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Hey guys, can anyone give me some pointers on medical billing? I went to the ER last month, they had me pay the $150 deductible printed on my insurance card up-front, and now I keep getting bills for $87 from the hospital even though, as I understand it, the copay should be the maximum I have to pay. Is this correct? Shouldn't they be going after the insurance company for any additional money since they got my copay already? I believe the insurance already paid out over $1000 (for an x-ray and a valium prescription). My dentist used to bill me the same way and I would just ignore the second bill... the way I understood it is that it's some sort of massive overbilling dance that doctors and insurers do to rip each other off. Is there any truth to this? I know $87 seems measly and I should just pay it, but it's a lot at minimum wage and I don't have any guarantee that they won't change their minds about how much I owe once they start getting cash out of me. Thanks!
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Aug 10, 2012 15:56
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It may be your copay for a separate procedure. Call them and talk to them about it. Demonstrate that you make minimum wage, ask for financial assistance, and they may just waive it. If you ignore it, they'll send it to collections and that sucks for everyone.
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Aug 10, 2012 16:04
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These kinds of things happen all the time with medical bills; I would call the insurance company first. $87 bucks isn't measly either, I would call if they tried to over-charge me 5 bucks. Don't let people take what they don't deserve. Also, gently caress American Hospitals, gently caress em.
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Aug 10, 2012 16:59
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Vestral posted:I have a question. I am going to lend a friend some money to invest in her business as a personal loan. The intelligence of this move is not up for discussion, I'm going to do it, for better or worse. The question is, she wants to do things 'properly' and by that she means she wants a written contract of the loan and conditions of paying it back and interest etc etc. She also wants this done in a legal way, ie she said I should see a solicitor to get a document drawn up. This is where I'm out of my depth. I've never needed the services of a solicitor so I don't know where to start. Is there a specific kind of solicitor who deals in personal loan contracts? What sort of thing do I need to bring to any meeting with one, just an outline of the contract conditions and they can write one up? My free advice is if you value your friend and your money don't do it but since you made up your mind you want to speak to a lawyer.
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Aug 10, 2012 17:15
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Yeah, there are people who can definitely do what you want but I know people who have done everything right with personal loans and were still never repaid in the end. I would just give her the money as a gift and tell her to go to a bank if she wants an official loan.
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Aug 10, 2012 17:19
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Open a CD with the money and then have her use it as colleteral for a cash secured loan. You make interest and you have a mechanism inbetween you and the transaction. This abstraction is really the best of both worlds because someone else will be collecting the money and someone else will be doing the dirty work if and when she defaults.
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Aug 10, 2012 19:11
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Vestral posted:I have a question. I am going to lend a friend some money to invest in her business as a personal loan. The intelligence of this move is not up for discussion, I'm going to do it, for better or worse. The question is, she wants to do things 'properly' and by that she means she wants a written contract of the loan and conditions of paying it back and interest etc etc. She also wants this done in a legal way, ie she said I should see a solicitor to get a document drawn up. This is where I'm out of my depth. I've never needed the services of a solicitor so I don't know where to start. Is there a specific kind of solicitor who deals in personal loan contracts? What sort of thing do I need to bring to any meeting with one, just an outline of the contract conditions and they can write one up? The part of your plan that I really don't like is you are taking on so much risk for so little return. And no matter what the outcome someone is going to feel resentful. Lets just say that her business has a 50/50 shot of making it. If it loses, you get back nothing. If it wins, you get your money back with a little bit of interest. Does unlimited downside potential coupled with no upside potential bother you? Lets think of other scenarios. Business fails and she feels horrible about it and still pays you. She scrapes by, never goes to the movies with her friends, never does anything fun until you are paid back. Do you think she will feel resentful of you that even after she fell flat on her face with her failed business she has to live like a monk to pay you back, and you don't even really need the money. Business is sort of doing OK, you are slowly getting paid back. She needs a new car and buys one. You might not say it, but you will think it, maybe she didn't need the one with the sunroof, and how much did it cost anyway? What if she decides to go on vacation? What if she just decides she doesn't want to pay you back? Are you really going to bring her to court? My point is that there are a million ways this could screw up, and even if it works out in the end, it puts a strain on both of you. How about this for a suggestion: You don't lend $10,000. You invest $10,000 in her business. You are entitled to 30% of the profits for 3 years, up to $15,000. If the business doesn't make a profit that quarter, then you don't get paid that quarter. If after 3 years, you have only been paid back $8000, then that meant you bought a stock that went down. I'm making up numbers here, but you get the idea.
