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Braven Health Medicare Advantage plans are available throughout New Jersey. The company gets below-average star ratings for quality from the Centers for Medicare & Medicaid Services (CMS), but its member experience scores beat the average for major companies.

Here’s what you should know about Braven Health Medicare Advantage.

Braven Health Medicare Advantage pros and cons

Braven Health Medicare Advantage plans have advantages and disadvantages.

Pros

  • Strong member experience ratings: Braven Health has above-average member experience ratings for factors such as care coordination and customer service.

  • $0 PPO options: $0-premium preferred provider organization (PPO) plans are available in all 21 New Jersey counties.

Cons

  • Below-average star ratings: Braven Health trails the all-company weighted average for star ratings from CMS.

  • High out-of-pocket limits: Plans have higher maximum out-of-pocket limits than most competitors.

  • Limited availability: Braven Health plans are available only in New Jersey.

Braven Health Medicare star ratings

Average star rating, weighted by enrollment: 3.5

The Centers for Medicare & Medicaid Services (CMS) releases annual star ratings that rank Medicare plans from best (5 stars) to worst (1 star). The agency’s ratings are based on data measuring plans’ quality of care and customer satisfaction.

Based on the most recent year of data and weighted by enrollment, Braven Health Medicare Advantage plans get an average overall 2024 star rating of 3.5 stars

.

For comparison, the average star rating for plans from all providers for 2024 is 4.04

.

What does Braven Health Medicare Advantage cost?

Costs for Medicare Advantage plans will depend on your plan, geographic location and health needs.

Premiums

One of the costs to consider is the plan’s premium. In 2024, about 7 in 10 (72%) Braven Health Medicare Advantage plans have $0 premiums

.

Even as a Medicare Advantage user, you’ll still be responsible for paying your Medicare Part B premium, which is $174.70 per month in 2024, although some plans cover part or all of this cost

.

Copays, coinsurance and deductibles

Requirements for copays, coinsurance and deductibles vary depending on your plan, location and the services you use. Other out-of-pocket costs to consider include:

  • Whether the plan covers any part of your monthly Medicare Part B premium.

  • The plan’s yearly deductibles and any other deductibles, such as a drug deductible.

  • Copayments and/or coinsurance for each visit or service. For instance, there may be a $10 copay for seeing your primary doctor and a $45 copay for seeing a specialist.

  • The plan’s in-network and out-of-network out-of-pocket maximums.

  • Whether your medical providers are in-network or out-of-network, or how often you may go out-of-network for care.

  • Whether you require extra benefits, and whether the plan charges for them.

To get a sense of costs, use Medicare’s plan finding tool to compare information among available plans in your area. You can select by insurance carrier to see only Braven Health plans or compare across carriers. You can also shop directly from Braven Health’s website by entering your ZIP code.

Braven Health Medicare Advantage plan types

All Braven Health Medicare Advantage plans offered in 2024 are preferred provider organization (PPO) plans.

Preferred provider organization (PPO) plans provide the most freedom, allowing you to see any provider that accepts the insurance. You may not need to choose a primary doctor, and you don’t need referrals to see specialists. You can seek out-of-network care, although it may cost more than seeing an in-network doctor.

Braven Health Medicare Advantage service area

Compare Medicare Advantage providers

Get more information below about some of the major Medicare Advantage providers. These insurers offer plans in most states. The plans you can choose from will depend on your ZIP code and county.

Find the right Medicare Advantage plan

  • What are the plan’s costs? Do you understand what the plan’s premium, deductibles, copays and/or coinsurance will be? Can you afford them?

  • Is your doctor in-network? If you have a preferred medical provider or providers, make sure they participate in the plan’s network.

  • Are your prescriptions covered? If you’re on medication, it’s crucial to understand how the plan covers it. What tier are your prescription drugs on, and are there any coverage rules that apply to them?

  • Is there dental coverage? Does the plan offer routine coverage for vision, dental and hearing needs?

  • Are there extras? Does the plan offer any extra benefits, such as fitness memberships, transportation benefits or meal delivery?

If you have additional questions about Medicare, visit Medicare.gov or call 800-MEDICARE (800-633-4227, TTY 877-486-2048).

Source: nerdwallet.com

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Clover Health Medicare Advantage plans are available in five states, and the provider’s star ratings from the Centers for Medicare & Medicaid Services (CMS) are below average. Member experience ratings are also below the average for major providers.

Here’s what you should know about Clover Health Medicare Advantage.

Clover Health Medicare Advantage pros and cons

Clover Health’s offerings have advantages and disadvantages.

Pros

  • Mostly PPO plans: Most of Clover Health’s Medicare Advantage plans are PPO plans, which offer more flexibility than HMOs. 

  • $0 plans: Two-thirds of Clover Health Medicare Advantage plans offer a $0 premium. 

Cons

  • Below-average star ratings: Clover Health Medicare Advantage plans score a lower-than-average star rating from CMS — 3.00 for 2024 plans, versus 4.04 for the industry as a whole.

  • High out-of-pocket max: Clover Health’s average out-of-pocket maximum — the most you would be responsible for paying in a plan year — is higher than those of the major providers at about $7,800. 

  • Subpar member experience ratings: Clover Health’s average member ratings on metrics like customer service and getting needed care are below the average for major providers. 

  • Limited availability: Clover Health offers Medicare Advantage plans in just five states.

Clover Health Medicare star ratings

Average star rating, weighted by enrollment: 3

The Centers for Medicare & Medicaid Services maintains star ratings for Medicare Advantage plans on a 5-point scale, ranking plans from best (5 stars) to worst (1 star). The agency bases these ratings on plans’ quality of care and measurements of customer satisfaction, and ratings may change from year to year.

Based on the most recent year of data and weighted by enrollment, Clover Health’s 2024 Medicare Advantage plans get an average rating of 3 stars

.

For comparison, the average star rating for plans from all providers is 4.04

.

What does Clover Health Medicare Advantage cost?

Costs for Medicare Advantage plans depend on your plan, your geographic location and your health needs.

Premiums

One of the costs to consider is the plan’s premium. In 2024, about two-thirds of Clover Health Medicare Advantage plans (67%) have a $0 premium

.

Even as a Medicare Advantage user, you’ll still be responsible for paying your Medicare Part B premium, which is $174.70 per month in 2024

Centers for Medicare & Medicaid Services. Costs. Accessed Jan 8, 2024.

, although some plans cover part or all of this cost. (Most people pay this standard amount, but if your income is above a certain threshold, you’ll pay more.)

