Money Management

Dental care can be costly, but getting treatment without emptying your wallet is possible. Find out how one writer affords dental care without dental insurance. 

Dental care is considered to be separate from other healthcare needs in the United States. If you have health insurance, it’s likely that dental care coverage is not included. Instead, dental insurance is an additional expense — and without it, treatment can be expensive.

There were times when I paid for traditional dental insurance, but I’ve found another option that works better for my needs and budget. For the last five years, I’ve been going to a dental practice that promotes its own savings plan. Find out why this solution is ideal for my wallet.

Dental care is expensive in the United States

Many Americans go without dental insurance. Sadly, those without coverage tend to delay taking care of dental issues due to the fear of the cost. Without insurance, a bill for one dental procedure, like a root canal, could quickly drain anyone’s checking account.

Those who do have insurance may find that their coverage has limitations. There may be an annual coverage cap and some services (such as composite fillings) may not be covered. If dental care doesn’t cover an entire procedure, the patient is left to pay for the rest of the cost.

As someone who has undergone several dental procedures, dental insurance wasn’t always the most useful. I’ve had several cavities filled or replaced in adulthood. Even when I had dental insurance, the composite fillings I needed weren’t covered. So I was left to pay $100 or more per filling. These additional costs have changed how I approach paying for dental care.

Look for savings plans offered by local dental offices

When I returned to the United States after living abroad for a couple of years, I began the quest to find a new dentist. I have some dental anxieties, so I spent a lot of time looking at reviews. My top priority was finding a dental practice that would make me feel at ease.

But I also considered the cost. At the time, I was paying for my own healthcare coverage as a freelancer and had to decide if purchasing dental insurance made sense. I ultimately decided to skip paying for dental coverage because I hadn’t gotten much value out of it in years past.

Instead, I chose a dental office that offers a savings plan. It functions like a yearly membership and each patient pays a set fee for coverage. For individual coverage, I pay my dental office $250 per year. I get a cleaning and exam every six months, annual X-rays, fluoride treatments every six months, and one free emergency exam visit per year.

Additional dental care services, like getting a cavity filled, are an extra expense. But as I mentioned earlier, composite fillings weren’t covered when I had dental insurance in the past, so I’m used to paying for this service when it’s needed. With my membership, I get a 20% discount on all additional dental procedures.

I pay $250 every winter when it’s time to renew my membership. That works out to be less than $21 per month for proper dental care. I set aside money throughout the year to pay for this membership so I’m prepared to reimburse myself after swiping my credit card.

But I also set aside additional money in case I ever find myself needing to cover a more expensive dental procedure in the future. You, too, can prepare for future expenses by regularly contributing money to a high-yield savings account.

Consider alternative solutions to make dental care affordable

Ignoring healthcare concerns, including dental issues, is never a good idea. With how expensive treatment can be, it’s understandable why many people delay care. However, ignored health issues can quickly worsen and become a more severe and costly fix.

If you’re worried about dental or other medical care costs, you’re not alone. Exploring alternative solutions to make dental and healthcare more affordable can be beneficial. Going to a dentist that offers an annual savings plan is one option. But that’s not all.

Many dental schools offer discounted services to patients so students can get real-world practice. Most dental schools have licensed dentists overseeing the care. If you have a dental school in your area, this could make staying on top of routine dental care needs less expensive.

For additional ways to save money, check out our personal finance resources.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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CDs can be a smart way to grow your money. But if all you know about CDs is the high APYs, here are three perks that may surprise you. 

Certificates of deposit (CDs) can be a smart way to capture high interest rates. With some CD rates currently north of 5.50%, the headliner perk on today’s top-paying CDs is undoubtedly APY, APY, and APY. But don’t let high interest obscure some of the lesser-known benefits of buying CDs. Growing your money is important, but these three lesser-known perks could sweeten a CD contract.

1. Some CDs allow a “bump-up” rate

Standard CDs offer a fixed rate for a specific period. For example, if you lock into a 5.50% APY, you’ll get 5.50% for the length of your term, whether that’s three months or five years.

Locking in at a high rate can be glorious if CD rates fall. But if you lock your CD rate too early, the opposite could happen: You could watch CD rates soar, while yours is still paying out at a lower APY.

This is where a “bump-up” CD can come in handy.

Bump-up CDs let you increase your rate at least one time during your term (some allow several bump-ups). This allows you to capture a higher APY after your term has started. Typically, bump-up CDs have lower initial rates than standard CDs. But they can prove useful in a fluctuating rate environment, especially if you think the CD provider will raise its rates.

2. You can access interest as you earn it

While many CDs lock up your initial deposit for the length of your term, some will let you access the interest you’re earning. Yes, even without penalty. Often, these CDs will even transfer the interest into a separate account, like a checking or savings account. Depending on your CDs terms, the interest could be deposited monthly, quarterly, semiannually, or annually.

3. Brokered CDs can be sold on secondary markets

Brokered CDs are a little-known CD type. These CDs are available only through brokerage accounts, such as:

FidelityCharles SchwabVanguardEdward Jones

The broker isn’t the CD issuer but rather buys CDs in bulk from providers, like banks, then sells them to its customers. Often, these CDs have ridiculously high APYs.

Because the broker isn’t the CD issuer, it usually doesn’t let you withdraw from your CD — not even with an early withdrawal penalty. Instead, you have to sell your CD on a secondary market if you want out early. This involves finding a buyer who will take the CD off your hands.