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Aug 11, 2012 22:25
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Got a question about zombie debt. I just got a debt collection letter from a company called Convergent Outsourcing asking me to settle on a debt for Sprint. The kicker: I'm pretty sure I had a contract with them back in 2001, but it would have been closed out well before 2004, and I'm 99% sure I paid my bill off when I switched to Verizon. On the back of this letter it says I have 30 days from the time I receive the notice to dispute the validity of this debt, or they will consider the debt is valid. Importantly, I checked and this debt isn't showing up on my credit report. I did some research and Convergent Outsourcing is a company that buys up junk debt and attempts to collect on it. Since I have no wish to give these people money, what is my best option? Ignore it? Send a certified letter disputing the debt and telling them to show me documentation of the supposed debt? They seem to send me a letter or call me about once a year, and I'm tired of it. How do I get them to go away forever?
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Aug 14, 2012 02:05
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If you dispute it, doesn't that reset the clock on the debt and allow them to go after it again? Or something like that?
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Aug 14, 2012 05:23
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Am I on the right track re: debt consolidation? I have the following credit cards: Credit union: $300 balance, $500 limit. 9.90% APR Chase: $1400 balance, $2000 limit. 16.24% APR Citi #1: $1500 balance, $2000 limit. 1 month remaining at 0% APR, 15.99% after that. Citi #2: $0 balance, $2000 limit. 0% APR for 18 months on balance transfers, 21.99%(yikes!) after that. Currently I'm paying the minimum on my CU card and $100 each on the Chase and Citi accounts. What I'm planning on doing is transferring the balances from the CU and the Chase card (a total of $1700 + 3% balance transfer fee) to the Citi card I'm not carrying any balance on. Then, go back to using the CU card for revolving credit and pay $100/mo each on the two Citi cards. Flaws? Any way to pay even less in interest?
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Aug 14, 2012 14:50
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Mandals posted:Got a question about zombie debt. You want to visit this thread for information on dealing with collectors. Because they aren't the original debt holder, there are a ton of rules that the collections agency has to follow, and it is in your interest to make them jump through every hoop. If they don't, it can sometmies allow you to claim damages against them. So read up and know your rights and their duties!
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Aug 14, 2012 15:00
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thelightguy posted:Am I on the right track re: debt consolidation? The flaw is you're using revolving credit when you have $3200 in debt and only $200 extra on top of your minimum payments. Consolidate the debt if you want but expect to be in the same hole 18 months from now when you're paying off the CU card after a series of monthly "emergencies."
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Aug 14, 2012 15:05
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E: Actually, gently caress responding to you, that was just totally unhelpful. Better question: Are there any options for paying off that nagging debt, while giving the banks as little as possible, that would be better than using the spare card with the balance transfer option? Assume that I'm a competent human being with self-control and basic budgeting skills. (USER WAS PUT ON PROBATION FOR THIS POST)
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Aug 14, 2012 15:09
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Probably a dumb question but it just popped into my head and I wanted to ask, Is it possible to create an LLC and then transfer ownership of debt to that llc? For example, a mortgage? edit: I should have just googled this: quote:Generally, when this question is asked it is two fold. One, how are previously purchased equipment or previously incurred debt transferred to a limited liability company when an LLC is created later for a business.
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Aug 14, 2012 15:30
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thelightguy posted:E: Actually, gently caress responding to you, that was just totally unhelpful. "Giving the banks as little as possible" in this case would be you paying your debt in full immediately. Without any indication of your income or budget, it's hard to see what steps you could take to get there. Help yourself by including what your monthly expenditures are.