Copays, coinsurance and deductibles

Requirements for copays, coinsurance and deductibles vary depending on your plan, location and the services you use. Other out-of-pocket costs to consider include:

  • Whether the plan covers any part of your monthly Medicare Part B premium.

  • The plan’s yearly deductibles and any other deductibles, such as a drug deductible.

  • Copayments and/or coinsurance for each visit or service. For instance, there may be a $10 copay for seeing your primary doctor and a $45 copay for seeing a specialist.

  • The plan’s in-network and out-of-network out-of-pocket maximums.

  • Whether your medical providers are in-network or out-of-network, or how often you may go out of network for care.

  • Whether you require extra benefits, and if the plan charges for them.

To get a sense of costs, use Medicare’s plan-finding tool to compare information among available plans in your area. You can select by insurance carrier to see only Clover Health plans or compare across carriers. You can also shop directly from Clover Health’s website by entering your ZIP code.

Available Medicare Advantage plans

There are a few kinds of Clover Health Medicare Advantage plans, and they vary in terms of structure, costs and benefits. Clover Health offers Medicare Advantage prescription drug plans (MAPDs) as well as Medicare Advantage plans without drug coverage.

Plan offerings include the following types:

A health maintenance organization (HMO) generally requires that you use a specific network of doctors and hospitals. You may need a referral from your primary doctor in order to see a specialist, and out-of-network benefits are usually very limited.

Preferred provider organization (PPO) plans provide the most freedom, allowing you to see any provider that accepts the insurance. You may not need to choose a primary doctor, and you don’t need referrals to see specialists. You can seek out-of-network care, although it may cost more than seeing an in-network doctor.

Clover Health Medicare Advantage service area

Clover Health offers Medicare Advantage plans in five states: Georgia, New Jersey, Pennsylvania, South Carolina and Texas — down from eight states in 2023. Clover Health covers more than 80,000 Medicare Advantage beneficiaries

.

Compare Medicare Advantage providers

Get more information below about some of the major Medicare Advantage providers. These insurers offer plans in most states. The plans you can choose from will depend on your ZIP code and county.

Find the right Medicare Advantage plan

  • What are the plan’s costs? Do you understand what the plan’s premium, deductibles, copays and/or coinsurance will be? Can you afford them?

  • Is your doctor in-network? If you have a preferred medical provider or providers, make sure they participate in the plan’s network.

  • Are your prescriptions covered? If you’re on medication, it’s crucial to understand how the plan covers it. What tier are your prescription drugs on, and are there any coverage rules that apply to them?

  • Is there dental coverage? Does the plan offer routine coverage for vision, dental and hearing needs?

  • Are there extras? Does the plan offer any extra benefits, such as fitness memberships, transportation benefits or meal delivery?

If you have additional questions about Medicare, visit Medicare.gov or call 800-MEDICARE (800-633-4227, TTY 877-486-2048).

Source: nerdwallet.com

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Investing in real estate is some of the oldest and most reliable financial advice in the books. Few other assets can compete with real estate’s vast array of benefits. These benefits include tax advantages, appreciation, relative impunity to market shifts, and even the potential for passive income.

But even if you have every intention of investing in real estate, it can be challenging to get started. After all, even a modest home usually requires a substantial down payment. And it can take years to save up those five-figure sums. The term “real estate investor” may bring to mind a multi-millionaire who manages several properties, leaving you feeling overwhelmed enough to give up the ghost entirely.

Fortunately, it is possible to invest in real estate with little or no money, even if you aren’t swimming in discretionary income. For instance, with an Opportunity Fund or REIT (Real Estate Investment Trust) you can get your foot in the door even if you can’t afford to purchase an entire property. There are also a host of ways to leverage your own home. These include house hacking, renting vacation space on Airbnb, and more.

In this post, we’ll break down everything you need to know about how to invest in real estate. We’ll go over some of the most common types of real estate investing. We’ll also break down how they can help you make money. And we’ll explain how you can begin, no matter how much capital you have in hand.

Why Invest in Real Estate?

Before we dig into the meat of the post, let’s take a moment to backtrack. Why is real estate investing such a well-worn piece of financial advice?

You’ve probably heard that diversifying your portfolio of real estate investments is essential. But your “portfolio” doesn’t just have to live on the stock market! Real estate investing gives you, as the name suggests, a real, tangible asset. And it’s much less vulnerable to the capriciousness of the market.

Real estate investing can help you not only build home equity but also generate passive cash flow. Both through the process of appreciation and the more intentional, hands-on approaches we’ll study further below. And owning your own home can help you reap financial benefits while simultaneously providing for one of your most basic needs.

How to Invest in Real Estate with Little Money

When a down payment might cost as much as $60,000, it’s understandable that many first-time property shoppers feel overwhelmed. They say you have to spend money to make money. Yes, but that’s quite a hefty figure for the average American earner.

To be sure, some real estate investment strategies require a good deal of cash upfront to be workable. But there are other tactics that don’t necessitate such a large lump sum to begin with. This means you don’t have to be a real estate mogul to be a property owner. We’ll break down various strategies at both ends of the spectrum below.

Types of Real Estate Investing

Let’s get into the nitty-gritty. What types of real estate can you invest in?

There are three main types of investment properties available to real estate investors.

  • Residential properties are probably the ones you’re most familiar with. They are exactly what they sound like: buildings used by individuals and families as residential living spaces. These properties include single-family homes, duplexes, apartments, condominiums, and townhouses, and multi-family homes (so long as they’re being used residentially and don’t exceed four units).
  • Commercial real estate are properties used to conduct business. They may include offices, storefronts, retail spaces, farmland, and large multi-family houses or apartment buildings.
  • Industrial real estate are properties that serve industrial business purposes, such as factories, power plants, or storage and shipping warehouses.

Furthermore, there are both active and passive forms of real estate investing.

Active investing is, well, active. It requires a good deal of time, energy, and commitment from the investor. Active investing may become a part- or even full-time job for the investor. They usually share ownership with few (or no) other people and thus bears a lot of responsibility for the success of the investment.

Passive investing, on the other hand, allows the investor to reap the benefits of investing without taking on the pressure and responsibility of full ownership of a tangible property. In most cases, passive investing involves supplying capital to a larger investment pool. You earn capital gains on loan interest through dividends paid to shareholders.

We’ll go into it all of this in more detail, including specific ways you can invest in real estate, both active and passive.

How Real Estate Investing Can Help You Earn

Before we break down the specific ways you can get started investing in real estate, let’s talk about how it can help you make money. (After all, that’s the whole point!)

You can invest in real estate in several ways, depending on what type of investing you’re participating in.

