaimed comp tickets from the box office. He had no such luck this time, and was even less cheered when he saw a woman simply give away her two spare tickets to a man with a laminated “I Need Tickets” sign hung from his neck. Karl recognized him as a scalper he’d seen outside other shows. Since the fellow had paid nothing for the tickets, Karl offered him face value, $50, for one, but he insisted on $100.

“Then a guy who’d seen this came up to me a minute later and asked if I needed a ticket,” Karl recalls. “I said, ‘Hell yes,’ and then he quizzed me with questions like, ‘Where was Leonard born?’ ‘What’s the title of his second album?’ I guess I passed. He pulled a small stack of tickets from his pocket and handed me one.

“It turned out he was Leonard Cohen’s road manager. He didn’t like scalpers, and told me in a not too threatening voice, ‘If it’s not you in that seat, I will find you.’ And he did come out from backstage before the show started, saw me in the seat, shook my hand and said, ‘You’re a man of honor.’ That’s something I’ve never heard from Live Nation.”

Ah yes, Live Nation. They don’t get, or give, much love. Matt and Andrea Rosney certainly have no fun navigating Live Nation’s Ticketmaster site. Matt doesn’t like the surge pricing, where a ticket’s cost can suddenly lurch upward based on demand. He doesn’t like the convenience fee, so named because you have the convenience of buying tickets on your phone or home computer, without Ticketmaster factoring the massive convenience it is for them to not be paying for computers, printers, ticket stock and people in a zillion physical locations.

And don’t even get Matt started on the service fee. Oh, what the hell, let’s: “On my Stones ticket for Las Vegas, the service fee alone was $110. What service did they provide? Well, it hurts when I sit down. That’s the service they provided.”

(Grateful Dead crowd photo by Scott Olson/Getty Images)

Source: nerdwallet.com

Apache is functioning normally

August 2, 2024 by Brett Tams

Well, that didn’t last long.

A mere 9 months after Tampa Bay Lightning defenseman Mikhail Sergachev splurged on a 6-bedroom home in the sought-after Beach Park neighborhood in Tampa, Florida, the 26-year-old NHL player listed the waterfront home for sale.

He didn’t have much choice though, as he won’t get to live in the 8,766-square-foot home after he was traded to Utah’s new expansion team.

The announcement that he would play for the still-unnamed team (now known only as the Utah Hockey Club) came on June 29. And just two days later, on July 1st, his Tampa home landed on the market with a $10,900,000 asking price (later adjusted to $10,600,000).

The house was newly built when the NHL player moved in last year, and it retains its glossy, freshly completed look — with the added perk that a star hockey player briefly called it home.

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