A Health Savings Account (HSA) can be set up in three simple steps, and once itâs up and running, it can help you bridge the gap between what your health insurance covers and your actual costs, among other benefits. Letâs face it: Many of us these days select a High Deductible Health Plan, or HDHP, […]
The post How Do I Start a Health Savings Account? appeared first on SoFi.
They say you should never mix business with pleasure â and that applies to bank accounts, too. If youâre a freelancer, small business owner, or entrepreneur, chances are opening a business checking account could be a good move for you. While both business and personal checking accounts allow you to safely store money and utilize […]
The post Business vs Personal Checking Account: What’s the Difference? appeared first on SoFi.
You may have heard about people investing in Bitcoin and other digital currencies with their retirement account. It sounds strange. But it is possible. You can purchase cryptocurrency through a self-directed IRA, which is a tax-advantaged retirement account used to hold alternative investments, such as real estate, commodities, and yes, even cryptocurrency. But why hold [â¦]
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
You can boost a child’s credit by adding them as an authorized user, but issuers’ policies vary widely on how old the child must be.
When you close an account with a balance, you won’t have to pay a raised annual fee or APR should the issuer raise them, but you must keep making payments until the balance is paid off.
When the COVID-19 pandemic began in earnest in spring 2020, the Social Security Administration (SSA), along with scores of businesses, was forced to close about 1,200 field offices and transition thousands of employees to remote work status practically overnight. For well over a year, it was unclear when or how the offices would reopen as the world waited and watched the trajectory of the virus.Â
The SSA offices have remained mostly closed to the public, though they offer limited in-person services for people with âdireâ needs. This has caused difficulty for the millions of Americans with disabilities who rely on the responsiveness of the SSA and its employees to apply for and receive their Social Security Disability (SSDI) benefits following a work-disrupting disability. Recent negotiations have led to a revised, but still tentative reopening date of March 30, 2022, over two full years since the field offices initially closed.
If you are one of the millions of people waiting for updates on your application or approval status, here are some tips to maximize your chances of success.
There is no time to lose when it comes to applying for SSDI. Due to the field offices being closed, the administration is seeing a significant backlog. The initial application can take three to six months to review, and typically only about one in three applications are approved.
Waiting until the SSA field offices reopen to apply will only hurt your financial situation, and possibly your savings and retirement fund, especially if you have no other regular income.
If you are thinking about applying for SSDI, check the categories of eligible disabilities online to see if you are eligible to receive the benefits you deserve and earned while working.
Applying for SSDI is a multistage process that can be incredibly complex and can prove to be both physically and mentally exhausting. Many applications fail to get approved simply because the applicant did not submit all the required documentation. Having an experienced, dedicated representative advocating for you can make a huge difference in getting your application and claims approved in a timely manner.
This is especially true since SSAâs operational process has grown more complicated on a state-by-state level, with different state Disability Determination Services (DDS) offices taking different approaches to managing workloads. An effective representative should be familiar with the policies and procedures of the SSA, can advocate for you and your particular disability, and can help ensure that all necessary forms and documents are in order, properly completed and submitted electronically to the federal agency.
As described above, it is likely going to take some time for the SSAâs offices and staff to get back up to speed once they reopen. This may mean needing to go for longer than expected without receiving a benefits payment. Looking at your finances and creating a budget could help you live beneath your means and remain financially secure for an interim period while the SSA processes your paperwork.
 If you still find yourself coming up short financially, consider searching for community and social or faith-based organizations that may be willing to provide temporary assistance, helping out by providing food or funds for housing, utilities and other expenses.
With expected delays, it might be tempting to opt out of health insurance. However, having medical evidence is critical to support your claims. The lack of medical records could be a reason why your application gets denied. Therefore, you should consider your health insurance options, such as COBRA, Health Insurance Marketplace plans or Medicaid.
 If you need to stop paying for health insurance premiums due to cost or other circumstances, then look for low-cost or free health care clinics serving your area. You can find a list at the federal website: FindAHealthCenter.hrsa.gov.
Whether you have a side gig or run a small business full-time, business credit cards can offer you spending power and rewards that align with your expenses – but they might also come with potential drawbacks. Here’s what you should consider before applying for a business card.
For people with poor credit, secured credit cards can help establish a positive payment history and boost your score. But once your credit score improves, transitioning to an unsecured card can offer you better benefits, including lucrative rewards.
Most banks require a Social Security number when you apply for a credit card. But if you don’t have an SSN, you still have options.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.