Equity and appreciation

Purchasing real estate equips the owner with a “hard asset”; the tangible property or building. Owning this kind of asset confers equity, or value. It isn’t as vulnerable to the fluctuations of the market as stocks, bonds, and other securities. Furthermore, property has a longstanding history of increasing in value over time, or appreciating.

On the contrary, other types of purchases (like automobiles) depreciate, or lose value. Thus, purchasing a property may allow you to earn income passively simply through the process of appreciation. It more or less ensures that the cash value of your home is a safe and stable part of your overall net worth.

Rental income

Chances are, you’ve had to pay rent to a landlord at some point in your life. Well, if you become the landlord, someone’s paying you the rent. And as long as that rental price eclipses your total expenses, including your mortgage and maintenance costs, the rest is profit!

Aside from managing the investment property, you can also collect rental income by sharing your space on platforms like Airbnb or house hacking, which we’ll explain below.

Sale profit

This happens when you buy a home with the intention to fix it up and sell it down the line (also known as “house flipping”.) It’s the difference between your sale cost and your purchase cost (minus all the expenses put into maintenance and improvements) is pure profit.

Loan interest

The interest charged on home and property loans can increase the value of real estate investments made through REITs, investment platforms, and private equity firms.

Ways to Invest in Real Estate

Now we know a bit about the different types of properties available to investors and how those real estate investments stand to help you earn cash.

So, what are the specific ways to go about real estate investing? There are several in both the “active” and “passive” categories.

Active:

  • House flipping, or rehabbing, is when an investor purchases a property with the sole intent of fixing it up to sell it later on.
  • Wholesaling is similar to flipping houses, but less work intensive. Wholesaling occurs when an investor purchases a property they believe is underpriced, so they can quickly sell it to another investor at a profit.
  • Rental properties give investors a long-term way to draw profit from their investments, though they do require lots of hands-on management and maintenance over time.
  • Airbnb, Vrbo, and other vacation rentals can often be listed for substantial per-night prices. They can be especially lucrative in high-demand travel destinations.

Passive:

  • Private equity funds pool the assets of many investors, which creates a larger, more powerful investment fund. These funds are usually overseen and allocated by a dedicated manager. They may have high minimum investment thresholds and requirements to join.
  • Opportunity funds also pool investors’ assets, but with the specific purpose of making investments in qualified Opportunity Zones. These are low-income, up-and-coming communities that would benefit from private investments and economic development.
  • REITs are companies that invest in commercial properties. Private investors can purchase shares of the company and earn income on capital gains in the form of dividends.
  • Online REIT platforms can make real estate investing accessible to beginning investors, often carrying no net worth or accreditation restrictions. They may allow you to invest in specific properties or in pre-built, diversified portfolios of real estate.

We’re going to break down these different investment options in even more detail below. But first, let’s start a bit closer to home—literally.

Starting with Your Own Home

One of the most straightforward ways to invest in real estate is probably already on your financial to-do list, anyway: purchasing your own home.

Purchasing a home of your own allows you to kill two birds with one stone. You’re taking care of the basic need of shelter, while also leveraging the purchase to reap a host of financial benefits.

Here are just a few ways that owning a home can help you save and earn money.

  • Build equity: As discussed above, property ownership confers relatively immutable equity to the purchaser—that is, your home is a fairly safe, tangible asset to add to your overall investment portfolio.
  • Receive tax benefits: Certain homeowners’ expenses, including real estate taxes and home mortgage interest, are tax-deductible. And if you sell your home, you may exclude up to $250,000 of capital gains (or $500,000 if filing jointly) from your taxes.
  • Take advantage of appreciation: Even accounting for the 2008 crisis, the cost of homes and other properties have steadily increased over time for the past 50 years. So, the home you purchase today will likely be worth more than the price you paid for it in the future.
  • Stop paying rent: Although you’ll likely still have a mortgage payment and other expenses to cover as a homeowner, you won’t be paying rent to live in another person’s property. It’s a cost that is essentially entirely wasted, since you aren’t building home equity in the rental property.
  • Keep the value of your home improvements: When you own a home of your own, any improvements you make will add to the property’s total value, beefing up your asset as well as beautifying your living space.

House Hacking

Another way to make money by purchasing your own home is known as “house hacking“. It’s a real estate investment strategy wherein you leverage rental income from your primary residence to live there cost-free.

The term was originally coined by entrepreneur and author Brandon Turner, who wrote “The Book on Investing in Real Estate with No (and Low) Money Down” and “The Book on Rental Property Investing.”

House hacking may be done, for example, by purchasing a duplex. The investor rents out one unit at a price that covers the mortgage cost while living in the second unit. Some homeowners have also used space-share platforms like Airbnb to offset their housing costs in the same manner.

Real estate investors can use this strategy to pay off the property and even create a profit margin. This will eventually allow them to invest in more rental properties. Thus, house hacking is a great way to combine the personal financial benefits of homeownership with the long-term earning potential of other types of property investment.

Buying a Home Without a Huge Down Payment

Given the recent trends in the housing market, you may feel daunted by the prospect of becoming a homeowner. In 2023, the U.S. housing market experienced significant challenges, with home prices rising to near-record highs.

But there are many incentives and programs designed to make this large investment more feasible for first-time home buyers.

  • FHA (Federal Housing Administration) Loans may allow borrowers to purchase a home with a down payment as small as 3.5% of the purchase price and with credit scores as low as 580. (You may also be approved for an FHA loan with a lower credit score, but your minimum down payment may be higher.)
  • The USDA also offers low-cost loans to low- and moderate-income households purchasing homes in qualified rural areas.
  • Down Payment Assistance Programs offered by local governments and private firms can provide grants, loans, and educational materials to prospective home buyers

Many other financial institutions and organizations also have special incentives for those purchasing their first homes or low-income families in the housing market. Make sure you check with your local housing authority to learn more about what’s available in your area.

Active Investment Opportunities

Want to get hands-on? Here are the details on some of the most popular and accessible active real estate investment opportunities.

House Flipping

If you’ve ever watched more than thirty minutes of HGTV, chances are you’re at least passingly familiar with the idea of flipping houses. It’s basically where you purchase a home with the express intent of fixing it up and selling it (at a higher cost) later.

House flipping is a great way for investors to earn a significant profit. However, they do need to know how to complete the flip successfully without incurring too many costs. Expenses can quickly eat into the investment’s return.

Finding a Home to Flip

House flippers have to be able to recognize a home that may be slightly undervalued but would be able to sell well given the proper upgrades. This involves both an understanding of the area’s desirability and the types of improvements that generate increased home value.

