#premium finance insurance

[informative-blogger123]

Unlocking the Power of Premium Finance Insurance

When it comes to managing business expenses, especially in the realm of insurance, many entrepreneurs feel overwhelmed. The good news? There’s a powerful financial tool at your disposal—premium finance insurance. This innovative approach not only eases the burden of upfront insurance costs but also opens doors to better coverage options and cash flow management. Whether you’re a seasoned business owner in Utah or just starting, understanding premium financing can help you make smarter financial decisions.

In this article, we’ll dive into the ins and outs of premium finance insurance, including what it is, how it works, and its benefits. We’ll also explore specific offerings in Utah, such as Capital Premium Financing and other local options. So, grab a cup of coffee, sit back, and let’s unpack the world of premium financing together.

What Is Premium Finance Insurance?

Premium finance insurance is a specialized funding solution that allows businesses and individuals to finance their insurance premiums over time rather than paying the entire amount upfront. Think of it like taking out a loan specifically for your insurance needs. Instead of depleting your cash reserves, you can spread the payments out, maintaining your liquidity and allowing for better financial planning.

This financial tool is particularly beneficial for those with substantial insurance costs, such as commercial property owners or businesses with complex insurance needs. By financing your premiums, you can access necessary coverage without compromising your cash flow.

How Does Premium Financing Work?

The mechanics of premium financing are quite straightforward. Here’s a step-by-step breakdown:

Choose Your Policy: First, you’ll select the insurance policy you wish to finance. This could be anything from liability insurance to workers' compensation.

Engage a Lender: Once you have your policy, you’ll work with a financing company (like Capital Premium Financing Utah) that specializes in premium financing. They’ll evaluate your insurance needs and provide options tailored to your financial situation.

Loan Terms and Agreement: After agreeing on the loan terms, you’ll sign a financing agreement. This document outlines the repayment schedule, interest rates, and any other fees involved.

Pay Your Premiums: The lender will pay your insurance premiums directly to the insurance company, while you’ll make regular payments to the lender based on the agreed-upon schedule.

Coverage Continuity: With your premiums financed, you can maintain your insurance coverage without financial strain.

Benefits of Premium Financing

Now that we’ve covered how premium financing works, let’s look at its many benefits.

Improved Cash Flow Management

By spreading out your insurance payments, you can manage your cash flow more effectively. This is particularly important for businesses that experience seasonal fluctuations in revenue. Instead of draining your cash reserves to pay a lump sum, you can allocate your funds more strategically.

Access to Higher Coverage Limits

With premium financing, you may have the opportunity to purchase higher coverage limits than you might otherwise afford. This is crucial for businesses that face significant risks and need robust insurance protection.

Flexible Payment Plans

Most premium financing options come with flexible payment plans, allowing you to choose a repayment schedule that fits your budget. Whether you prefer monthly, quarterly, or annual payments, you can find a plan that works for you.

Potential Tax Benefits

In some cases, the interest paid on a premium finance loan may be tax-deductible as a business expense. Consult with your tax advisor to determine if this applies to your situation. This could be an added benefit that makes financing even more attractive.

Improved Risk Management

By maintaining adequate insurance coverage through premium financing, you’re better equipped to manage risks. Whether it’s liability claims, property damage, or other unforeseen events, having the right coverage can protect your business and its assets.

Capital Premium Financing in Utah

If you’re in Utah and looking for premium financing solutions, Capital Premium Financing is a notable player in the market. They specialize in helping businesses secure the insurance funding they need to thrive. Their knowledgeable team works closely with clients to understand their unique needs and provide tailored financing options.

Why Choose Capital Premium Financing?

One of the primary reasons to consider Capital Premium Financing is their commitment to customer service. They take the time to educate clients about their options, ensuring you make informed decisions. Additionally, they offer competitive interest rates and flexible terms, making it easier to integrate premium financing into your financial strategy.

Business Insurance Financing in Utah

For businesses in Utah, premium finance insurance can be a game-changer. Whether you operate a small startup or a large corporation, managing insurance costs effectively can free up capital for other investments. From liability coverage to property insurance, financing allows you to secure the coverage you need without the immediate financial burden.

