Two Choices for Financially Troubled Homeowners

Loan Modification or Refinance - Reduce the Burden on Yourself

There are now two choices available for homeowners who are feeling the financial pinch and want to adjust their mortgage payments.

The loan modification requires very minimum qualifications and can give you an opportunity to reduce your monthly payments but allows you almost no cash out. You will keep your same mortgage company. Whereas refinancing requires qualifying and will both allow you reduce your mortgage payment and get cash out subject to the loan to value and how much cash you want. In refinancing, you may choose to have a new mortgage company altogether.

More details on this later.

Five Ways to Protect Your and Your Family’s Financial Independence as You Grow Older

1. Purchase long-term care insurance.
2. Maintain appropriate levels of life, auto, home, and health insurance.
3. Evaluate the need for an umbrella liability policy to help protect you from lawsuits.
4. Make sure your estate planning is up to date.
5. Work closely with a qualified financial consultant.

Medicare - Three Key Enrollment Periods

Medicare Three Key Enrollment Periods

While I thought that the article provided both timely and useful information, the issue of the enrollment period needs to be expanded upon. The Center for Medicare and Medicare Services (CMS) has established three enrollment periods in which Medicare recipients with both Part A and Part B can enroll in a prescription drug plan (PDP). There are the Annual Enrollment Period (AEP) from November 15th to December 31st , the Open Enrollment Period (OEP) from January 1st to March 31st and the Special Election Period from April1st to November 15th . During the AEP beneficiaries may change prescription drug plans, change Medicare Advantage Plans, return to Original Medicare, or enroll in a Medicare Advantage Plan (MA) for the first time.

During the OEP, the beneficiary can change from a MA-PD to a different MA-PD, from a MA-PD to Original Medicare and a PDP, from Original Medicare and a PDP to an MA-PD among other choices. Finally, during the SEP those who have special needs, specifically diabetes, high blood pressure, and high cholesterol, can also choose a plan to cover their prescription drugs. This choice under the SEP is also available to those who move into, reside in, or move out of a nursing home. Those who are Dual Eligible (qualify for both Medicare and Medicaid) can change to any type of plan at any time during the year with no limit to the number of changes.

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