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Local 2409 Microsite News  RETIREES' COMMITTEE REPORT8/14/2008At one time or another during our lives, we may experience money misfortunes. Here are some major steps to take: You can't pay monthly bills because of unexpected expenses. Divide your expenses into three categories. Expenses that can't be delayed i.e. insurance premiums, expenses that might be deferrable if the lender agrees i.e. mortgage and car loans, and expenses that are discretionary i.e. eating out and new clothes. First eliminate all discretionary spending. Second, contact mortgage and auto loan providers. Explain that you had an unexpected expense and request "forbearance". Propose a specific payment plan that would make your debt manageable. Mortgage and auto loan companies do not want to get stuck with your house or car, so they often will be flexible. Another problem could be that you can't pay a large, uncovered medical bill. Explain your financial situation to the hospital's or doctor's billing department, and ask to set up a payment plan that fits your budget. Next speak to hospital social workers and local family service charities to see if any grants or loans are available to people in your situation. Ask family members and employers for financial assistance. Big companies sometimes have emergency loan or hardship grant money available to employees. If you have health insurance but your insurer will not cover the bill, get a specific explanation why. If the insurance company claims a treatment was not necessary, ask your doctor to write a letter stating why it was necessary. There are multiple levels of appeal possible if your first request is denied. If you are recently retired and are having a hard time deciding how much money you can safely take out of savings in any given year due to fluctuations in the stock market, try T. Rowe Price Retirement income calculator at www.troweprice.com/ric or Fidelity's Retirement Income Planner at www.fidelity.com click on "retirement planning" then "plan". Nursing homes often don't provide routine eyecare for residents. 2/3 had no record of eye exams in their medical charts, even though 90% had health insurance that would cover eye-care services. Make sure loved ones who live in nursing homes get adequate eye care. Respectfully submitted, Brad Cecil, Chairman |
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