With the economy slowing and holidays just around the corner, many consumers may be looking to credit cards to help them get through the heavy shopping season. While that may be a good short-term solution, you want to make sure you don't overlook the long-term impact on your credit rating. After all, the actions you take today could hang over your head for years to come--and may make it tough for you to get the home loan or car loan you want in the future.
To help you make sure you manage your credit cards--and your credit score--during the upcoming holiday spending season, follow these steps:
Double-check your card limits. Many credit card companies today have started lowering credit limits. That means you have less credit available, but it also may mean that your credit score is about to take a hit. That's because approximately 30% of your credit score is based on the amount you owe in relation to your available credit. So, if a credit card company cuts back your limit, you may find that you're suddenly almost maxed out. That's not a good sign for your long-term credit score rating.
Ask, pay down, or move around. If some of your credit limits have changed or are nearly maxed out, you can take a few steps to help alleviate the problem. First, consider simply asking for a higher limit to your card...not necessarily to use up with spending, but to allow more unused credit line to be available and therefore boost your credit score. You can also pay more money to the cards that are near the credit limit, if you can. Or, if you have cards with little to no remaining credit line, transfer some of the larger balances onto the cards with lower balances. That'll give you a more... well... balanced financial picture.
Leave home without it. One of the best tips for the holiday season is to: make a budget, identify specific items, and then leave home without your credit card. Instead, bring just enough cash to purchase the items on your list. That will help you resist the urge to impulse buy, and keep your credit card balances lower.
Pick a card... not just any card. If you can't bring cash, make a credit card plan. Identify specific items that you'll pay for on specific cards. By making a plan and spreading your purchases to different cards, you won't overspend and you won't risk running up one or two cards that are near the credit limit, which will hurt your credit rating.
Resist card offers at the counter. Retailers are famous for offering "savings" when you open a credit card. But those savings often don't outweigh the long- and short-term negatives. For one thing, opening a new account--or multiple accounts in a short period of time--can negatively impact your credit score. In addition, consumers often spend more than planned when a new card is suddenly available. So this holiday season, resist the temptation.
Stay active. If you have older cards that you don't use, make sure you keep them active. For one thing, some of those older cards help establish a longer history of positive credit. For another, the available credit on those older cards can help keep your credit score higher because it improves your overall debt-to-credit ratio. To keep those cards active, make sure you charge one or two items on them throughout the year... like, say, when you go shopping for the holidays. Then, pay them off when the bill comes in.
Always pay on time. Your payment record is a very large part of your credit score, so it's crucial that you have an idea how your holiday shopping will impact your credit card bills and that you make a plan to pay those bills on time. If you have trouble for any reason, contact your card companies right away to work out a plan that helps you pay down your debt... and save your credit rating from a huge hit.
Information compliments of Wendy Tannenbaum
Saturday, November 29, 2008
Saturday, November 1, 2008
Fighting Medicare Claim Denials
When an insurance company denies a claim in whole or in part, it is possible to appeal their decision. The same is true with Medicare claims...and in fact more than half of Medicare appeals are successful. If you, a family member, or a friend have had a Medicare claim denied, the following information can help you successfully appeal the decision:
Time Frame: If your Medicare claim is denied for less than the full amount, you can ask for a "redetermination" but you must do so within 120 days. Download the Medicare Redetermination Request form at http://www.cms.hhs.gov/cmsforms/downloads/cms20027.pdf, or call 800-633-4227 to receive a copy.
Common Denials: The denial you received will include an explanation, which you will need to contest in your appeal. Ask your doctor to write a letter addressing the reasons in the denial and include this letter with your appeals form.
Time Frame: If your Medicare claim is denied for less than the full amount, you can ask for a "redetermination" but you must do so within 120 days. Download the Medicare Redetermination Request form at http://www.cms.hhs.gov/cmsforms/downloads/cms20027.pdf, or call 800-633-4227 to receive a copy.
Common Denials: The denial you received will include an explanation, which you will need to contest in your appeal. Ask your doctor to write a letter addressing the reasons in the denial and include this letter with your appeals form.