Understanding Insurance Financing in Utah

Insurance financing is a critical component for businesses looking to manage risk effectively. In Utah, several financing options are available to help you cover your insurance premiums.

Types of Insurance Financing

Standard Premium Financing: This is the most common type, where businesses finance their insurance premiums through a lending institution.

Guaranteed Issue Plans: Some lenders offer guaranteed issue plans, which allow businesses to secure financing without stringent underwriting criteria.

Customized Financing Solutions: Many financing companies provide customized solutions tailored to specific business needs. This is especially beneficial for unique or complex insurance situations.

How to Choose the Right Financing Option

With various insurance financing options available in Utah, how do you choose the right one? Here are some tips to guide your decision-making process.

Assess Your Insurance Needs

Before you dive into financing options, take a close look at your insurance needs. What coverage do you require? How much are your premiums? Understanding your specific situation will help you find the best financing solution.

Compare Lenders

Not all lenders are created equal. Shop around and compare rates, terms, and customer service. Look for reviews and testimonials to gauge the lender’s reputation.

Consider Flexibility

Ensure that the financing option you choose offers flexibility in terms of payment schedules and loan terms. Life and business can be unpredictable, so having options is crucial.

Consult with Experts

Don’t hesitate to seek advice from financial advisors or insurance professionals. They can provide valuable insights and help you navigate the complexities of premium financing.

Common Misconceptions About Premium Financing

Despite its benefits, there are several misconceptions about premium financing that may prevent businesses from exploring this valuable option.

It’s Only for Large Corporations

Many believe premium financing is reserved for large corporations with deep pockets. In reality, businesses of all sizes can benefit from financing their insurance premiums, including small and mid-sized enterprises.

It’s Too Complicated

While premium financing may seem complex, the process is relatively straightforward. With the right lender and guidance, you can navigate the financing landscape with ease.

It’s a Bad Financial Move

Some people view financing as a sign of financial instability. On the contrary, premium financing can be a strategic decision that enhances your business’s cash flow and risk management.

Conclusion

Premium finance insurance is an invaluable tool for businesses looking to manage their insurance costs effectively. By understanding how premium financing works and the benefits it offers, you can make informed decisions that enhance your financial stability. In Utah, options like Capital Premium Financing make it easier than ever to access the coverage you need without the upfront burden.

So, whether you’re a small business owner or a large corporation, consider exploring premium financing options to empower your financial strategy. By unlocking the power of premium finance insurance, you can safeguard your assets while maintaining the liquidity you need to thrive in today’s competitive market.

FAQs

What is premium financing? Premium financing is a financial solution that allows businesses to spread out their insurance premium payments over time, making it easier to manage cash flow.

How does premium financing benefit my business? It improves cash flow management, provides access to higher coverage limits, offers flexible payment plans, and may come with potential tax benefits.

Is premium financing only available for large companies? No, premium financing is available for businesses of all sizes, including small and mid-sized enterprises.

Are there tax benefits associated with premium financing? In some cases, the interest on a premium finance loan may be tax-deductible as a business expense. Consult your tax advisor for specific guidance.

How do I choose the right premium financing option? Assess your insurance needs, compare lenders, consider flexibility in terms, and consult with financial experts to make an informed decision.

[bitchesgetriches]

Which would be better to do: pay my car insurance in one lump sum reducing my emergency savings to almost nothing or put my car insurance on monthly payments which would slightly increase the amount I pay but allow me to keep my emergency savings intact. I know this is probably a personal preference question but was hoping the almighty bitches might have some input to help me make a decision.

Option #2.

I'd only pre-pay auto insurance if your emergency savings fund would NOT be depleted by it. This is what I do to save a little money every year, but my emergency fund is nice and fat and I can easily replace it within a few months when I use it.

Here's why: You will need your emergency fund to pay for your insurance deductible in the event of an insurance claim. If you've spent it all on your monthly insurance payment, then you will have nothing left for your deductible.

