(11/07/2011) Speak Up to Reduce Healthcare Costs
SUNNYVALE, Calif. (11/7/11)--Open enrollment season this year will see more workers  facing higher out-of-pocket costs after updating their health insurance plans (FinanciallyFit.Yahoo.com Oct. 31). Employee-sponsored plans are expected to jump 9% from 2010 levels, to $4,129 for families and $921 for singles, according to a recent study from The Kaiser Family Foundation (kff.org Sep. 27).
 
You might not be able to control health insurance premium increases, but you can ease your overall health care expenses. Consider these moves to offset the anticipated premium increases:

• Tell your doctor.Make sure your doctor knows you're trying to reduce these expenses before you schedule treatments or walk out with a prescription. The physician might prescribe generic medications, alternative treatments, or work with you to schedule appointments in a way that takes advantage of when insurance allowances renew.
• Ask for samples.Many doctors and some pharmacies often have samples of products and health care items. Be sure to ask for samples related to your treatment during your next visit.

Go generic.Buying generic medications and finding pharmacies with special pricing options for some medications will help reduce annual health-related expenses. Worried about the effectiveness of generics? Doctors say generic medications are just as effective as brand-name medications because they use the same active ingredients and manufacturing specifications.

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(10/10/2011) Citibank to Charge Fees
(As reported on WWBT, Richmond, Virginia) Another bank is joining the ranks of institutions charging customers extra fees. Citibank says it is tacking on the fees to certain customers. But there is a way to avoid it. Your Citibank account will get hit with one of three monthly fees if your balance falls below a certain amount. Starting in December, Citibank will charge customers who have the easy checking package. This is currently a free service, but it will soon cost you $15 a month. That charge will only come if your checking and savings account balances don't total at least $6,000. Those aren't the only Citibank customers who'll have to pay. Anyone with a mid-level account package will be charged $20 a month if your combined account balance is less than $15,000. You can always move to the basic banking account. That will cost you $10 a month if your balance falls less than $1,500. Citibank says basic checking customers can avoid paying the fee by making one direct deposit and one online bill payment during each monthly statement period. These moves follow similar announcements from Bank of America, Wells Fargo, J. P. Morgan, Chase, Sun Trust and Regions Financial

Copyright 2011 WWBT NBC12. All rights reserved.

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(05/16/2011) Stop, Study, Start Over: Keep Debit Cards FREE
Credit unions issue debit cards and credit cards to their members. Interchange revenue from the use of these cards is vital to credit unions to support the administrative expense of card programs. Interchange fees allow business costs, including operating expenses, fraud risk management, and the risk of consumer nonpayment, to be shared by the payments participants.

As part of the Dodd-Frank Act, Congress enacted provisions that regulate the debit interchange rates and give merchants more control over a consumer's use of debit cards and credit cards at the point of sale and the route through which the transaction is processed.  Further complicating matters, the Dodd-Frank language prohibits the Federal Reserve from taking into consideration all of the costs of the payment system when regulating the debit interchange fee to establish a debit rate that is "reasonable and proportional" to the "incremental" cost of the individual transaction.

Legislation (H.R. 1081 / S. 575) has been introduced in both chambers of Congress to delay the Federal Reserve's rule and study the impact of interchange fee regulation on consumers, merchants and financial institutions. The Credit Union National Association (CUNA) supports both bills and encourages Congress to enact them as soon as possible

View more information about the impact of changes to Interchange Fees in the video and television commercial.

You Can Help! Contact your congressperson today. Simply enter your zip code at the CUNA Grassroots Action Center and you can "compose" a printed or email letter to your representatives. You can compose the content yourself or using the arrows, populate the content with pre-written talking points. It's fast; the entire process took me less than five minutes to complete, easy, and effective.

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(04/25/2011) Review Policies in Wake of Quakes, Tornadoes
Do you know exactly what your insurance policies cover--and don't cover--if you're the victim of a tornado, earthquake, flood, or other natural disaster?

• Do I have enough insurance to rebuild my home? If your home is destroyed, your coverage should enable you to completely rebuild it at current construction costs. Be sure to understand your coverage for replacement costs, extended replacement costs, inflation guard, flood insurance, water backup, and law or ordinance coverage that pays for you to rebuild to stricter code standards.
• Do I have enough insurance to replace my possessions? Conduct a thorough home inventory by listing all possessions, taking pictures of them, and recording how much you estimate it would cost to replace each item. Compare these figures with the dollar amount your homeowners policy provides for personal possessions.
• Do I have enough coverage for additional living expenses? If you are forced from your home due to an insured disaster, many homeowners insurance policies will cover additional living expenses such as lodging and meals. It is important to understand the exact amount and types of expenses covered, and whether these additional living expenses are covered for a specific period of time.