Common denials include:
The treatment, prescription, or medical service is unlikely to cause your health condition to improve: Fight this by having your doctor write a letter explaining why the care is necessary. Medicare is required to look at your total condition, not just your chance for a full or partial recovery.
You are likely to require care for a very long time: Medicare coverage is not limited to treatments that work quickly, so ask your doctor to write a letter explaining that the treatment is making some positive difference or is expected to.
The prescription dosage level is greater than what is normally prescribed, or the drug prescribed is not normally prescribed for your health problem: Have your doctor write a letter explaining why the unusual drug or dosage is medically necessary. For instance, you may be allergic to the medicine normally prescribed.
You do not qualify for Medicare-covered home care because you are not homebound: Under Medicare rules, homebound does not mean that you are completely unable to leave your home or that you are confined to a bed. It does mean that you require assistance and that it takes considerable effort for you to leave your home. Ask your doctor to write a letter describing in detail how difficult it is for you to leave your home.
Be Persistent: If your first appeal is denied, you can file as many as four more appeals. And the more appeals you file, the greater your odds of success. While your first appeal is made to the same group that denied your initial claim, subsequent appeals are made to independent arbiters.
For more information, visit
www.medicareadvocacy.orgMonday, October 27, 2008
Medical Identity Theft
With identity theft on the rise these days, most of us are already taking steps to protect ourselves. But did you know that there's now a growing form of identity theft known as "medical identity theft" that can not only devastate victims' finances, but also compromise their health, too. According to Joy Pritts, JD, author of Your Medical Record Rights, here's what you need to know.
What is Medical Identity Theft? Medical identity theft occurs when criminals access victims' medical records. Since medical records contain a person's social security number and credit card information (if bills have been paid via credit card), criminals can open accounts and make fraudulent charges. However, criminals also gain access to victims' health insurance policy information and medical histories, and they can create forged health insurance cards to sell to people who are uninsured and need expensive medical treatment. A person who buys a fake health insurance ID card would then seek treatment using the victim's name and policy number, and then disappear, leaving the victim with the bills to pay.
Why Should You Be Concerned? Victims of medical identity theft not only have to repair their credit and convince credit agencies and service providers that bills are fraudulent, they also have to correct inaccurate medical information that becomes part of their health records. Victims could be denied life insurance or individual health insurance if their record shows treatments that they did not have. In addition, victims could receive treatments or medicines that could be harmful to them on the basis of inaccurate content in their medical records.
Steps to Take if You Suspect a Medical Identity Theft
1. Read all bills and "Explanation of Benefits" statements from your insurance company to verify they are for treatment you received.
2. If a bill or statement refers to treatment you did not receive, contact the employee in charge of investigating fraud at your insurance company and at the medical facility involved and explain the situation. Follow up with a letter sent via registered mail with return receipt once again explaining the situation, asking for any bills to be voided, and asking that your medical record be amended to state that you did not have this health problem or receive this treatment.
3. Report the identity theft to the police department and state's attorney general's office.
4. Contact the health care providers you use, explain the situation, ask if the erroneous information has been added to the providers' records, and if so, ask them to correct the records.
5. Report the fraud to the major credit bureaus and set up fraud alerts. Also, request free copies of your credit reports to make sure no new fraudulent accounts have been opened. * 6. Review your medical records every few years to make sure there are no errors.
To learn more about your medical record rights, visit http://ihcrp.georgetown.edu/privacy/records.html.
What is Medical Identity Theft? Medical identity theft occurs when criminals access victims' medical records. Since medical records contain a person's social security number and credit card information (if bills have been paid via credit card), criminals can open accounts and make fraudulent charges. However, criminals also gain access to victims' health insurance policy information and medical histories, and they can create forged health insurance cards to sell to people who are uninsured and need expensive medical treatment. A person who buys a fake health insurance ID card would then seek treatment using the victim's name and policy number, and then disappear, leaving the victim with the bills to pay.