House flippers are responsible for the entire cost of the home purchase. They must also pay for all the upgrades, which they may either do themselves or hire out to professionals.

Either way, flipping houses incurs a hefty up-front cost, and it does come at a risk. Even after you make all the improvements, it’s possible that the house will languish on the market.

This can mean racking up maintenance, taxes, and other expenses for the real estate investor. However, a properly executed, short-term flip can create a substantial profit margin in a relatively small period of time.

Wholesaling

Like house flippers, wholesalers purchase homes with the intent of selling them quickly. But, they aren’t planning to do any heavy lifting along the way.

Instead, wholesalers find properties that are undervalued for their market. They scoop them up and resell them to other investors at a price closer to their true value. Thus, earning the difference as a profit.

Rental Properties

While managing rental properties may seem like a straightforward and reliable way to earn income, it’s one of the most work-intensive approaches on this list. It does require enough up-front capital to purchase the property (or properties) in the first place. However, landlords do stand to see substantial and steady returns in exchange for the work and effort they put into their properties.

After purchasing a viable property, which needs to be well-maintained, in a desirable location, and well-advertised, landlords are responsible for filling that property with qualified tenants. This can involve a time-consuming and labor-intensive screening process.

After all, as a landlord, you’re giving your renters the keys to your investment—literally! It can be a very risky move if you don’t take the time to ensure your tenants are well-qualified.

Finding & Qualifying Tenants

Along with running a standard background check, landlords may also conduct interviews with and request credit reports from prospective renters, all of which takes time. And don’t forget: every month your rental property is unfilled is a waste of potential income.

Once you do find qualified tenants, you’ll be responsible for a host of obligations unless you hire a property management company. You’ll need to provide maintenance and repairs. You’ll also need to stay on top of rent collection and record-keeping. It can quickly become unwieldy once you have several properties.

You’ll also need to be sure you’re in compliance with all the renters’ rights that exist in your jurisdiction, including laws that regulate the eviction process. Of course, you’ll need to put in the work to find good renters and a well-maintained property in the first place. When done so, managing rentals can provide a smooth and steady source of income for relatively little active work.

Seller Financing

Want to buy an investment property with no money down? Look into seller financing or a land contract. This is where the seller acts as the bank. You make your mortgage payments, including interest, to the seller.

After a few years or so, you will have enough equity in the home to get a bank loan. You can then make a lump sum payment to the seller.

Private & Hard Money Lenders

Private money lenders generally charge between 6% to 12% on the money borrowed. Hard money lenders usually charge 10% to 18%. Hard money loans are not from banks. They are from individuals or businesses aimed at financing real estate investments for a return on their money.

Hard money loans are used by investors who don’t qualify for conventional financing. They are typically used to fund renovations. Once the house is finished or has some equity in it, the borrower then refinances to a conventional mortgage with a lower interest rate.

Airbnb, Vacation Rentals, and Space Sharing

Managing a traditional property, wherein renters sign a multi-month lease, is not the only way to make money from an investment property. Platforms like Airbnb have revolutionized the real estate market. They allow homeowners (and sometimes even renters) to make money by renting out their space on a temporary, per-night basis as a vacation rental.

What’s more, you don’t necessarily have to rent out an entire home or unit to participate. A private room, or even a couch in a shared living room, is acceptable for some travelers using these services.

Airbnb and other vacation rental platforms make it simple for a novice renter. You don’t need to have a huge amount of know-how to start earning money this way. In fact, you don’t even necessarily have to “invest” in any property at all. Some landlords may allow their renters to list their housing on Airbnb as a sublet.

Airbnb Laws

However, as this new form of investment property has expanded, it’s created housing crunches in some cities. It’s resulting in “Airbnb laws,” or short-term rental legislation. These laws may limit your ability to use your housing in this way.

Always check your local regulations before you list your space on Airbnb or another of these types of platforms. If you don’t own the space, ensure that short-term sublets are allowed. Check your lease or ask your landlord directly.

Real Estate Investing Groups and Passive Investing

You may have noticed that many of the active real estate investment opportunities listed above do require substantial upfront capital to get started. You can’t wholesale or flip a house if you can’t purchase the house in the first place!

Furthermore, these active strategies generally involve a high level of skill, effort, and responsibility. It may not be feasible for those committed to other full-time careers.

Fortunately, there are still other ways to get involved with real estate investing, even if you don’t want to own or manage tangible property. (Or if doing so is out of financial reach for you right now). These passive investment tactics can help you glean the benefits of real estate investing without taking on quite as much of a fiscal and physical burden.

Private Equity Funds

A private equity, or PE fund, pools contributions from various investors to make larger investments. They’re often limited liability partnerships. That means there are fixed periods during which investors do not have access to their holdings.

Instead, PE funds allow investors to earn gains on debt and equity assets passively, without putting in much active work or research. Asset allocation and investments are managed by a dedicated individual or group. They earn money through annual fees as well as profit sharing.

PE funds come in various types, including the following:

  • Core equity funds generally invest in established commercial properties. They don’t carry risks like needing major improvements or experiencing losses for lack of consumer demand. The core strategy is simultaneously the least risky among PE funds and, typically, the least gainful.
  • Core plus equity funds generally follow the core strategy, but take a few more risks on properties that may require minor upgrades. This leads to a higher risk-return ratio on average.
  • Value added equity funds may invest in commercial properties that require substantial upgrades or new management to operate at their full potential. They may also seek to sell the property after improvements are made to create an additional profit margin.
  • Opportunistic equity funds offer the highest potential rewards, along with the highest risk. Investment properties purchased via these funds may need new construction or even land acquisitions. The payoff of such a new business venture is all but guaranteed. Furthermore, these developments take time, which means your investment capital may be tied up for longer. However, when they pay off, opportunistic equity funds see some of the best returns of the bunch.

Although PE funds are powerful real estate investment engines, they do often have high minimum investment requirements, generally not less than $100,000. Some funds may also be limited to accredited or institutional investors who can demonstrate available means.

Opportunity Funds

Opportunity funds operate on a similar model to private equity funds but are specifically used to make investments in qualified Opportunity Zones. These are economically distressed areas designated by the state and certified by the Secretary of the U.S. Treasury. Opportunity funds are legally required to invest 90% of their assets into properties in these Opportunity Zones.

Because these areas tend to be up-and-coming (and because tax benefits can incentivize investors to support them), opportunity funds often see substantial capital gains for their investors. And taxes incurred on those gains can be deferred until December 26, 2026.