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Aug 14, 2012 15:31
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Thelightguy, the best way to avoid paying the banks interest is to pay off the debt as quickly as possible, and the best way to do that is to not add to it. Whether or not you do the balance transfer (with which as little debt as you have seems like a risky move) I would recommend not using the cards at all for anything anymore and going to cash. Not only will you spend less but you almost certainly won't end up in a situation where all of your balances are higher than when you started without extraordinary circumstances.
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Aug 14, 2012 15:34
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El_Elegante posted:"Giving the banks as little as possible" in this case would be you paying your debt in full immediately. Without any indication of your income or budget, it's hard to see what steps you could take to get there. Help yourself by including what your monthly expenditures are. Right. I've got $1500 in cash, an unpredictable monthly income that ranges from $1700 to $3000 after-tax, base monthly expenses (rent, food, utilities, work-related expenditures) of roughly $1400 (not counting any debt payments) and no large assets of note. My goals thus far have been to put a minimum of $200 towards the debt each month, put the rest into various savings and retirement, to replace the $3000 I wiped out while unemployed, and after I do that, pour the rest into paying down the cards. My credit rating is steady at 670, and the main reason I'm trying to pay these down is to raise my credit rating so I can get a better rate on a new vehicle.
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Aug 14, 2012 16:15
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If the return you're getting on your savings accounts and retirement investments is less than the APR on those cards, which it pretty much has to be, wouldn't it be better used knocking out those debts quick? It sounds like you have a 1-month buffer with the cash, personally at that point I'd defer building the emergency buffer till you're out of the hole. The whole point of that $3000 unemployment fund you blew through last time was so you wouldn't lose money to the banks by using the CC as an emergency fund. Correct me if I'm wrong but now it sounds like you're paying them interest (or at the least a $50 transfer fee) for the privilege of building it back up?
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Aug 14, 2012 16:24
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If you can, try to break down your expenses by food, insurance, utilities, etc. in order to see where you can cut back if possible. One other thought: at your level of income/stability where you can only guarantee net $300 after expenses, financing a new car purchase is not a good decision. I'm also going to paraphrase Zeta Taskforce-hopefully without mangling it. He once wrote that the difference between the financially savvy and the terminally indebted is that the former ask "can I afford this purchase?" vs "can I afford the payment." Right now it sounds like your approach doesn't see all the costs involved in the car-insurance, maintenance, things that through no fault of your own could easily send back into debt. El_Elegante fucked around with this message at 16:38 on Aug 14, 2012 |
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Aug 14, 2012 16:27
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Repair costs on my current vehicle (S10 Blazer) aren't much less than what a car payment would be and are rising, and used cars that fit my needs and are in the price range I could pay cash for aren't any more reliable. Here it is broken down, thank god for Mint. Groceries: $60/mo (Work buys me meals, plus my parents occasionally send me gift cards.) Phone: $60/mo Rent: $660/mo Water/Sewer: $60/mo Electric: $75/mo Gas: $75/mo Internet: $70/mo (Split with my roommate.) Car Insurance: $50/mo Fuel/tools/vehicle parts: $250/mo I'm in the process of looking for someone to rent out the front bedroom, which would give me another ~$400 guaranteed income, but I'm not counting that until it happens. corgski fucked around with this message at 17:08 on Aug 14, 2012 |
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Aug 14, 2012 16:49
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I think you're talking about trading a $250 Blazer Problem for a $350/month New Car Problem with the following drawbacks: -higher insurance -the guarantee that you won't be out from under it for years. Your blazer might cooperate for a full month, but a new car loan won't go into remission till it's gone. -none of that will be getting invested in tools -thousands will be paid for that new car sparkle -for lack of a down payment, you're still going to eat poo poo in interest even if you get yourself an ideal rate. Alternatively with the financial surpluses you're showing here, $340 minimum with some months much higher, you could potentially be debt-free in 10 months and probably have a nice pile started for your next car if you can just squeeze another year out of the blazer at your current terrible maintenance rate. Also I think when your "main reason" for paying down your debt is so that you can acquire more, you need to look hard at that. You can't pay cash for an acceptable used car, but that doesn't mean the next logical step is to take out a loan for a brand new car. There's a middle ground you're ignoring where you get a used car loan and get something that could last for years if chosen and maintained well, which it sounds like you probably know how to do. Dismissing the difference between an $18,000 and a $4000 loan is the mark of someone who isn't quite thinking of debt in terms of real money missing from your pocket today, and I think making a concerted effort to make the current $3000 debt go away ASAP might correct that. Your consolidation plan is fine on paper but without the intention of eradicating the debt completely and permanently it's also not going to do you much good (like the unhelpful guy hinted at).
