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Healthcare Expenses Increasing Faster than Personal Revenue
According to the Commonwealth Fund, health insurance costs are rising faster than personal income in all 50 states. Deductibles and other out of pocket expenses continue to go up, while incomes are going down. The Commonwealth Fund’s study discovered several reasons for the rise in health care costs over recent years. Among the findings, it was discovered that employers are charging their employees higher costs to participate in health care plans. In addition, deductibles have risen 98 percent since 2003. This means that most people will have to pay for their own healthcare costs out of pocket for a greater length of time before their coverage kicks in. in addition, total premiums that employees pay annually average $3,721.
This news hits close to home for many Americans who are dealing with other economic problems already. With employment rates mostly stagnating, foreclosures going up, student loan debt reaching one trillion dollars, and incomes going down, it’s not getting any easier for most Americans to stay financially solvent in these trying times. For many Americans, the rise in health care costs is beginning to make the very idea of survival economically prohibitive. .
Many Americans, on the other hand, are being forced to discover creative new ways to pay for their health care costs. For example, some individuals whose incomes are preventing them from getting covered may take out short term loans in order to meet rising medical costs. Many short term loans are available, each coming with its distinct set of pros and cons. Payday loans, for instance, are one of the most popular types of short term loan. However, for most Americans they’re not a feasible option for paying medical costs since they are usually only for a small amount and come with a short repayment period. This may influence some to turn instead to collateral loans, which offer a more robust amount in exchange for some piece of the borrower’s property. One type of collateral loan that’s becoming increasingly popular is called a car title loan. Motorists may find these to be a better option than other short term loans since they typically charge lower interest and come with longer repayment periods. Consumers who are interested in more information about car title loans can access sites such as http://tfciloan.com and http://acartitleloan.com
While there may be more than one way to skin the cat of health care costs, one thing is certain. Americans are going to need to take all the financial help they can get as health care costs continue to make themselves out of reach. It’s simply irresponsible to live without health insurance, even if you find that it takes a chunk out of your discretionary income. To pay for ever rising health care costs, Americans will just have to budget more wisely.
Why a Prepaid Debit Card and Not a Credit Card?
Prepaid debit cards are a good alternative to credit cards for anyone who is trying to control their spending. A prepaid debit card allows a consumer to deposit their money into a virtual account that can be accessed through a debit card. Once the funds are depleted, the consumer cannot spend anymore.
Unlike a credit card, a prepaid debit card does not allow a consumer to spend money he or she doesnt have. This prevents the consumer from racking up debt that he or she cannot pay off. Additionally, there is no interest charged on a prepaid card, and no bills to pay at the end of the month.
All these make the prepaid debit card a more responsible tool for budgeting and spending money, at least compared to a credit card.
In addition to controlling spending, many people like to use prepaid debit cards to send money abroad or give a gift to a relative or friend. Since these cards are easy to load and mail, they are ideal for people who need to send money abroad. In fact, they are safer than sending cash or checks through the mail, since many cards are able to be re-issued if the proper paperwork is kept. These debit cards can be used in many countries. A Visa debit card is particularly convenient since it can be used at thousands of stores and restaurants that also accept a Visa credit card.
Unlike credit cards, debit cards do not charge interest, but there are a few fees involved with using them. Just like a checking account at the bank, most prepaid cards will charge a maintenance fee once a month, as well as a small transaction fee when the card is used. Prepaid cards such as a Visa debit card do this in order to recoup their costs for issuing the cards and transferring the money from the card to the merchant or to other accounts. However, these payment and transfer fees are very low compared to those charged by banks for similar transactions.
All in all, prepaid debit cards are a great way to control spending through the holiday season, an excellent alternative to a high fee checking account, and an inexpensive way to transfer money to relatives and friends abroad.