Why Should You Be Concerned? Victims of medical identity theft not only have to repair their credit and convince credit agencies and service providers that bills are fraudulent, they also have to correct inaccurate medical information that becomes part of their health records. Victims could be denied life insurance or individual health insurance if their record shows treatments that they did not have. In addition, victims could receive treatments or medicines that could be harmful to them on the basis of inaccurate content in their medical records.
Steps to Take if You Suspect a Medical Identity Theft
1. Read all bills and "Explanation of Benefits" statements from your insurance company to verify they are for treatment you received.
2. If a bill or statement refers to treatment you did not receive, contact the employee in charge of investigating fraud at your insurance company and at the medical facility involved and explain the situation. Follow up with a letter sent via registered mail with return receipt once again explaining the situation, asking for any bills to be voided, and asking that your medical record be amended to state that you did not have this health problem or receive this treatment.
3. Report the identity theft to the police department and state's attorney general's office.
4. Contact the health care providers you use, explain the situation, ask if the erroneous information has been added to the providers' records, and if so, ask them to correct the records.
5. Report the fraud to the major credit bureaus and set up fraud alerts. Also, request free copies of your credit reports to make sure no new fraudulent accounts have been opened. * 6. Review your medical records every few years to make sure there are no errors.
To learn more about your medical record rights, visit http://ihcrp.georgetown.edu/privacy/records.html.
Turning Back the Hands of Time
The sun is about to set on another season of Daylight Saving Time. In case you hadn't noticed, Daylight Saving Time (DST) began earlier last spring and ran longer into this fall. But, alas, all good things must come to an end...and this year Daylight Saving Time ends Sunday, November 2nd.
The extra month that we enjoyed was actually the result of the Energy Policy Act, which was enacted by Congress back in 2005 and first went into effect last year. Originally, the bill was written to extend Daylight Saving by two months, but some very verbal opponents fought the change. Farmers say that DST has a negative impact on their livestock in general--as it is tough for them to adapt to the time change, and they consequently produce less milk, eggs, etc. Because DST is not followed uniformly around the world, airlines claim that it might mean many missed international flight connections. Additionally, TV and Cable stations argued that they would lose viewers and advertising revenue, simply due to less time spent in front of the television because of more time spent outdoors in daylight.
So a compromise of one additional month of DST was reached. However, Congress did retain the right to revert back to the old dates if the change proves to be widely unpopular, or if the energy savings aren't significant.
Why is Daylight Saving Time Longer?
Despite the concerns listed above, Americans overwhelmingly like Daylight Saving Time. There is simply more sunlight in the evenings to enjoy the outdoors and get things done. Additionally, there may be emotional benefits, as we typically feel better with more daylight.
Plus, additional hours of daylight can help save energy on a national scale. Less electricity is needed, as fewer lights are turned on as early in the evening...and with energy costs so high, even a small amount of savings is very welcome.
And brighter is safer - studies have shown that the DST shift reduces traffic accidents. An increase in accidents in the dark mornings is more than offset by the evening decrease in accidents, due to the increased visibility gained with more sunlight. Halloween is also arguably safer. Child pedestrian deaths are four times higher on Halloween than any other night of the year. By extending Daylight Saving Time, however, trick-or-treaters are able to spend an extra hour gathering treats while it's still light out. Candy manufacturers are happy too, as they've lobbied for years to have DST extended through Halloween.
A study by the US Law Enforcement Admin also determined that crime is consistently lower during DST, with violent crimes down as much as 10% to 13%. For many crimes, like mugging, darkness is a factor--so more light in the evening hours reduces these types of crimes.
Falling Back... Manually
Since DST has been extended, you'll want to double-check all of your electronic devices and confirm that the time is correct. Although you may be accustomed to your computer and maybe even your digital clock in your car automatically updating, the recent change of dates for Daylight Saving Time may require that these devices be manually changed, as they now may NOT be ready to update to the correct time on the correct date!
So keep an eye on your electronic devices and remember to change your clocks on Sunday, November 2nd as we turn back the hands of time once again!