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Aug 14, 2012 18:54
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In thelightguy's defense, I don't think he meant a new car as in brand new, but rather as in one that's not the one he currently has. I'm still not sure I agree that's the best move, though. Unless there's some sort of serious engine problem, I don't see how it could possibly be costing more than getting a newer vehicle. Even if there is some sort of chronic problem, the better approach might just be to stop maintaining it and run that poo poo into the ground. You'd be surprised how long a car can last without doing anything to it except fill the gas tank and keep air in the tires. Not forever certainly, but if you're basically just going to get red of it anyways you've got nothing to lose. You can also cut your insurance back to the legal minimum liability, whereas a car with a lien will need full coverage.
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Aug 14, 2012 19:11
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Removed since I think I know what I'll do for now...
NarkyBark fucked around with this message at 00:34 on Aug 19, 2012 |
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Aug 15, 2012 06:29
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NarkyBark posted:Incoming wordy angst post. I feel basically frozen into indecision at this point. Clearly Option 1. Housing markets go up and down, so why would you sell low when you have no problem making your mortgage payment? Keep on paying your mortgage (just like you planned you would!) and throw in more when you can. I understand it can be frustrating to watch the value of your assets ride the roller coaster, but ultimately you're on track with your mortgage -- you're almost 25% of the way there! The money that has "disappeared" could easily be back (and then some) in 20 years. Nobody has a clue what things will be like in 20 years, after all...
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Aug 15, 2012 07:41
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Don't throw all your savings into it. You need retirement savings and I'm guessing from your post that you'd be spending those. Fraternite is probably right, unfortunately. Could you post a breakdown of your assets & your budget so we have a better idea of what situation you're in? It might at least be possible to help you work on the not quite paycheck-to-paycheck situation.
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Aug 15, 2012 15:12
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It does suck not being able to refinance, so if there is a way to make that happen without draining tons of your resources I would definitely explore that. However, I would try to get out of the mindset of what your house is "worth" to the market because that only matters if you're selling it. Otherwise it's a possession that you use on a daily basis. You don't constantly go around assessing the value of your television or your movie collection or your computers or your clothing. I know mortgages can make it tough to get out of that mindset on a house, but it will really make you happier if you can switch your thinking to "I am continuing to make payments on a sum I borrowed in the past to purchase something" from "I owe more money than I could get from selling this item today."
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Aug 15, 2012 15:24
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So I'm looking to start setting aside some extra money with the purpose of getting a house in 8-10 years. I've been thinking about making additional contributions to my IRA for improved growth and then withdrawing the money for the payment down the line when I'm ready to pick up the mortgage. Is this the best option?
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Aug 15, 2012 17:53
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What kind of IRA, normal or Roth? If it's normal, you'll get hit with penalties if you take it out early. You can take it out of the Roth, but not more than the original amount you put in- meaning you'd get more money for your retirement I guess, but you wouldn't be able to use the growth on your house downpayment. Also you can only put $5k a year in a Roth so I'd keep that for retirement personally anyway. Then there's the big fat glaring issue: anything you put in the market can disappear. This is a risk you accept with long term things, and 8-10 years is probably fine, but do be sure to weigh the inherent risk before you put your downpayment savings into investment. On the other hand, it's not like there are any savings vehicles right now that will get you reasonable growth anyway. ALTHOUGH... if we're talking 8-10 years, savings/I bonds might be a pretty darn good way to go.
