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☆ Long Covid patients can face a battle trying to claim benefits through their workplace disability insurance
▼ + stars: | 2022-12-20 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +8 min

Many workers get disability coverage via an employerAn estimated 43% of private industry workers have access to short-term disability insurance through their employer, according to the Bureau of Labor Statistics. Long-term disability insurance, which is intended to kick in when necessary after short-term disability benefits run out, is available to 35% of workers. After 10 weeks of struggling, he filed another short-term disability claim when it was clear he was not improving. Toward the end of 2021, with five doctors agreeing that his condition was disabling, he again filed a long-term disability claim. In fact, cases involving denial of long-term disability benefits for long Covid are cropping up around the country.

☆ Long Covid's financial devastation: $8,000 in credit card debt, ruined retirement plans
▼ + stars: | 2022-12-08 | by ( Annie Nova | ) www.cnbc.com time to read: +8 min

More than a third of respondents said their income had gone down as a result of long Covid. "Long Covid is as much part of the pandemic as is the acute phase, during which the government went to great lengths to treat people and save lives," said Oved Amitay, president of the Long Covid Alliance, an advocacy group. Of the long Covid patients she has seen, only 2 out of 50 who have applied for SSDI have been approved so far, she said. Sharon Sunders long Covid patient"They may not have the resources to go through the process," Verduzco-Gutierrez said. 'There's a tidal wave of us coming'Sunders wishes the Biden administration would do more to help those financially struggling with long Covid.

☆ 4 financial moves if you have — or are worried about — long Covid
▼ + stars: | 2022-12-06 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

"We're far from being done with this," McClanahan, founder of Life Planning Partners in Jacksonville, Florida, said of long Covid. Waiting until after developing long Covid might mean you pay higher premiums for life insurance or private disability insurance — or that insurers will deny coverage, McClanahan said. Long Covid has been linked to hundreds of potential symptoms, some of which are debilitating and serious, like damage to vital organs. For instance, there's not yet a test to determine if someone has long Covid, meaning some doctors are hesitant to diagnose or treat patients. For individuals worried they might have long Covid, McClanahan recommends creating a medical diary with detailed logs of each symptom and doctor visit.

☆ Your Health, Your Money
▼ + stars: | 2022-12-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailYour Health, Your MoneyWhether or not you have personally experienced the long-haul health effects of Covid-19, it has certainly affected personal and household finances in ways that few could imagine before the pandemic created worldwide economic uncertainty. As a result, it has become more difficult for people to achieve their financial goals, it has increased the risks for lenders and insurers alike, and it has long-term implications for Social Security Disability Insurance.

☆ If you're making at least $600 from Fantasy Football, the IRS wants to know about it – and you should tell them
▼ + stars: | 2022-12-03 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Starting in 2022, $600 and over in Fantasy Football gambling winnings must be reported to the IRS. The IRS defines a 1099-K form as an "IRS information return used to report certain payment transactions to improve voluntary tax compliance." The payment transactions include those from third-party payment networks. "Loan providers want to see copies of your tax returns, and if you're understating income, you're hurting yourself because you're not really showing all of your income," Bronnenkant said. It takes at least 40 credits to qualify for Social Security benefits.

☆ Long Covid may be 'the next public health disaster' — with a $3.7 trillion economic impact rivaling the Great Recession
▼ + stars: | 2022-11-30 | by ( Greg Iacurci | ) www.cnbc.com time to read: +12 min

Norpel is one of millions of Americans with long Covid, also known as long-haul Covid, post-Covid or post-acute Covid syndrome. Key symptoms: Long Covid has been linked to more than 200 symptoms, according to The Rockefeller Foundation. Duration: There's no consistent definition of how long symptoms must persist for someone to be considered a long Covid patient. What experts do know is that for some, long Covid symptoms can last months or even years. "I don't know if it's for the rest of my life or not," Hurst said of feeling long Covid symptoms.

There aren't any savings account limits if you're applying for Social Security Disability Insurance. Here's what you need to know about your savings options if you'd like to receive disability benefits. Can you have a savings account if you receive Social Security disability benefits? Savings account options if you receive Social Security disability benefitsSavings accountYou can open regular savings account at a brick-and-mortar or online bank. If they plan on using it as an emergency reserve savings account, they may want to keep it in cash," advises Dunn.

