Start Saving For Long Term Health Care

It’s that time of year when many people start taking a second look at their health insurance coverage.  Did you know that at least 70% of American adults will need long-term care services and support sometime in their lifetime?* Saving for long term health care is important as median costs continue to rise: $87,600/year for private nursing home rooms, $42,000/year for assisted living facilities, and $45,188/year for home health aide services are just a few of the annual cost averages reported on a 2014 Gemworth Cost of Care Survey!*  How will cover these expenses for yourself and your family?

·         Out of Pocket – Costs vary greatly by state – around $8,000 per year to upwards of $100,000 per year; start saving early!

·         Medicare + Medicaid – Benefits may be available for home health care, but only if certain conditions are met.  Don’t assume you’ll be covered.

·         Insurance – Helps pay for care and protects assets up to the amount of your policy.  Evaluate coverage options before you need it.

If you have questions and would like to meet with a financial representative, Honor Financial Group is a great first step.  Give us a call to set up an appointment today.  And, don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

To listen to Y-Country's Mark Durocher and Honor Credit Union's Greg Hildebrand talk about long term health care, click on the Mason Jar Monday episode below!

 

 

Swipe, Sign, & Done!

It’s Holiday Shopping Season! And while some Bah Humbug at the thought, if you’re like me, you’re excited! The holiday decorations, the lights, the smells, the yummy holiday treats- I can’t wait! But there’s one little thing you should keep in mind when heading to the shops for gifts and sales- debit vs credit when swiping your plastic.

 

The Facts–

·         When you swipe your debit card and choose Debit, this means the machine will ask you to enter your PIN (Personal Identification Number). Then the money will automatically come out of your checking account right then and there. However, if you choose Credit, this means you are requesting to conduct a signature-based transaction, which requires just your signature--not your PIN--to complete.

·          You can also conduct signature-based transactions over the Internet or telephone, where you don’t have to have a physical signature  

·         Not only is swiping and signing better than swiping and punching in your super-secret number, there are other benefits to signing off instead!

·         Signing instead of using your PIN greatly reduces the risk of exposing your PIN number to identity thieves.

 

  For signature transactions –

·         Make shopping easier by just swiping your card and signing for your purchase. At Honor, we recommend you sign and run your Debit card as “credit” when you are given the option

·         You can even up the security of your card by registering your MasterCard Secure Code.

·         Honor’s Debit MasterCard Prewards allow you to save at your favorite stores instantly via text, email, or online! Sign up online at Honorcu.com

 

Tips for signing-

·         With most store signature pads, selecting Credit allows you to sign your name instead of punching in your PIN

·         Even if you have already selected Credit, you may be asked to enter your PIN.  Ask the cashier to run the purchase as Credit.

·         Many times, this means hitting the “red” button or the “cancel” button

 

·         For smaller transaction amounts, a signature may not even be needed.

 

 

Don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

Ways Your Credit Union Can Help You Raise Your Credit Score

It’s that little three digit number that determines a whole slew of things in your life, from if & when you’ll get that mortgage for the three bed, two bath ranch style on Main Street, or a loan for that Mustang GT you’ve been dreaming about since you could drive. It’s your credit score; And it packs a punch. But if your credit score is less than stellar, never fear! Your credit union is here! Most credit unions offer a number of ways to help out their members with polishing up their tarnished score. Here’s a few ways your credit union may be able to help!

1.    Credit Building Loans-These loans are usually given out in small amounts, usually no more than a few thousand, with relatively low interest rates. They’re aimed at helping members rebuild their credit over time, through making your payments on time each month. The loan amount is deposited into a savings account as collateral, and it can't be touched. When the loan is repaid, the member gets the balance in the account, including dividends. Monthly payments are reported to credit bureaus, bumping up your score.

 

2.    Secured Cards-A secured credit card can be a creditworthy tool for people with little or no credit histories. Typically, a savings account is used as collateral against a credit card loan. Your borrowing power builds over time, as you make more deposits into your account. Many credit unions offer secured credit cards, so there are lots of choices. Some even waive annual fees and give you free credit scores.

3.    Online Tools-Many credit unions offer a multitude of credit building tools. Honor Credit Union has free online resources, such Money Desktop, which keeps all of your accounts and bills in check in one convenient, online location for you to keep track of your finances and when payments are due. Honor CU also has Account Alerts. You can set up automatic reminders for when your payments are due, when automatic deposits or withdrawals are processed, and it can even let you know when your balance is getting low! Check with your credit union to see what sort of online tools they have available that can get you on the right financial track and bring your credit score back up!

Getting out of debt is hard, but bringing your credit score back up is even harder. But don’t be discouraged! With dedication and close attention to bills and due dates, you can have your score back in the green in no time!

 Don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

Don’t Do These Four Things If You Want To Save Money

You’re focused on spending less and saving more – especially with the expensive holiday season fast approaching.  You try to be smart with purchases and put money in to your savings each month.  But what if all that effort and hard work you’re putting in is backfiring?  Avoid doing these three things to make your mission to save money more successful:

1.     You spend TOO MUCH time trying to find the best deal.  You know that saying, time is money?  Well, it’s true!  Be diligent, but if every time you find a good deal you spend so much time making sure it’s the best deal that the good deal actually passes or is sold out, you really didn’t save anything did you? Do your research when you’re shopping but don’t over-analyze to the point of missing out on savings!

2.    You buy cheap stuff.  Often times, we try to save money by purchasing the cheapest option available.  Not a bad thing in some cases, but in others that lowest price tag comes with the lowest quality.  Depending on the item you are hunting for keep quality in mind.  Don’t spend more money having to replace something every month if you would have just gone up one price bracket and been able to keep that option for a year or more.

3.    You buy things because they’re on sale.  A good deal can be hard to pass up, but did you really need that item?  Money spent is not money saved any way you cut it.  Avoid purchasing something just because it’s on sale if it’s not something that you really needed in the first place. 

4.    Your savings is a little too accessible.  Technology can be a beautiful thing, but with it comes the need for additional discipline.  It is as easy as a few swipes on your smart phone to transfer that hard earned savings in to your checking account when you’re at the store staring at that new item you just have to have.  If you find yourself tempted like this often, maybe make it a little harder to make that transfer.  Utilize the tools available in online banking to set some limits for yourself and make your savings stay in savings.  

Don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!