That means the longer the investment is held before that date, the lower your overall tax liability will be. And opportunity fund investments held for at least ten years prior can expect their capital returns to be permanently excluded from capital gains taxes.

Of course, this strategy requires parting with your investment capital for a significant period of time. It’s best for those who can afford to put down the money to play the long game. If you can, however, investing in one is a great way to see substantial returns for almost zero effort.

Real Estate Investment Trusts (REITs)

A real estate investment trust(REIT) is a company that invests in commercial properties. As an investor, you purchase shares of this company just as you would any other. You earn income through its debt and equity assets in the form of shareholder dividends.

REITs operate similarly to mutual funds. They provide an excellent way for the average earner to experience the benefits of real estate investing. You don’t have to have a huge amount of capital to get started, as minimum investment requirements may be quite low.

However, they may carry high investment fees, especially in the case of private REITs (i.e., those not publicly traded on the stock market). Fees at these companies may run as high as 15%. REITs may also be illiquid and keep your money locked up for longer periods of time.

Online Real Estate Investment Platforms

In this digital, all-sharing-all-the-time age, most of us have already heard of crowdfunding. Real estate investments are no exception to the rules of the new millennium.

Online real estate investment platforms have begun springing up. They can make real estate gains achievable for average investors who may not have the towering net worth or accreditation status necessary to buy into more formal funds. Depending on the specific company, you might be able to choose specific investment properties to fund or buy into a diversified portfolio of investments.

Fees and minimum investment requirements are relatively low on real estate crowdfunding platforms. For instance, Fundrise lets you get started with just $500. That is much less than you’d have to pay to get in on most types of active investments! Check out our full review of Fundrise here.

Ready to Get Started Investing in Real Estate?

As you can see, there are several ways to start investing without saving up a five- or six-figure sum. And if you do it right, your investments can actually help you reach those high savings goals. You can then fund other types of investment projects!

However, as with any financial objective, planning and strategizing is key. Saving up as much capital as possible will help you get the best return on your investment once you’re ready.

You can’t allocate your assets without first keeping track of them, and to achieve that, you need to create a budget. If you’re in debt, aggressively paying it off will free you of a weighty financial anchor, so check out these powerful debt relief options.

Finally, if you intend to purchase property either to live in or as an investment opportunity, your credit score matters. It’s as simple as that. If your credit score isn’t quite where you want it to be, take these steps to raise it. Doing so will allow you to get the best interest rate once you’re ready to make the big purchase.

Source: crediful.com

Apache is functioning normally

Care N’ Care Medicare Advantage plans are available in Texas only, and the provider’s star ratings from the Centers for Medicare & Medicaid Services (CMS) are below average. Member experience ratings, however, are above the average for major providers.

Here’s what you should know about Care N’ Care Medicare Advantage.

Care N’ Care Medicare Advantage pros and cons

Care N’ Care’s offerings have advantages and disadvantages.

Pros

  • High member experience ratings: Member experience ratings on metrics like care coordination and customer service are above the average for major providers. 

  • Lower out-of-pocket max: Care N’ Care Medicare Advantage plans’ average out-of-pocket maximum is just under $3,600, which is lower than the average for major providers. 

Cons

  • Below-average star ratings: Care N’ Care Medicare Advantage plans’ star ratings from CMS are below the industry average. 

  • Limited availability: Care N’ Care offers Medicare Advantage plans in Texas only. 

  • No SNPs: Care N’ Care doesn’t offer any Medicare Advantage special needs plans. 

Care N’ Care Medicare star ratings

Average star rating, weighted by enrollment: 3.39

The Centers for Medicare & Medicaid Services maintains star ratings for Medicare Advantage plans on a 5-point scale, ranking plans from best (5 stars) to worst (1 star). The agency bases these ratings on plans’ quality of care and measurements of customer satisfaction, and ratings may change from year to year.

Based on the most recent year of data and weighted by enrollment, Care N’ Care’s 2024 Medicare Advantage plans get an average rating of 3.39 stars

.

For comparison, the average star rating for plans from all providers is 4.04

.

Still deciding on the right carrier? Compare Medicare Advantage plans

What does Care N’ Care Medicare Advantage cost?

Costs for Medicare Advantage plans depend on your plan, your geographic location and your health needs.

Premiums

One of the costs to consider is the plan’s premium. In 2024, about 6 in 10 Care N’ Care Medicare Advantage plans that aren’t special needs plans (SNPs) have a $0 premium

.

Even as a Medicare Advantage user, you’ll still be responsible for paying your Medicare Part B premium, which is $174.70 per month in 2024

Centers for Medicare & Medicaid Services. Costs. Accessed Dec 19, 2023.

, although some plans cover part or all of this cost. (Most people pay this standard amount, but if your income is above a certain threshold, you’ll pay more.)

Copays, coinsurance and deductibles

Requirements for copays, coinsurance and deductibles vary depending on your plan, location and the services you use. Other out-of-pocket costs to consider include:

  • Whether the plan covers any part of your monthly Medicare Part B premium.

  • The plan’s yearly deductibles and any other deductibles, such as a drug deductible.

  • Copayments and/or coinsurance for each visit or service. For instance, there may be a $10 copay for seeing your primary doctor and a $45 copay for seeing a specialist.

  • The plan’s in-network and out-of-network out-of-pocket maximums.

  • Whether your medical providers are in-network or out-of-network, or how often you may go out of network for care.

  • Whether you require extra benefits, and if the plan charges for them.

To get a sense of costs, use Medicare’s plan-finding tool to compare information among available plans in your area. You can select by insurance carrier to see only Care N’ Care plans or compare across carriers. You can also shop directly from Care N’ Care’s website by entering your ZIP code.

Available Medicare Advantage plans

There are a few kinds of Care N’ Care Medicare Advantage plans, and they vary in terms of structure, costs and benefits. Care N’ Care offers Medicare Advantage prescription drug plans (MAPDs) as well as Medicare Advantage plans without drug coverage.

Plan offerings include the following types:

A health maintenance organization (HMO) generally requires that you use a specific network of doctors and hospitals. You may need a referral from your primary doctor in order to see a specialist, and out-of-network benefits are usually very limited.

Preferred provider organization (PPO) plans provide the most freedom, allowing you to see any provider that accepts the insurance. You may not need to choose a primary doctor, and you don’t need referrals to see specialists. You can seek out-of-network care, although it may cost more than seeing an in-network doctor.

Care N’ Care Medicare Advantage service area

Care N’ Care offers Medicare Advantage plans in Texas only and covers just over 10,000 members

.

