Posts Tagged ‘auto title loan’

Posts Tagged ‘auto title loan’

An Auto Title Loan May Keep Your From Having A Health Savings Account

autotitleloanhealthsaginsaccount

How often do you think about future medical expenses? Unless we already have a medical condition, most of us don’t spend too much time think about health issue that hasn’t occurred. An auto title loan can be used to take care of unforeseen health and medical expenses but a Health Savings Account (HSA) is the ideal way to save for future those potential expenses that aren’t covered with your health insurance.

Created in 2003, this type of savings account was created to help people save tax-free for medical expenses incurred in the future. Meaning, when it comes time to file your taxes, you won’t have to pay taxes for what you have contributed and can write off the amount of your contribution on your taxable income. This is especially good for individuals whose health insurance policies carry a high deductible.

Will an auto title loan give you the coverage you need?

With a HSA you can use the money to cover medical expenses not covered by your health insurance policy. For example: insurance deductibles, vision expenses, over-the-counter medicine and dental bills. As the individual account owner you control the account. You don’t even have to itemize your deductions when filing your taxes.

Special Note: Health Savings Accounts work only when combines with a High Deductible Health Plans (HDHP) so in order to qualify; you must be enrolled in a HDHP first. An HDHP is no more than a health insurance policy that carries a high deductible. Your deductible is what you pay up fron before your insurance kick-in to cover costs. While these types of plans have lower monthly insurance premiums, they require the insured to pay more on the front end.

For 2013, the annual contribution an individual can make to a HSA is $3,250 and for a family is $6,250. For those 55 and older, you may contribute an extra $1,000. You are eligible to contribute to your HSA begging on the date your HDHP goes onto effect. If you are covered by December 1st, you can still contribute the maximum amount allowed for that year.

For some people, an auto title loan may be a solution to paying for the cost of medical expenses. With convenience timeliness these short-term loan grant borrowers up to $5000 based on the value and equity of their automobile. They come with high fees and interest, though, so for someone who is already struggling to pay for health costs, this may not be the best solution. Auto title lenders consider these types of loan high-risk because they are granted without running a check on the borrower. Someone who applies for an auto or car title loan doesn’t need to have good credit but will still need to have a job, a checking account with direct deposit and the ability to meet the lender’s monthly income requirements. You will be expected to pay back your loan within 1-3 months. The longer you take to pay it back, the more interest you will pay. Rates and fees on auto title loans are costly so be prepared to pay quite a bit more than you borrow.

If you are a good candidate for a Health Savings Account and deiced to open one, you will be taking a very proactive approach to both your health and your finances. Borrowing should be your last resort. If you do, unfortunately have medical issues in the future, being prepared with money in your HSA will give you and your bank account peace of mind so you can take focus on taking care of yourself.

 

 

 

About Laura J Solomon

Writing lets me escape the real world and go places I would otherwise be able to do. While keeping readers informed, I too learn about the many things life has to offer.

Should An Auto Title Loan Be Part of Your “Big Day”?

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Planning a wedding can be exciting, scary, stressful and educational. It can also be very expensive! How far do you go to achieve wedding day bliss? Should you borrow on a credit car? Should an auto title loan be a part of your big day?

About Laura J Solomon

Writing lets me escape the real world and go places I would otherwise be able to do. While keeping readers informed, I too learn about the many things life has to offer.

Read more …

A Road Paved With Bad Credit Can Still Lead To An Auto Title Loan

autotitleloanroad

We live in a credit based society where our purchasing power is determined by a number. That is- our FICO score. Anyone who has purchased a home, taken out a credit card or obtained a loan of some sort has a credit score. The higher

About Laura J Solomon

Writing lets me escape the real world and go places I would otherwise be able to do. While keeping readers informed, I too learn about the many things life has to offer.

Read more …

Save Money On Your Electricity Bill And Avoid A Payday Loan

electricitybillwithautotitleloan

The rate of payday loans being taken out has skyrocketed in the past few years. With a less than ideal economy and a dip in the job market, Americans are finding it harder and harder to pay the bills, let alone save money. Taking some time to

About Laura J Solomon

Writing lets me escape the real world and go places I would otherwise be able to do. While keeping readers informed, I too learn about the many things life has to offer.

Read more …

Using The “B” Word When It Comes To Auto Title Loans

budgetforautotitleloan

The word “budget” is not a part of every person’s vocabulary. In fact, a survey done by one online legal website showed that 61% of Americans either don’t have a budget for their household or said that they have trouble sticking to it.  For

About Laura J Solomon

Writing lets me escape the real world and go places I would otherwise be able to do. While keeping readers informed, I too learn about the many things life has to offer.

Read more …

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