Stop Renting. Here's 7 Ways Get an Affordable Home

According to the Department of Housing and Urban Development, the general accepted definition of affordable housing is for a household to pay no more than 30% of its annual income on housing.  A family that pays more than 30% of its income on housing are considered cost burdened and may have difficulty affording necessities such as food, clothing, transportation, and medical care. This post, however, focuses on home ownership as opposed to renting and will offer an overview on owning affordable housing while not having to pay no more than 30 per cent of your annual income for it.  In acquiring affordable housing and building equity, it depends on you and not on the mortgage lender. Here are 7 ways in which you can acquire affordable housing with a minimum down payment if you qualify for mortgage or how to do it if you don't qualify for a mortgage.  The ways to acquire affordable housing are as follows:   county down payment assistance,   city down payment assistance,   lease with an option to buy,   contract for deed,   owner will carry,   not-for-profit grant money,   and, a wraparound mortgage. Each of the seven ways represent a viable strategy for acquiring affordable housing whether you are going for a mortgage or not and should be looked into and discussed with a trusted adviser in detail. Remember. as a homeowner, you own equity and an appreciating asset; you have have peace and privacy; and, you have an estate that can be inherited by your survivors.  For a free consultation on homeownership, call (773) 614-3201

5 Ways You Can Save Money on Medicare Prescription Drugs

Medication costs can make up a large part of your budget, but a few tips on saving money can easily save you hundreds of dollars a year. 

The biggest single cost-saver? Picking the right Medicare plan.

Whether you are preparing to change your Medicare plan, or signing up for Medicare for the first time, you will want to make a careful selection so you don't end up spending more than you need to.

Asking your doctors a few key questions—such as, Is there a generic?—can save you a bundle more. 

Here are 5 tips you can save money on your prescription drugs:

1. Focus on choosing the right drug plan, which depends in part on which drugs you take.
The majority of seniors are enrolled under original Medicare, which includes hospital insurance (known as Medicare Part A) and medical insurance (Medicare Part B).

Getting drug coverage requires one of two additional extra steps. Seniors can either get drug benefits via a private plan regulated by the government, under what's called Medicare Part D, or they can get drug coverage bundled with a private Medicare Advantage plan. 

The alternative is a Medicare Advantage plan, also called Medicare Part C, which replaces original Medicare and often providesprescription-drug coverage as well. 

It is essentially a way to get Medicare A, B, and D all lumped into one. Medicare beneficiaries can enroll in Medicare Advantage to receive their benefits in a private health plan, such as a health maintenance organization (HMO).

You need to  evaluate on an individual basis which is your the best option. Depending on your prescriptions and other health care needs, Medicare Advantage may or may not be better for you than original Medicare.

2. Have Drugs Delivered.
For medications you take regularly for a chronic condition, opt for the convenience and potential cost-savings of mail-order. In addition to sparing you unnecessary trips to the pharmacy, mail-ordering can sometimes include a 90-day supply at a reduced cost, depending on your insurance company and what kind of meds you need.

Once you enroll in an insurance plan you should be able to go that insurer's website to order your prescriptions delivered, or you can do it over the phone.

Be sure to ask your doctor whether he or she needs to sign off on a 90-day supply. And take care to order refills before you need them so there isn't a gap of time when you don't have any pills.

Also beware of illegal pharmacies on the Internet, which can pose a serious danger by sending you fake or incorrect prescriptions. Legitimate pharmacies will ask for a faxed prescription from a licensed doctor and a detailed medical history. They will also clearly state their payment, privacy, and shipping fees, according to FBI warnings.

3. Go Generic.
Ask your doctor if this is an option. The brand-name version of the drug you take is significantly more expensive than the generic form, if one is available.For example, simvastatin is the generic version of the drug Zocor, which is prescribed to control elevated cholesterol. Thirty 40mg tablets of the brand version of the drug may cost between $88.90 and $113.20 a month, while the generic equivalent can go as low as $15 a month.

4. Double the Dosage, and Split the Pill. 
Sometimes pills that are double the dose of your medication cost the same as a single dose, and can easily be cut in half. For instance, if your doctor says you need a 10 mg dose of a particular drug each day, ask him or her whether your medication comes in doses of 20 mg and if they can safely be split in half.

Many drugs used to treat high blood pressure and depression can be split, as can all cholesterol-lowering drugs known as statins.

5. Enroll on Time.
The open enrollment period for Medicare is from October 15 to December 7, with changes taking effect January 1. You can enroll for the first time when you turn 65, and there are also Special Enrollment Periods for when you move or become eligible for Medicaid.

  

Though Medicare drug coverage is considered voluntary, you must be getting drug coverage from another source that is at least as good as the offerings through the federal government. If you do not, you can face a penalty fee that grows each month you delay enrollment.

If you are receiving another form of drug coverage, you may actually end up spending more if you sign up with Medicare. This applies to members of the Federal Employee Health Benefits Program, TRICARE (military health benefits), and Veterans Affairs. 

If you are an active worker on an employer plan, you will want to talk to your human resources department to make sure you understand all of your options.

If you have questions regarding your Medicare benefits, email me at 
Ask Will, bwillbar@gmail.com or call (773) 614-3201.

5 Reasons to Forget Credit Repair Services Forever

Credit repair services can be expensive, always unnecessary, and sometimes just plain fraudulent. 

Forget using credit repair services and take a few simple steps on your own and, with patience, see the difference.

True credit repair is simple, but often not quick. Credit repair may take anywhere from 3 to 6 months before you can actually see your credit score rising, but nevertheless rise it will. 

If you are thinking of buying a home, get your credit report beforehand, review it, and then work on improving it. You will be eligible for lower interest rates and a lower down payment.

The 5 reasons why you can forget credit repair services reflects the fact that you can take five essential steps yourself.

Assuming that you have five or more credit accounts, after receiving your free annual credit report, take these five essential steps.

1. Begin paying off your accounts with the lowest balance first. Pay these accounts down to zero and stop using them. Cut the cards up if you can't control yourself. But, don't close the accounts right away.

2. Reduce the balance on your other accounts where they are no more than 30% of your credit limit.

3. Continue using just three of your accounts, but continue paying down the balance each month so that it will not exceed 30% of your credit limit. Activity on these accounts is important. Don't let these accounts become inactive.

4. Avoid opening any retail store accounts where you are tempted to get 10% off your purchase price.

5. Forget any collection accounts that are over two years old. These accounts have very little impact on your credit score. Leave them alone.

Take these steps right away and again be patient and you will see your credit score rise significantly.

Have you used any of  these steps? Leave your comments below.