The extra month that we enjoyed was actually the result of the Energy Policy Act, which was enacted by Congress back in 2005 and first went into effect last year. Originally, the bill was written to extend Daylight Saving by two months, but some very verbal opponents fought the change. Farmers say that DST has a negative impact on their livestock in general--as it is tough for them to adapt to the time change, and they consequently produce less milk, eggs, etc. Because DST is not followed uniformly around the world, airlines claim that it might mean many missed international flight connections. Additionally, TV and Cable stations argued that they would lose viewers and advertising revenue, simply due to less time spent in front of the television because of more time spent outdoors in daylight.
So a compromise of one additional month of DST was reached. However, Congress did retain the right to revert back to the old dates if the change proves to be widely unpopular, or if the energy savings aren't significant.
Why is Daylight Saving Time Longer?
Despite the concerns listed above, Americans overwhelmingly like Daylight Saving Time. There is simply more sunlight in the evenings to enjoy the outdoors and get things done. Additionally, there may be emotional benefits, as we typically feel better with more daylight.
Plus, additional hours of daylight can help save energy on a national scale. Less electricity is needed, as fewer lights are turned on as early in the evening...and with energy costs so high, even a small amount of savings is very welcome.
And brighter is safer - studies have shown that the DST shift reduces traffic accidents. An increase in accidents in the dark mornings is more than offset by the evening decrease in accidents, due to the increased visibility gained with more sunlight. Halloween is also arguably safer. Child pedestrian deaths are four times higher on Halloween than any other night of the year. By extending Daylight Saving Time, however, trick-or-treaters are able to spend an extra hour gathering treats while it's still light out. Candy manufacturers are happy too, as they've lobbied for years to have DST extended through Halloween.
A study by the US Law Enforcement Admin also determined that crime is consistently lower during DST, with violent crimes down as much as 10% to 13%. For many crimes, like mugging, darkness is a factor--so more light in the evening hours reduces these types of crimes.
Falling Back... Manually
Since DST has been extended, you'll want to double-check all of your electronic devices and confirm that the time is correct. Although you may be accustomed to your computer and maybe even your digital clock in your car automatically updating, the recent change of dates for Daylight Saving Time may require that these devices be manually changed, as they now may NOT be ready to update to the correct time on the correct date!
So keep an eye on your electronic devices and remember to change your clocks on Sunday, November 2nd as we turn back the hands of time once again!
Wednesday, July 30, 2008
I really keep trying to do this "green thing" and as I am finding out there are so many little things we can do to be just a bit greener. Here are some thing I found this week.
Bring your own mug ~ Each year, Americans discard more than 14 billion paper cups. For instance, that Styrofoam cup you use at your office meeting will linger nine generations before decomposing. Instead, bring a ceramic cup. Same goes for your daily Starbucks or Coffee Bean brew: consider bringing your own cup.
Car pool. Connect with other commuters at eRideShare.
If you use plastic grocery bags, recycle them for doggie poop bags or for small trash can liners.
Buy compact fluorescent light bulbs. You'll find more on energy-efficient products and practices at Energy Star.
Lower your thermostat. Buy a programmable thermostat.
Go paperless. Consider reading your newspaper and magazine subscriptions online. Switch to electronic banking and credit card payment, too. I am now reading my daily paper online.
Bring your own mug ~ Each year, Americans discard more than 14 billion paper cups. For instance, that Styrofoam cup you use at your office meeting will linger nine generations before decomposing. Instead, bring a ceramic cup. Same goes for your daily Starbucks or Coffee Bean brew: consider bringing your own cup.
Car pool. Connect with other commuters at eRideShare.
If you use plastic grocery bags, recycle them for doggie poop bags or for small trash can liners.
Buy compact fluorescent light bulbs. You'll find more on energy-efficient products and practices at Energy Star.
Lower your thermostat. Buy a programmable thermostat.
Go paperless. Consider reading your newspaper and magazine subscriptions online. Switch to electronic banking and credit card payment, too. I am now reading my daily paper online.
Considering Moving to the East Bay? ~ Do you want to Buy or Sell a home?
Questions about the East Bay Real Estate market
Visit my website at http://pamwinterbauer.com
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