And if that didn't make sense, we explain all about it in these posts:

Dafuq Is Insurance and Why Do You Even Need It? 

You Must Be This Big to Be an Emergency Fund 

3 Times I Was Damn Grateful for My Emergency Fund (And Side Income) 

Did we just help you out? Tip us!

[trendynewsnow]

The Financial Impact of Teen Drivers on Auto Insurance

Your First Drive as a Licensed Teen: A Journey Begins So, you’re 16 years old, residing in sunny California, and you’ve just aced your driver’s license test. What’s the first thing on your to-do list? If you’re like many teens, it’s probably taking your family for a celebratory trip to In-N-Out Burger to indulge in a delicious milkshake and some famous animal-style fries. However, before you hit…

[rightnewshindi]

नितिन गडकरी ने वित्तमंत्री को लिखा पत्र, इंश्योरेंस प्रीमियम से जीएसटी हटाने की मांग; बताया विकास में बाधक

Nitin Gadkari News: बीजेपी नेता और केंद्रीय सड़क परिवहन एवं रा��मार्ग मंत्री नितिन गडकरी (Nitin Gadkari) ने पत्र लिखकर केंद्रीय वित्त मंत्री निर्मला सीतारमण से एक अपील की है. उन्होंने वित्त मंत्री से लाइफ एंड मेडिकल इंश्योरेंस प्रीमियम पर लगने वाली 18 फीसदी जीएसटी हटाने की मांग की है. सीतारमण को लिखे पत्र में गडकरी ने कहा कि नागपुर मंडल जीवन बीमा निगम कर्मचारी संघ ने इन मुद्दों पर उन्हें ज्ञापन…

[artisticdivasworld]

Kickstart Your Trucking Business: Financial Relief and Support Solutions

Renee Williams, PresidentFreightRevCon, a Freight Revenue Consultants, LLC. company The average cost to start a new trucking company ranges from $10,000 to $30,000, not including the cost of purchasing trucks and trailers. Here is a breakdown of the typical startup costs: Semi-truck and trailer down payment: $18,000 Insurance down payment: $4,000 USDOT number registration: $300 Business…

[kedge-soli]

The Price of Longevity: How Age Influences Life Insurance Premiums

Life insurance is often seen as a cornerstone of financial planning, offering peace of mind and security for loved ones in the event of one's passing. However, one critical factor that significantly impacts the cost of life insurance premiums is age. As we grow older, the cost of obtaining life insurance can increase dramatically. In this blog, we'll explore why life insurance premiums can become so high based solely on age and what this means for those considering life insurance later in life.

The Nature of Risk Assessment

Insurance companies operate on the principle of risk assessment. They calculate the likelihood of having to pay out a claim based on various factors, with age being a primary determinant. Statistically, older individuals are closer to the end of their lifespan than younger ones, making it more likely that an insurance company will have to pay out a policy sooner rather than later. This increased risk translates directly into higher premiums.

The Exponential Cost of Aging

The relationship between age and life insurance premiums isn't linear; it’s exponential. This means that as you age, the cost doesn't just rise steadily but accelerates. For example, the difference in premiums between someone who is 30 and someone who is 40 is noticeable, but the difference between someone who is 60 and someone who is 70 can be staggering.

Let’s take a closer look at some hypothetical figures to illustrate this point:

Age 30: A healthy 30-year-old might pay around $30 per month for a 20-year term policy with a $500,000 death benefit.

Age 50: By age 50, the same policy might cost $100 per month.

Age 70: At age 70, the premium could easily soar to $400 or more per month, and this is assuming the individual is in good health.

These figures are generalizations, but they highlight how significantly premiums can increase with age.

Health Complications

As we age, the likelihood of developing health issues increases, and these health issues can further inflate life insurance premiums. Conditions like hypertension, diabetes, heart disease, and other chronic illnesses become more common, and insurers factor these risks into their pricing models. Even minor health concerns can lead to substantial premium hikes, or in some cases, make it difficult to obtain life insurance at all.