☆ Rick Scott launches his Trump-backed challenge of Mitch McConnell to become Senate GOP leader
▼ + stars: | 2022-11-15 | by ( Brent D. Griffiths | Warren Rojas | ) www.businessinsider.com time to read: +5 min

Sen. Rick Scott is challenging Mitch McConnell to become the top Senate Republican. Scott's challenge comes as former President Donald Trump and some Senate Republicans blame McConnell for a lackluster midterm election. As Politico broke the news of Scott's challenge, McConnell's allies lashed out. As the leader of Senate Republicans' campaign arm, Scott played a key role in shaping his party's strategy. Unlike McConnell, Scott did not want the GOP to aggressively intervene in contested primaries, which led to Trump-backed challengers like Dr. Mehmet Oz and Don Bolduc emerging in key races in Pennsylvania and New Hampshire, respectively.

☆ As Election Day approaches, Democrats warn that Social Security and Medicare are at stake
▼ + stars: | 2022-11-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

He also pointed to impending risks to Social Security based on plans floated by certain Republican lawmakers, namely Sens. What's more, it would mean letting two of the most important laws that established Social Security and Medicare expire, he said. It is unclear what his opponent Kean's stance is on Social Security and Medicare. While that's in keeping with years past, the difference this year is Social Security has been more of a front-burner issue. "Usually, it's a lot of lip service to Social Security and how they think it's a great program."

☆ This Social Security quiz can help test how much you know about benefits before you claim
▼ + stars: | 2022-11-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

As inflation has pushed the cost of living higher, those eligible for Social Security retirement benefits may be tempted to claim benefits sooner than they had planned. Social Security beneficiaries stand to get a record 8.7% cost-of-living adjustment in 2023 that will help them contend with higher costs. But you should consider the amount of benefits you may receive based on your age. For most people approaching retirement now, age 67 is when they will receive their full benefits based on their earnings history. "There are definite rules, definite deadlines and definite dates that need to be met," said David Freitag, a financial planning consultant and Social Security expert at MassMutual.

☆ Americans say retirement is possible, but it's going to cost more, new survey finds
▼ + stars: | 2022-10-27 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

A new Northwestern Mutual study showed that Americans are expecting to save more and work longer to retire comfortably. Respondents to the survey said they'll need at least $1.25 million to retire, according to the report. The study, based on polling of 2,381 American adults, also said that the expected retirement age is up from 62.6 in 2021 to now 64. Christian Mitchell, chief customer officer at Northwestern Mutual, pointed at the current economy as an indicator of why Americans may be feeling less positive about their retirement. Seek the help of a financial advisor because it may help take years off your expected retirement age.

Individual employees will be able to contribute up to $22,500 to their 401(k) retirement plans for the 2023 tax year, up from $20,500 in 2022, the Internal Revenue Service announced Friday. Under the IRS's defined contribution plan provision, employees will also see a total annual limit of $66,000 in 2023, up from $61,000 this year. This provision governs limits to the retirement plan contributions made through an employer-sponsored program, which can include matching-dollar amounts that some companies make toward employee retirement savings. The IRS also increased the limit on annual contributions to an Individual Retirement Arrangement (IRA) from $6,000 to $6,500. “More than one-third of workers feel they are 'significantly behind' on their retirement savings,” Greg McBride, Bankrate chief financial analyst said in a Bankrate.com release.

☆ Mark Cuban explains why he didn't retire early despite his wealth: 'I'm not retired because I'm too competitive'
▼ + stars: | 2022-10-16 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +4 min

Entrepreneurs Mark Cuban and Kevin O'Leary found early retirement unfulfilling. "Working is not just about money," O'Leary said. In 1991, the average retirement age was 57, and in 2022 it is 61, Gallup data from the past 21 years shows. Thirty-six percent of older Americans can't afford one year of basic elder care, the Center for Retirement Research found. Depending on how lawmakers attempt to address the program's solvency issues going forward, the normal retirement age might get pushed even higher.

☆ What today’s retirees want future retirees to know
▼ + stars: | 2022-06-22 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

US retirees have some advice for their younger selves, and by extension anyone who has yet to retire: Save more. And don’t forget to account for taxes and inflation – they’ll hit you harder than you expect. Those are key takeaways from a survey of more than 1,100 US retirees by the Employee Benefits Research Institute, which was conducted this spring. Roughly half (49%) of all survey respondents said they wish they’d started planning for retirement earlier. Nearly half of the survey respondents (48%) said they didn’t understand how taxes would affect their finances in retirement.

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