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(1/3/11) Understand Provisions of 2010 Tax Relief Act
In December, Congress passed and President Barach Obama signed the 2010 Tax Relief Act. The bill brings significant tax-law changes for many Americans. In a report published December 20, 2010, the National Society of Accountants breaks down some of the most important changes, including:

• Increased Alternative Minimum Tax exemption amounts. The act increases 2010 exemption amounts to $47,450 for individuals, $72,450 for married couples filing jointly and surviving spouses, and $36,225 for married couples filing separately.
• No change in tax rates. Individual tax rates will be held at the 2010 level for the next two years.
• Extended capital-gains tax rate. For 2010, qualified capital gains and dividends are taxed at a maximum rate of 15%. The act extends that rate through Dec. 31, 2012.
• Extended itemized deduction limitation. The "Pease" limitation--which reduces the total amount of a higher-income individual's otherwise allowable deductions--was suspended for 2010. It was scheduled to return at a projected level of income starting at $169,550. However, the act has extended the suspension through Dec. 31, 2012.
• Suspension of personal exemption phaseout (PEP) extended. The PEP reduced the total amount of exemptions for taxpayers with adjusted gross incomes exceeding the applicable threshold--$169,550 for singles and $254,350 for joint filers in 2011. The PEP was suspended for 2010, and the act extends that suspension through Dec. 31, 2012.
• Extended marriage penalty relief. The relief provision increased the basic standard deduction for married couples filing joint returns to twice the amount for a single taxpayer. The act extends marriage penalty relief through Dec. 31, 2012.

Full article text can be found here. This content is not intended to be advice and is provided for information purposes only. Contact your tax advisor for with your specific tax questions

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(12/17/10) Check Your Credit Report for Unpaid Medical Bills
We expect a late car payment to bring down a credit score a few notches. We accept that a maxed-out credit card won't look good on a credit report. But what a shock to find medical bills sent to collection on your credit report, especially if it's the first time you've seen them.
An estimated 14 million Americans are dealing with medical bills they believe have been sent to collection agencies in error (read the full New York Times article: http://www.nytimes.com/2010/12/18/health/18patient.html).
Follow this prescription to monitor the effect of medical bills on your credit score:

• Order a free credit report. Medical bills are sometimes sent months after service; it can be difficult to decipher what portion is still unpaid. Play it safe and review your credit report at least annually. You can get a free report from each of the three major reporting agencies at annualcreditreport.com. Order from one agency in January, another in May, and the third in September for thorough monitoring.
• Dispute errors in writing. If you find an unpaid medical bill on your credit report, send documentation showing payment to all three major bureaus. The Federal Trade Commission's website offers guidelines for disputing errors.

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(10/27/10) Questions About Holiday Club Accounts
Q: I know I should have started a holiday club account, but here I am so close to the holidays without enough cash. Should I just use credit cards or go with the credit union's holiday loan?
A: The notion of literally charging your way through the holidays is tempting. But before you give in and wear out your plastic or take on another loan, remember that convenience often comes with a price. If you don't have worries about paying your newfound credit card bills come January, or paying extra throughout all of next year while friends and family enjoy the gifts you purchased for them, then go for it. But a more practical approach would be to begin with assessing your situation, cutting unnecessary expenses and then crafting a plan to move forward in a more debt-free manner.
Make a list of all your expenses, from food, to fuel for travel to gifts. Do you need to buy for everyone on your list? Will a card be just as welcomed and appreciated in place of the annual fruit basket? A 10 pound turkey instead of a fifteen pound one that sees leftovers get thrown out? Trim out any expense you can find. Then, prepare a budget you can live with, and stick to it. You might find that you very well don't have enough cash flow to cover every expense, but you are probably a lot closer than you were when you started.
Once you are in this position, charging might be a good option - but try not to let that debt linger longer than a month or two. That way, you're not paying as much in interest. At the same time, begin a holiday club account and start contributing to it regularly. You might also want to take the money you were paying on the credit card or loan and use that to begin systematically saving throughout the year once the card is paid off.

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