Limited Policy Options

In addition to higher costs, older individuals often face more limited options when it comes to life insurance policies. Some insurers set age limits for certain types of policies, such as term life insurance, making it more challenging to find suitable coverage. Those that do offer policies to seniors often provide shorter term lengths or reduced coverage amounts.

What Can Be Done?

While the reality of higher premiums with age is a challenge, there are steps you can take to mitigate the impact:

Purchase Early: The most effective way to lock in lower premiums is to purchase life insurance while you are young and healthy. The earlier you start, the better the rates you can secure.

Consider Permanent Life Insurance: While more expensive initially, permanent life insurance policies, such as whole life or universal life, provide lifelong coverage and can be a better long-term investment for those concerned about future insurability.

Shop Around: Different insurance companies have different underwriting criteria. It's worthwhile to compare quotes from multiple insurers to find the best rates for your age and health status.

Healthy Lifestyle Choices: Maintaining a healthy lifestyle can help you qualify for better rates. Regular exercise, a balanced diet, and avoiding smoking can all contribute to lower premiums.

Conclusion

Age is an unavoidable factor that dramatically influences life insurance premiums. While it poses a financial challenge, understanding the reasons behind these cost increases can help individuals make informed decisions about their life insurance needs. By planning early and exploring different options, you can ensure that you and your loved ones are adequately protected without breaking the bank.

Whether you're considering life insurance for the first time or revisiting your existing policy, it's crucial to stay informed and proactive. Your future self—and your family—will thank you.

[momentum1]

Get Quick Cash With Instant Logbook Loans

Looking for quick cash. Instant logbook loans provide a hassle-free option. Using your vehicle's logbook as collateral allows you to have fast access to finances. Apply now for quick logbook loans and get the money you need in few hours.

[the500group]

Stress-Free Commercial Insurance Premium Financing

It may seem like crunching numbers, but commercial insurance premium financing at The 500 Group transcends mere calculations. Streamline your business cash flow with one effortless monthly payment, revolutionizing premium management. Bid farewell to financial hiccups and embrace affordable, fixed-rate financing. Our swift application process simplifies policy securing. Benefit from improved cash flow, added security, and straightforward processes. Let us handle the finance, freeing you to focus on your business. Choose The 500 Group – where navigating insurance premiums becomes seamless.

[mostlysignssomeportents]

Insurance companies are making climate risk worse

Tomorrow (November 29), I'm at NYC's Strand Books with my novel The Lost Cause, a solarpunk tale of hope and danger that Rebecca Solnit called "completely delightful."

Conservatives may deride the "reality-based community" as a drag on progress and commercial expansion, but even the most noxious pump-and-dump capitalism is supposed to remain tethered to reality by two unbreakable fetters: auditing and insurance:

https://en.wikipedia.org/wiki/Reality-based_community

No matter how much you value profit over ethics or human thriving, you still need honest books – even if you never show those books to the taxman or the marks. Even an outright scammer needs to know what's coming in and what's going out so they don't get caught in a liquidity trap (that is, "broke"), or overleveraged ("broke," again) exposed to market changes (you guessed it: "broke").

Unfortunately for capitalism, auditing is on its deathbed. The market is sewn up by the wildly corrupt and conflicted Big Four accounting firms that are the very definition of too big to fail/too big to jail. They keep cooking books on behalf of management to the detriment of investors. These double-entry fabrications conceal rot in giant, structurally important firms until they implode spectacularly and suddenly, leaving workers, suppliers, customers and investors in a state of utter higgeldy-piggeldy:

https://pluralistic.net/2022/11/29/great-andersens-ghost/#mene-mene-bezzle

In helping corporations defraud institutional investors, auditors are facilitating mass scale millionaire-on-billionaire violence, and while that may seem like the kind of fight where you're happy to see either party lose, there are inevitably a lot of noncombatants in the blast radius. Since the Enron collapse, the entire accounting sector has turned to quicksand, which is a big deal, given that it's what industrial capitalism's foundations are anchored to. There's a reason my last novel was a thriller about forensic accounting and Big Tech:

https://us.macmillan.com/books/9781250865847/red-team-blues

But accounting isn't the only bedrock that's been reduced to slurry here in capitalism's end-times. The insurance sector is meant to be an unshakably rational enterprise, imposing discipline on the rest of the economy. Sure, your company can do something stupid and reckless, but the insurance bill will be stonking, sufficient to consume the expected additional profits.