Compare Medicare Advantage providers

Get more information below about some of the major Medicare Advantage providers. These insurers offer plans in most states. The plans you can choose from will depend on your ZIP code and county.

Find the right Medicare Advantage plan

  • What are the plan’s costs? Do you understand what the plan’s premium, deductibles, copays and/or coinsurance will be? Can you afford them?

  • Is your doctor in-network? If you have a preferred medical provider or providers, make sure they participate in the plan’s network.

  • Are your prescriptions covered? If you’re on medication, it’s crucial to understand how the plan covers it. What tier are your prescription drugs on, and are there any coverage rules that apply to them?

  • Is there dental coverage? Does the plan offer routine coverage for vision, dental and hearing needs?

  • Are there extras? Does the plan offer any extra benefits, such as fitness memberships, transportation benefits or meal delivery?

If you have additional questions about Medicare, visit Medicare.gov or call 800-MEDICARE (800-633-4227, TTY 877-486-2048).

Source: nerdwallet.com

Apache is functioning normally

Do you need health insurance? Did you know that there are many part-time jobs with health insurance that you may be able to apply for? These types of part-time jobs are great because they not only help you to make more income but they also give you benefits like health insurance. Health benefits are usually…

Do you need health insurance?

Did you know that there are many part-time jobs with health insurance that you may be able to apply for?

These types of part-time jobs are great because they not only help you to make more income but they also give you benefits like health insurance.

Health benefits are usually associated with full-time employment, but a growing number of companies give these perks to part-time employees as well. Companies know that in order to keep good employees, giving helpful benefits like health insurance helps them with this.

You may need a part-time job with health insurance for many different reasons, such as perhaps your full-time job doesn’t come with good health insurance, or maybe you are only looking for part-time hours to make extra money.

My husband worked at UPS for many years, mainly for the health insurance. And, so did many other people who worked there. The health insurance at UPS is one of the best I’ve ever seen, and it’s available to part-time workers.

And, you may be able to find a part-time job that comes with medical insurance like this too!

Key Takeaways

  • UPS is known for having many valuable benefits for their part-time workers, such as health insurance.
  • Starbucks is another place where you can get health insurance, even working part-time. After putting in an average of 20 hours a week over three months, you can get medical, dental, and vision plans.
  • There are many other jobs that give you health insurance as well and even other great benefits like tuition reimbursement and parental leave.

Best Part-Time Jobs With Health Insurance

Below are the best part-time jobs with health insurance coverage.

1. UPS

If you’re looking for a part-time job with health insurance, UPS can be a great choice. At UPS, even part-time employees can get health benefits.

This is probably one of the most popular jobs ever when it comes to getting great health insurance. UPS is a very popular choice for those who are looking for health insurance.

Like I said earlier, my husband worked at UPS for years, mainly for the health insurance. And, so did many other people that we know, such as many of our personal friends, his brother, our friend’s parents, and so many more people that we personally know.

Many of the part-time jobs at UPS are for package sorters and UPS truck loaders.

Part-time UPS workers get the same healthcare benefits as full-time workers. They don’t have to pay premiums, and there is low or no co-insurance and co-pays.

Plus, part-time employees at UPS earn an average of $20 per hour after 30 days. As a part-time employee at UPS, you’re promised at least 3.5 hours of work each day you’re scheduled.

There are also other benefits you can qualify for, such as you can get a pension when you retire, help paying for college, and paid time off for vacations and holidays.

Recommended reading: 26 Best Weekly Pay Jobs To Make Money Quick

2. Starbucks

If you’re looking for part-time work and need health insurance, Starbucks might be the place for you.

Starbucks gives health, dental, and vision insurance to all part-time workers who put in at least 20 hours per week on average after working 240 hours.

Starbucks also has a generous benefits package, such as dental care, a 401(k), vacation time, college tuition reimbursement, and more.

Another nice employee benefit is Starbucks’ parental leave – workers at Starbucks who are eligible and welcoming a new child can take time off and receive pay replacement through parental leave. Additionally, Starbucks gives Family Expansion Reimbursement, giving up to $10,000 for adoption, surrogacy, or intrauterine insemination for eligible partners.

3. REI

REI has a new medical plan called the REI Access Plan, which gives medical coverage to every employee who works at REI, even part-time employees.

The REI Access Plan gives medical coverage to employees after working for only three months, no matter how many hours they work (so, if you only work one day a week, you can qualify!). This plan is in addition to the existing health care options for employees who work an average of 20 or more hours per week over a 12-month period.

The health insurance coverage includes checkups for free with in-network doctors, mental health support, hospital care, and physical therapy. It also covers pharmacy costs and provides access to virtual healthcare through Teladoc.

4. National Guard

As a National Guard member, you get to serve your country and community, and you also have access to job benefits like health insurance.

You and your family can get low-cost health insurance through a plan called Tricare Reserve Select (TRS).

In 2023, the individual monthly health insurance plan cost $48.47, and family plans cost $239.69.

You’re also eligible for low-cost life insurance that pays up to $400,000.

National Guard members respond to emergencies (such as natural disasters), serve as law enforcement, and more. Guard members have about two days of drills each month and spend two weeks on annual training every year.

5. Costco

If you’re interested in a part-time job that includes health insurance, you might want to look into working at Costco.

There are many different kinds of jobs that you can find at Costco, such as cashier, baker, forklift driver, gas station attendant, member service assistant, stocker, and so much more.

Costco gives health insurance to part-time employees who work 23 or more hours each week.

Their health insurance comes with low out-of-pocket monthly premiums and co-pays. They provide medical, dental, and vision benefits that can be used for yourself and/or your family.

I know a few people who left their day job to work at Costco due to the good pay, nice benefits, and fun work environment. So, it can be a great one to look into!

Recommended reading: 20+ Best Jobs That Pay $20 An Hour Or More

6. Chipotle

At Chipotle, you can work part-time and still get health insurance. They understand that you might be studying, have another job, or need extra time for yourself. That’s why they offer flexible schedules.

If you join their team, even part-timers can sign up for health insurance. All Chipotle crew members are eligible for the Anthem Preventive Plus, Delta Dental PPO plan, and EyeMed PPO vision plan.

They also have 100% tuition coverage for select programs. You can learn about agriculture, technology, and business. If you’re into something else, they give up to $5,250 for other study areas.

Other helpful benefits from Chipotle include paid time off, 401(k) retirement savings plans, free meals, an annual bonus, a gym membership discount, and more.

7. Walmart

At Walmart, you can find part-time jobs that come with health insurance.

Part-time jobs with health insurance at Walmart include stocking shelves, unloading trucks, customer service, cashier, and more.