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Aug 15, 2012 20:33
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psydude posted:So I'm looking to start setting aside some extra money with the purpose of getting a house in 8-10 years. I've been thinking about making additional contributions to my IRA for improved growth and then withdrawing the money for the payment down the line when I'm ready to pick up the mortgage. Is this the best option? My wife and I are in a similar situation to you. We're saving to purchase a house in 10-12 years, but we're planning on paying cash for it while we rent for now. She's active military and will be PCSing every three or so years, which really isn't enough time to build enough equity to take care of closing costs on the purchase and sale of the houses. We're using a regular, taxable investment account with a relatively conservative investment plan that we're trying to get a 5% return on (heavy into tax-exempt municiple bonds). Saving $2100/month into it we'll have 200-250,000 for a home when we're done.
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Aug 15, 2012 21:22
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SlightlyMadman posted:In thelightguy's defense, I don't think he meant a new car as in brand new, but rather as in one that's not the one he currently has. I'm still not sure I agree that's the best move, though. Unless there's some sort of serious engine problem, I don't see how it could possibly be costing more than getting a newer vehicle. Even if there is some sort of chronic problem, the better approach might just be to stop maintaining it and run that poo poo into the ground. You'd be surprised how long a car can last without doing anything to it except fill the gas tank and keep air in the tires. Not forever certainly, but if you're basically just going to get red of it anyways you've got nothing to lose. You can also cut your insurance back to the legal minimum liability, whereas a car with a lien will need full coverage. Yes, sorry I wasn't clear. By "new" I meant "new to me." Realistically, it would be a $6000 used compact pickup or something similar with a drivetrain warranty. And as for running a vehicle into the ground with no maintenance, you obviously haven't lived in Pennsylvania. Just to pass the annual safety inspection, you have to meet a bunch of draconian policies that have no real impact on the safety of the vehicle, but cost lots of money and time to fix. I'm already doing the bare minimums, but the minimum to be safe and functional is a lot less than the minimum to be legal. I've been tempted to drive down to FL and get it titled and registered at my parent's house, but I'm not sure of the legality of that. Remy Marathe posted:I think you're talking about trading a $250 Blazer Problem for a $350/month New Car Problem with the following drawbacks: Once you factor in the cost of having to turn down contracts because my truck is on blocks for a week and the value of the time I spend wrenching on a junker that could be better spent elsewhere, it's more like a $600/mo blazer problem.  But anyway, thanks for the advice. corgski fucked around with this message at 01:15 on Aug 16, 2012 |
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Aug 16, 2012 01:12
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NarkyBark posted:Incoming wordy angst post. I feel basically frozen into indecision at this point. Where in MA are you? I didn't know that we had $100,000 condos. I hear that you feel beat up. But to put things in perspective, you didn't flush $50K down the toilet. You have had a place to live for the last 7 years. When you bought it in 2005, everyone told us that your home was an investment, it was solid, not like some internet stock, it would always go up, and you had to buy now because if you didn't it would become even less affordable, so it was worth stretching to buy. It hasn't been a great investment, but it has given you it's primary function, a roof over your head. Values will come back too. There was a huge run-up in the 80's, it peaked in '89, and then it crashed people had a hard time selling anything. Prices bumped along for all of the 90's and basically went no where. Over 7 years how much rent would you have paid? Perhaps less than your mortgage, but not $50,000 less. I've lived in apartments I loved only to have to move when the landlords daughter became pregnant, or the landlord sold it. Moving is expensive and annoying. You have gotten bigger refunds. Your balance is coming down, and that is a type of saving. You can paint things whatever color you want, and if you decide you want a new stove or new cabinets, you can get it and not be putting money into someone else's house. If you are only saving a couple thousand a year, there may be other issues. If you owe $117K now, you probably started out somewhere around $130K. Your payment with taxes and insurance can't be much more than $1000/mo. About $600 or $700 of that is tax deductible, your refunds are probably $1000 more/year than the equivalent renter. The mortgage is not your problem. You don't have any other debt. Do you have an income problem? Hobbies that you are not telling us? Have you looked at the HARP program? It is specifically designed to help homeowners refinance who are underwater in their houses. If you are not paying PMI, they can't charge it to you post refinance. You don't even have to stay with the same lender.