But the crash of 2008 made it clear that the largest insurance companies in the world were capable of the same wishful thinking, motivated reasoning, and short-termism that they were supposed to prevent in every other business. Without AIG – one of the largest insurers in the world – there would have been no Great Financial Crisis. The company knowingly underwrote hundreds of billions of dollars in junk bonds dressed up as AAA debt, and required a $180b bailout.

Still, many of us have nursed an ember of hope that the insurance sector would spur Big Finance and its pocket governments into taking the climate emergency seriously. When rising seas and wildfires and zoonotic plagues and famines and rolling refugee crises make cities, businesses, and homes uninsurable risks, then insurers will stop writing policies and the doom will become undeniable. Money talks, bullshit walks.

But while insurers have begun to withdraw from the most climate-endangered places (or crank up premiums), the net effect is to decrease climate resilience and increase risk, creating a "climate risk doom loop" that Advait Arun lays out brilliantly for Phenomenal World:

https://www.phenomenalworld.org/analysis/the-doom-loop/

Part of the problem is political: as people move into high-risk areas (flood-prone coastal cities, fire-threatened urban-wildlife interfaces), politicians are pulling out all the stops to keep insurers from disinvesting in these high-risk zones. They're loosening insurance regs, subsidizing policies, and imposing "disaster risk fees" on everyone in the region.

But the insurance companies themselves are simply not responding aggressively enough to the rising risk. Climate risk is correlated, after all: when everyone in a region is at flood risk, then everyone will be making a claim on the insurance company when the waters come. The insurance trick of spreading risk only works if the risks to everyone in that spread aren't correlated.

Perversely, insurance companies are heavily invested in fossil fuel companies, these being reliable money-spinners where an insurer can park and grow your premiums, on the assumption that most of the people in the risk pool won't file claims at the same time. But those same fossil-fuel assets produce the very correlated risk that could bring down the whole system.

The system is in trouble. US claims from "natural disasters" are topping $100b/year – up from $4.6b in 2000. Home insurance premiums are up (21%!), but it's not enough, especially in drowning Florida and Texas (which is also both roasting and freezing):

https://grist.org/economics/as-climate-risks-mount-the-insurance-safety-net-is-collapsing/

Insurers who put premiums up to cover this new risk run into a paradox: the higher premiums get, the more risk-tolerant customers get. When flood insurance is cheap, lots of homeowners will stump up for it and create a big, uncorrelated risk-pool. When premiums skyrocket, the only people who buy flood policies are homeowners who are dead certain their house is gonna get flooded out and soon. Now you have a risk pool consisting solely of highly correlated, high risk homes. The technical term for this in the insurance trade is: "bad."

But it gets worse: people who decide not to buy policies as prices go up may be doing their own "motivated reasoning" and "mispricing their risk." That is, they may decide, "If I can't afford to move, and I can't afford to sell my house because it's in a flood-zone, and I can't afford insurance, I guess that means I'm going to live here and be uninsured and hope for the best."

This is also bad. The amount of uninsured losses from US climate disaster "dwarfs" insured losses:

https://www.reuters.com/business/environment/hurricanes-floods-bring-120-billion-insurance-losses-2022-2023-01-09/

Here's the doom-loop in a nutshell:

As carbon emissions continue to accumulate, more people are put at risk of climate disaster, while the damages from those disasters intensifies. Vulnerability will drive disinvestment, which in turn exacerbates vulnerability.