If you’re working at least 30 hours per week over a 60-day period, you can become eligible for coverage.

Once you meet the hours requirement, you can choose from different health plans. These plans are not just any plans; they include options for medical, dental, and vision coverage.

8. JPMorgan Chase

JPMorgan Chase gives health insurance to part-time employees, such as for entry-level jobs like being a bank teller or in customer service.

For example, as a part-time associate banker, you’ll be helping customers with their banking needs. You will be talking to them about their accounts and showing them how to use the bank’s products and services.

To get health insurance at JPMorgan Chase, you need to work at least 20 hours a week, and their benefits include medical, vision, and dental coverage.

9. Delta Airlines

If you’re looking for part-time work and need health insurance, you might want to find a job at Delta Airlines.

There are many different jobs at Delta Airlines that could fit your needs, even if you work part-time. These can include becoming a ticket agent, gate agent, customer service, and more.

They have multiple health plans that you may be interested in, plus dental and vision plans.

Delta also gives paid long-term disability coverage, optional short-term disability insurance, and company-paid basic life insurance.

10. Amazon

If you’re looking for a part-time job with health insurance, you may want to look for a job at Amazon.

Amazon is one of the largest companies in the world, so it makes sense that they would give good health insurance.

Amazon’s medical plans cover things like prescription drugs, emergency and hospital care, mental health, X-rays, and lab work.

There are no exclusions for pre-existing conditions in any of Amazon’s medical plans. They have many different plans, so it means that you can pick the one that fits you and your family the best. Plus, all plans cover 100% of preventive care.

The benefits available to you can vary based on how many hours you work each week and where you live. For example, if you are full-time or work 40 hours a week, you get one set of benefits. If you work between 30-39 hours or 20-29 hours, your benefits may be different. And if you’re in certain states, these standard benefits might not apply.

11. Lowes

At Lowe’s, you can find many jobs that could fit your schedule, and they offer both part-time and full-time positions.

Lowe’s gives affordable health insurance plans to both part-time and full-time workers. These plans cover medical, dental, and vision, and you can get low-cost prescription drugs after 30 days.

If you head to the Lowe’s worker’s benefits website here, you can actually see a preview of your different benefit options. I thought this was really handy. I clicked on “Prospective Lowe’s Associate” which then showed me their medical plan pricing. I typed in my zip code, and it showed me that there was one available medical plan in my area for a part-time Lowe’s Associate.

This plan started at $38.60 for Employee Only. For Employee + Children, the plan then costs $106.18. For Employee + Family, the cost is $152.52 each month. This medical plan includes an annual deductible of $0 and an out-of-pocket maximum of $9,100 for an individual plan or $18,200 for a family plan.

This platform also showed me pricing for their dental coverage, which is through Delta Dental. The pricing for this started at $9.60 per month for an Employee Only plan.

Other employee benefits from Lowe’s include off-the-job accident insurance, identity protection insurance, life insurance of $20,000, short-term disability insurance, 401(k), and an Employee Stock Purchase Plan (ESPP).

12. Ikea

If you’re considering a part-time job, Ikea is a place you might think about. Ikea gives health benefits to its part-time workers, and you get benefits if you work at least 20 hours a week.

IKEA’s health insurance is from Anthem, and many find the premiums reasonable. Besides health coverage, IKEA also offers dental, vision, and prescription coverage. Additionally, employees enjoy benefits like paid time off, parental leave, pet insurance, and income protection.

Some examples of part-time jobs with health insurance at Ikea include retail sales associate, customer service representative, forklift operator, and food service team member.

13. Whole Foods Market

If you’re looking for a part-time job that offers health insurance, Whole Foods Market might be a place to consider. To get health insurance at Whole Foods, part-time employees need to work at least 30 hours per week.

Examples of part-time jobs at Whole Foods include sales associate, customer service representative, cashier, and more.

14. Trader Joe’s

Trader Joe’s is a popular place to work, especially if you want a part-time job with health insurance.

Trader Joe’s has medical, dental, and vision plans for eligible crew members, and the company covers a big part of the cost, which starts as low as $25 per month.

They also have competitive pay, a retirement plan, up to a 20% store discount, paid time off, and more.

14. Staples

If you work part-time at Staples, you can get helpful health benefits. Staples provides medical, dental, and vision plans for both full-time and part-time employees.

You become eligible for these benefits if you work at least 15 hours a week.

All part-time associates are also eligible for other employee benefits like dental, vision, life, dependent life, accidental death, and short-term disability insurance coverage.

Some examples of part-time jobs at Staples include retail sales associate, cashier, stocker, and more.

15. Home Depot

Home Depot has a generous benefits package for its employees, which includes medical coverage, dental insurance, vision coverage, short-term disability, and more.

Part-time employees can qualify for benefits if they work an average of 16 hours per week or more during a 90-day period.

Some examples of part-time jobs at Home Depot include cashier, sales associate, customer service representative, stocker, and more.

Frequently Asked Questions About Part Time Jobs With Health Insurance

Below are answers to common questions about part-time jobs with health insurance.

Which jobs have the best health insurance? What companies have the best healthcare benefits?

Jobs at larger companies like UPS and Starbucks usually have better health insurance, even for part-time employees. They have good health insurance because they want to keep and attract good employees who will stay for a long time.

Remember to check if you need to maintain a certain number of working hours to keep your health insurance active as the requirements can change. Each company is different too, so make sure to look at the details for each job.

What companies give medical insurance to part-timers?

Companies such as UPS, Staples, and Chipotle are known for giving health insurance to part-time workers. Each company has its own criteria for eligibility, so you’ll need to check if you meet their requirements.

How can I find nearby jobs that give health benefits quickly?

You can start by seeing if any of the companies mentioned above have job openings near you.

Does Starbucks give health insurance to part time employees?

Yes, Starbucks gives part-time employees the option to enroll in health insurance plans, including medical, dental, and vision coverage, as long as they meet certain eligibility criteria (such as a minimum amount of hours worked each week).

Is health insurance through work worth it?

Yes, getting health insurance through your job can be a way to save money as well as get access to health insurance. My husband did this for years, and he had great health insurance that was extremely cheap.

Part-Time Jobs With Health Insurance – Summary

I hope you enjoyed this article about how to find part-time jobs with health insurance for medical care.

Health insurance isn’t only for full-time employees.

Yes, there are jobs that will give you medical insurance for working just part-time shifts!

Finding the right part-time job with health insurance and a nice benefits package is very possible across many different industries. Companies like UPS, Starbucks, and Costco are known for giving health and medical insurance to part-time workers.