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Aug 16, 2012 01:56
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Here's a quick one. My girlfriend and I have had joint finances for the past three years, and she's pretty much run the show. She consults me on large purchases, but I've taken a back seat, pretty much. I haven't had a problem with this, as we've lived comfortably, have always paid our bills on time, and have bought a new car which we paid off within a year. She's got a lot on her plate (working full time & completing her honours full time), so I've taken over our finances. We've also got our wedding coming up in 3 months. Anyway, the only debt we have is a maxed out $3000 limit credit card. Now, we bring in pretty good money for our age, combined just over $8000 take home pay a month. My girlfriends way of dealing with the credit card was to chip in $100 or $200 when we had it 'left-over'. Right now, we've got $3100 cash, which my girlfriend was going to put in to the 'Wedding Budget' account, but I figure we'd be better off paying off the $2800 credit card straight up, then if we need to pay for something, we'd use the left over 'Wedding Budget' cash, then the credit card if we had to, which would then be more manageable to pay off. At the moment we're paying between $50 & $70 a month on interest, which isn't massive, but I'd obviously rather have kept that money than not. I really can't see any downside to just paying off the credit card, can you guys?
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Aug 16, 2012 02:28
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Sure can't. Go for it! Then treat yourself to an ice cream for being prudent. 
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Aug 16, 2012 02:52
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I had posted a few months ago about prenups and am back with an update for those who also live in California. We talked to a family lawyer and apparently as long as we keep our marital and premarital assests separate, no prenup is necessary. Basically California is a community property state which recognizes premarital assests as separate property without needing a prenup. We just have to be disciplined about how we keep our money separate in case either one of us have to prove it in court. The lawyer told us that if we wanted to give her six hundred bucks to do the prenup she'd be glad to but she wouldn't recommend it. FYI for anyone in the same situation.
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Aug 16, 2012 02:55
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Eggplant Wizard posted:stuff Gotcha. I thought you could take out up to a certain amount for the purchase of the house  . Would a flexible CD that allows contributions before the maturity date be a good way to go, too? The rates tend to be a lot lower than a traditional CD, but they still put out more interest than a savings account. I was also looking at tax exempt bonds as some of them have a reasonably high rate of return.
psydude fucked around with this message at 03:38 on Aug 16, 2012 |
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Aug 16, 2012 03:36
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Eggplant Wizard posted:Sure can't. Go for it! Then treat yourself to an ice cream for being prudent. Done! 
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Aug 16, 2012 03:49
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I hope you have 3100 cash as in "we've just got that left over from this month's paychecks" and not as in, "we've only got 3100 period" because if that's what you mean then I have no idea what you guys are doing with 8 grand a month. But that's probably not what you mean.
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Aug 16, 2012 05:23
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HairyNipple! posted:Here's a quick one. My girlfriend and I have had joint finances for the past three years, and she's pretty much run the show. She consults me on large purchases, but I've taken a back seat, pretty much. I haven't had a problem with this, as we've lived comfortably, have always paid our bills on time, and have bought a new car which we paid off within a year. I think you need to look into your finances a lot more closely. None of this really makes any sense.
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Aug 16, 2012 05:27
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Harry posted:I think you need to look into your finances a lot more closely. None of this really makes any sense. Totally agree with this: if you're bringing in $8000/mo and are still carrying a $3000 credit card debt and only have $100-200 "left over" each month your finances are really seriously screwed up unless there's something very major you're not telling us about like how you're $200,000 in student loan debt or have an underwater mortgage on a $700,000 house. Guinness fucked around with this message at 05:34 on Aug 16, 2012 |
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Aug 16, 2012 05:32
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I am not eligible for HARP, my loan is not owned by freddie or fanny. Removed the rest of the post, I think I know what I'll do for now... NarkyBark fucked around with this message at 00:35 on Aug 19, 2012 |
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Aug 16, 2012 07:50
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