Also: the browner and poorer you are, the worse you have it: you are impacted "first and worst":

https://www.climaterealityproject.org/frontline-fenceline-communities

As Arun writes, "Tinkering with insurance markets will not solve their real issues—we must patch the gaping holes in the financial system itself." We have to end the loop that sees the poorest places least insured, and the loss of insurance leading to abandonment by people with money and agency, which zeroes out the budget for climate remediation and resiliency where it is most needed.

The insurance sector is part of the finance industry, and it is disinvesting in climate-endagered places and instead doubling down on its bets on fossil fuels. We can't rely on the insurance sector to discipline other industries by generating "price signals" about the true underlying climate risk. And insurance doesn't just invest in fossil fuels – they're also a major buyer of municipal and state bonds, which means they're part of the "bond vigilante" investors whose decisions constrain the ability of cities to raise and spend money for climate remediation.

When American cities, territories and regions can't float bonds, they historically get taken over and handed to an unelected "control board" who represents distant creditors, not citizens. This is especially true when the people who live in those places are Black or brown – think Puerto Rico or Detroit or Flint. These control board administrators make creditors whole by tearing the people apart.

This is the real doom loop: insurers pull out of poor places threatened by climate disasters. They invest in the fossil fuels that worsen those disasters. They join with bond vigilantes to force disinvestment from infrastructure maintenance and resiliency in those places. Then, the next climate disaster creates more uninsured losses. Lather, rinse, repeat.

Finance and insurance are betting heavily on climate risk modeling – not to avert this crisis, but to ensure that their finances remain intact though it. What's more, it won't work. As climate effects get bigger, they get less predictable – and harder to avoid. The point of insurance is spreading risk, not reducing it. We shouldn't and can't rely on insurance creating price-signals to reduce our climate risk.

But the climate doom-loop can be put in reverse – not by market spending, but by public spending. As Arun writes, we need to create "a global investment architecture that is safe for spending":

https://tanjasail.wordpress.com/2023/10/06/a-world-safe-for-spending/

Public investment in emissions reduction and resiliency can offset climate risk, by reducing future global warming and by making places better prepared to endure the weather and other events that are locked in by past emissions. A just transition will "loosen liquidity constraints on investment in communities made vulnerable by the financial system."

Austerity is a bad investment strategy. Failure to maintain and improve infrastructure doesn't just shift costs into the future, it increases those costs far in excess of any rational discount based on the time value of money. Public institutions should discipline markets, not the other way around. Don't give Wall Street a veto over our climate spending. A National Investment Authority could subordinate markets to human thriving:

https://democracyjournal.org/arguments/industrial-policy-requires-public-not-just-private-equity/

Insurance need not be pitted against human survival. Saving the cities and regions whose bonds are held by insurance companies is good for those companies: "Breaking the climate risk doom loop is the best disaster insurance policy money can buy."

I found Arun's work to be especially bracing because of the book I'm touring now, The Lost Cause, a solarpunk novel set in a world in which vast public investment is being made to address the climate emergency that is everywhere and all at once:

https://us.macmillan.com/books/9781250865939/the-lost-cause

There is something profoundly hopeful about the belief that we can do something about these foreseeable disasters – rather than remaining frozen in place until the disaster is upon us and it's too late. As Rebecca Solnit says, inhabiting this place in your imagination is "Completely delightful. Neither utopian nor dystopian, it portrays life in SoCal in a future woven from our successes (Green New Deal!), failures (climate chaos anyway), and unresolved conflicts (old MAGA dudes). I loved it."

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/11/28/re-re-reinsurance/#useless-price-signals

[zahri-melitor]

Still speculating on 'where did the $50,000 go' as far as Jack's debts. Because.

We know Bruce is quite willing to give Dick and Tim, in particular, access to money in a manner that doesn't offend them (selling the Redbird for $50,000? Dick's famous 'inheritance' from John and Mary that just happened to be worth far more than his parents likely had unless there were serious life insurance policies?).

$50,000 was more than the median US household income for 2002 (which was $42,409), and it was tax-free. In terms of a cash injection into the household budget, it presumably was more than enough money for Jack to be meeting his regular debt payments for the loans for months or potentially even years. It would have covered Tim's school fees for at least a year, so he wouldn't have had to be pulled out. It was 'your debt issues don't need to affect your son's lifestyle outside of moving house' sort of money.