This can be a game changer for you if you are balancing multiple jobs, attending school, or have family obligations that don’t allow for a full-time position.

What other part-time jobs come with health insurance? Leave a comment below and let me know!

Recommended reading:

Source: makingsenseofcents.com

Apache is functioning normally

When your child heads off to college, you are probably awash in all kinds of emotions. Pride, relief (yes, they got into school!), sadness, anxiety, and excitement can all swirl around you. Your baby is growing up and forging their own independent life. Will they make new friends? Like their classes and excel in them? Find their way around campus easily enough? Will they overspend, sleep through class, and stay out all Friday night?

Part of having a college student as a child means you must get used to some separation and lack of information. But that doesn’t mean you can’t continue to play a vital role in their life. Here, some wise advice about conversations to have, topics to cover, and when to help them have an amazing time at school.

Advice for Parents of College Students

Although each parent-child relationship is unique and each parent may face different challenges with their college student, there are moments that can be universal when your “baby” heads off to university life.

You’ll need to know how much to let go and encourage your child to become independent versus how much you should continue to provide support, whether that’s emotional support or financial.

Where that line should be drawn for each child and parent depends upon things like the seriousness of the problems being faced and how temporary or permanent they may be. In general, though, tips include:

•   Listen, but try not to dive right into problem solving. This may not be the moment to lead with, “Here’s what you need to do…”

•   Be mindful about how often you communicate and give your college student space while also staying available. Texting constantly and expecting quick replies will be unrealistic for many parents.

•   You may be used to getting those report cards regularly and monitoring your child’s checkups at the doctor’s office. Recognize that now, times are changing, and you may not always be kept in the loop. FERPA (or the Federal Education Records Privacy Act) gives college students new privacy rights that can be defined pretty broadly. You may want to talk to your child about signing a FERPA waiver that will give you more access to information.

Accepting that college isn’t just about education but also about your child establishing themselves as an independent adult is an important transition for both of you.
💡 Quick Tip: Pay down your student loans faster with SoFi reward points you earn along the way.

Parenting College Students During Summer Break

Just when you figure out how to parent your child when he or she is away from school, summer break arrives with a different set of challenges. The young adult that you watched leave for college is probably not the same person who is returning. Maybe they don’t want to chat as much as before, or don’t seem as open to talk about daily life, friendships, and relationships.

The parent-child dynamic may be less about directing your kid’s actions and more about creating a collaborative partnership.

This can include things like withholding judgment about your child’s actions and making requests rather than demands — even when you’re sure you’re right. Your child is growing up and stretching their wings, both at school and when they return. They are becoming a full-fledged adult, after all.

Analyze which rules are the most important, and focus on those, letting other ones go. One example is you might ask that he or she call you if dinner will be missed, but not try to impose a curfew.

Recognize that during summer break you’ll probably need to readjust to being together, while also focusing on enjoying your time together.

Conversations about Paying for College

As part of your evolving parent-child relationship, you’ll likely find yourself in conversations about the best ways to pay for college. As the parent, you’ll likely initiate these talks. As part of your discussions, you may want to:

•   Be clear about how much money you’re willing or able to contribute towards your child’s college expenses and how much your child will need to contribute.

•   Discuss how much college will cost once you add tuition, housing, books, and other expenses together.

•   Talk about student loans, including the differences between federal student loans and private student loans.

•   Discuss how your child working during college may help pay for expenses.

•   Talk about money management and how your child may feel some stress over student loan debt.

Here are some valuable topics to mention.

•   There are scholarships and grants that usually don’t need to be repaid. What’s left is the amount that typically needs to be paid for by a combination of parental contributions, student contributions, and student loans.

•   The two main types of student loans are federal and private. To qualify for federal student loans, you’ll need to fill out the FAFSA® (or Free Application for Federal Student Aid). This form needs to be filled out every year to determine eligibility for federal student aid dollars, including federal student loans.

•   Federal loans can be subsidized or unsubsidized. Students may be eligible for a subsidized loan if they have a certain degree of financial need. Subsidized loans do not accrue interest during the six-month grace period after graduation/dropping below half-time enrollment and during any loan deferments.

•   If the student drops below half-time enrollment, the grace period will begin even if he or she has not graduated yet, although there are some circumstances in which the student loan grace period can change.

Unsubsidized federal student loans do not require a demonstration of financial need, but do accrue interest during the entire loan period.

Private student loans are not funded by the government. Your child can apply with individual lenders, and each loan will come with its own terms and conditions, including repayment terms. Private loans can help fill the gap between what your child can pay with scholarships, grants, or federal loans.
​​
💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.

Saving for Your Child’s College

If you’re still saving for your child’s education, your options may include:

•   What are known as 529 college savings plans, also called qualified tuition plans, allow you to save for college while potentially offering tax benefits. Money saved in an education savings plan (sponsored by some states) can be used for tuition, fees, room and board, and other qualified higher education expenses at a college or university.

•   Prepaid tuition plans (available at some universities) offer the option to prepay tuition and fees at current rates.

•   Traditional or Roth IRAs, although more commonly used to save and invest for retirement, can be used to save for college expenses. .

•   Coverdell Education Savings Accounts allow you to set up an account to pay for qualified education expenses, but contributions are not tax deductible and are only available for people whose income falls under certain limits.

•   Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) accounts are intended as a savings vehicle for beneficiaries under the age of 18. Depending upon your state, the funds will transfer to your child at either age 18 or 21 and do not have to be used for education expenses.

Tax Credits and College

When it’s tax time, if you claim your college-age child as a dependent, you might qualify tax credits related to education.

•   The American Opportunity Tax Credit could be helpful during the first four years of their undergraduate education. Qualifications include MAGI, or modified adjusted gross income, among other factors.

This is a credit for tuition and other qualified education expenses worth up to $2,500 per eligible student and could reduce the filer’s tax bill, not their taxable income.

•   The Lifetime Learning Credit is also a tax credit, but may be harder to qualify for. Each year, you can claim either the AOTC or the LLC, but not both.

Parent Student Loans

You may be able to take out loans for your child’s education expenses, including a federal Parent PLUS Loans, available to parents of dependent undergraduate students for the amount of attendance costs minus other financial aid.

Private lenders may also be an option. Fees, rates, and repayment options vary by lender and they don’t typically offer forbearance or deferment options like federal loans do. As another option, you may be able to co-sign a private student loan with your child.

SoFi Parent Loans

Paying your child’s tuition with SoFi’s flexible, competitive-rate parent loan may be an option for consideration as well.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.


SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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.

SOIS1123008

Source: sofi.com