And what happens to that money? They give some of it to Mrs Mac to pay for her flight back to Ireland, and then the rest of it just...goes, but doesn't seem to change the situation in terms of how much of a financial hole Jack feels that he's in. (And again, if the Bristol house was owned outright, that was a far bigger contributor to fixing this problem).

That was the sort of money that Jack should have had as a savings nest-egg for emergencies, given their family situation.

Is that $50,000 doing what Bruce clearly intended it to do, and servicing Jack's debts for the next 6 months or so until War Games and Identity Crisis hit and he dies anyway, and anything further ends up being sorted out by his deceased estate? So Jack's supporting his family on the money brought in from Tim's car? (Plus Dana's salary, but it's Jack's lack of income that has caused this situation).

Did Jack throw it all onto the principal of the loans or into an offset? So while it was bringing down his loan repayments it wasn't actually helping with the problem of the family getting by until Jack found work?

And even after Tim has just contributed FIFTY THOUSAND DOLLARS to the household bottom line (plus the savings on not paying insurance premiums for a 15 year old's vehicle, plus whatever he's sold online for Jack, because Jack just wanted to have a garage sale and would have lost even more money that way), Jack has the hide to go 'and Tim can get a job' about their finances.

Why don't you get a job, actually, Jack. Not your 15 year old who you just pulled out of school before the end of the school year. He's already contributed more than he could earn in multiple years as a kid, by selling his beloved car.

[dezyj1205]

A Rant— Sorry

I haven’t been writing because I’ve been dealing with finance issues. A while ago I had a sever kidney infection that ended with me getting a 1400$ medical bill from the radiology department in the hospital. On top of that I also received a 1000$ medical bill from the hospital itself. That’s 2400$ for a bad kidney that I CANT afford. I’m trying to find a second job because of these bills and the stress is taking away from me wanting to add to No Cut Strings. That doesn’t mean it won’t be updated but it does mean I’m asking for patience when it comes to updates.

I’m fucking pissed that I owe so much money because of a kidney infection. If I hadn’t gone to the doctor I would have ended up in kidney failure and it would have been worse but it’s still incomprehensible that survival has a cost. That HEALTH has a cost. My lowest insurance premium is 280$ and I would still be paying 70% of the cost. It wouldn’t cover emergency visits, eye, or dental. I’d still fully pay for prescriptions. I’m tired of bills. Im tired of being broke. I’m pissed that there isn’t affordable health care despite the fact it’s advertised. I’m just done with our health system in general.

Americans are some of the most unhealthy people in the world and there are reasons but rn I think a big reason is no one can afford to be healthy. Healthy food is twice the cost of junk food. Gym equipment costs more than a new bed. Gym memberships cost more than tv platforms. Dying is less expensive than going to a fucking hospital.

It’s bullshit. I’m pissed and have no creativity right now because I’m stressed to hell. I’m 👌 close to moving somewhere with free healthcare but can’t because I DONT HAVE THE MONEY.

[pannaginip]

“While the people are paying high out-of-pocket expenses, [the Philippine Health Insurance Corporation or] Philhealth is earning so much profit that the Department of Finance wants to get the surplus funds for other unprogrammed expenses like Maharlika investment,” [Dr. Edelina De la Paz, chairperson of Health Alliance for Democracy (HEAD)] said.

The Department of Health (DOH) earlier announced that there is P89.9 billion unused government subsidy for Philhealth, the national health insurance program of the government. They sought to transfer the unused funds for “unprogrammed appropriations” in the 2024 budget.

During the pandemic, the Duterte administration was urged to hold accountable ranking officials of Philhealth over the alleged P15 billion ($307 million) corruption. Concerned groups and individuals have been calling out the contribution premium hike for workers, adding layers of burdens amid massive price hikes and inflation, as well as unresolved issues in the Philhealth.

Dr. Jamie Dasmariñas of the Coalition for People’s Right to Health (CPRH) said that utilizing Philhealth requires health institutions to be accredited. “If you are poor and you do not have a barangay health station, and the nearest station is also not accredited by Philhealth, there is no other option for you,” she said in Filipino.

Dasmariñas stressed that Philhealth funds should be reallocated to barangay health stations and local government units because the process of Philhealth is also taxing for patients, and mostly falls under layers of red tape.

In a unity statement, CPRH called on the Marcos Jr. administration to set up health centers in every barangay with a complement of adequate health personnel, basic laboratories, supplies, and equipment in the wake of severe understaffing and subpar working conditions of healthcare workers.

2024 Jul. 19

[thoughtlessarse]

The widely shared view in the current political climate that immigrants place a disproportionate burden on public coffers is incorrect, according to research by Leiden University of 15 European countries. Everyone puts a burden on public finances, both immigrants and indigenous citizens take more than they contribute. But the negative balance is smaller for immigrants, who rely less heavily on social services and insurance and contribute more through premiums and taxes, the Leiden researchers found. The Netherlands did not form part of the study, but the researchers expect a similar picture. Immigration is a loud topic of debate in many European countries, researcher Olaf van Vliet, a professor of economics at Leiden University, told NRC. “A frequently heard argument in the debate is that immigrants from Central and Eastern Europe place too great a burden on government finances and social security.” His research refutes that completely. “Most immigrants who come to Western European countries do so to work and are between 25 and 45 years old. That makes them a group that, for example, relies less on pension payments, healthcare provisions, or unemployment benefits. Due to the aging population, an increasing share of the indigenous population is relying increasingly heavily on pensions and healthcare.”

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I wonder if Europe will ever get over its racist, white supremacist shit, and realise that migrants are the answer to many problems.

[posttexasstressdisorder]

https://thehill.com/business/4694024-irs-direct-file-free-tax-filing-permanent/

The free online tax filing program piloted this year by the IRS will be made permanent and its scope will be expanded, Treasury Secretary Janet Yellen announced Thursday.

Known as “Direct File,” the online platform will be integrated with state tax systems and expanded beyond the limited number of deductions that it can currently process, Yellen and IRS Commissioner Danny Werfel told reporters.

“We’re making Direct File — the new product we piloted this year — permanent,” Yellen said, touting the boost in IRS funding from the Inflation Reduction Act.

Werfel said that the size of the expansion hadn’t yet been decided but that it would gradually become larger over the coming years to include most common tax situations, focusing on those of “working families.”

Currently, the system can only process income earned in the form of W2 wages — the way most U.S. workers are paid — along with a handful of credits like the Child Tax Credit and Earned Income Tax Credit.

Werfel mentioned a number of tax situations where the IRS saw demand for inclusion in direct file, including health care and retirement tax credits.

“The premium tax credit — under the Affordable Care Act, those that get their health insurance in the affordable care act marketplace and therefore receive a premium tax credit. That was something that was not in our eligibility scope this year,” Werfel said.

“There were other refundable tax credits that were out of scope. There was certain retirement income that was out of scope,” he added.

Republicans and the private tax preparation software industry have railed against the new program. House Republicans voted to rescind funding for Direct File as soon as they took control of the lower chamber in 2023.

“There are also significant questions as to whether the IRS has the legal authority to implement such a program without congressional authorization,” Senate Finance Committee ranking member Mike Crapo (R-Idaho) said in a statement last year.

Werfel did not talk Thursday about additional types of income that could be made eligible for direct file, such as investment returns, rental property income, or independent contractor income filed on 1099-Ks.

The process of expanding Direct File will begin with figuring out which additional states will be included beyond the initial 12 where it was available this year.

“It really depends on state readiness,” Werfel said. “There will be no limit to the number of states that can participate in the coming year.”

The cost of the program for next year could be up to $75 million as outlined in the IRS’s strategic operating plan annual supplement, a sum that Werfel said the IRS would not “significantly or materially exceed.”