Selling a CD on the secondary market could result in a loss, especially if rates have increased since you purchased yours. But for savvy investors focused on the long term, today’s top-paying CDs could eventually result in a gain. CD rates won’t stay high forever. If you load up on long-term CDs, you could turn a profit when rates start to fall, not to mention earn high interest as you wait.

Of course, like investing in stocks and other assets, trading CDs has risks. But it’s a strategy that many fixed-income investors simply don’t know about.

All in all, CDs can offer investors more than just a high APY. Don’t get me wrong: Earning high interest on your savings is a major benefit. But dig a little deeper into your contract; you might find some perks that surprise you.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Mary Lou Retton once took home a gold medal. Now she’s fighting to stay alive and pay for the cost of a hospital stay. Read on to learn more. 

In the 1980s, Mary Lou Retton was a household name. The star gymnast was a member of the U.S. Olympic team, and in 1984, she took home a gold medal for her performance in the all-around competition.

You’d think someone in that position wouldn’t have to worry about covering their bills in the event of a hospital stay. But Retton is 1 of 25.3 million Americans who unfortunately don’t have health insurance. As such, she faces a host of financial upheaval as she fights pneumonia in a Texas hospital.

Retton’s daughter has started a Spotfund account (a platform similar to GoFundMe) to raise money for her mother’s medical expenses. And while the campaign has raised over $400,000, it’s no doubt Retton’s fame that’s led to such generous contributions on the part of participants.

The sad reality, though, is that most medical campaigns don’t come close to meeting their goals, forcing uninsured or underinsured Americans to resort to credit card debt to cover their healthcare bills. While about 33% of GoFundMe campaigns are set up to raise money for medical bills, only 12% actually end up meeting their goals.

If you’re someone who doesn’t have health insurance, you unfortunately cannot rely on the kindness of strangers to help cover your costs when a medical emergency arises. So it’s important to do what you can to put coverage in place.

How to buy health insurance

Many people can secure health coverage through a job. But if that’s not a benefit offered by your employer, then you may need to look for a marketplace plan through Healthcare.gov.

You can sign up for coverage during annual open enrollment, which runs from Nov. 1 through Jan. 15 every year. However, if you experience a qualifying event like losing your job (and the insurance plan that came with it), you can sign up without having to wait for open enrollment.

Now, one thing you should know is that insurance plans on the site are grouped into four tiers: bronze, silver, gold, and platinum. The higher the tier, the higher the premiums. But a higher-tier plan can also mean less out-of-pocket spending when you need to use your insurance.

If money is tight and you’re not sure you can even afford insurance in the first place, you may want to stick with a bronze plan, which will result in a lower monthly premium than silver, gold, or platinum. A bronze plan can be a good choice if you’re someone who’s generally healthy but needs coverage in the event of a medical emergency or injury.

You may qualify for a subsidy

Before you assume that you can’t afford health insurance, you should know that subsidies are available in the form of the premium tax credit. This is a credit you can qualify for upfront so you don’t have to shell out the full cost of your insurance premium when it’s due.

Eligibility for the credit hinges on certain financial criteria:

Having an income between 100% and 400% of the federal poverty levelNot having access to employer health coverageNot being eligible for Medicare, Medicaid, or the Children’s Health Insurance ProgramHaving U.S. citizenship or proof of legal residencyFiling taxes jointly if married

To give you a sense of what the federal poverty level looks like, for a one-person household, a modified adjusted gross income (MAGI) of $58,320 puts you at 400%, while a MAGI of $14,580 puts you at 100%. So as you can see, even if you earn a reasonably decent wage (which many would agree $58,320 qualifies as), you can still be eligible for a subsidy to help offset the cost of your insurance.

It’s awfully sad to see a former Olympic champion not only facing serious health issues, but not having insurance to pick up her hospital costs. Thankfully, Retton’s fans seem to be willing to come to her rescue. But you can’t bank on that same option. So rather than run the risk of landing in serious debt due to medical bills, do what you can to put health insurance coverage in place.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Incorporating your business has many benefits. But should you hire an attorney to get the process started? Here’s what you need to know. 

Many years ago, I incorporated my small business. This means I filed Articles of Incorporation with my state as well as some forms with the IRS to specify that I wanted to operate my company as a specific kind of corporation called an S-corp.

There are many benefits of incorporating your business (and a few disadvantages too). You can get more flexibility in how you are taxed on your income as a corporation, protect yourself against liability, and more easily transfer ownership. But you have to deal with the complexities of actually forming a corporation.

If you’re thinking about doing so, you may wonder whether you need to hire a lawyer to help. Here’s what you need to know.

You are not required to hire a lawyer

There is no requirement that you hire legal help to assist you with the incorporation process. In fact, I incorporated my business on my own.

Online services can help you complete incorporation paperwork for a fee and walk you through the process in your state. Many states also provide guides for filing the necessary paperwork and forming your corporation.

If you have the time and knowledge, you can use these resources and save yourself the cost of hiring a professional to help you. This means more money in your business checking account.

Hiring a lawyer may be a good idea anyway

While you don’t have to hire a lawyer, the reality is that doing so may be a good idea. Benefits of getting legal help include:

Advice on whether incorporation is right for youHelp deciding whether to form an S-corp or a C-corp (They have key differences, including who can be a shareholder, how you are taxed on profits, and how you declare losses)Assistance completing all of the required paperwork with your state and the IRSGuidance on ongoing obligations, such as annual filings you must submit and periodic corporate board meetingsAdvice on setting your salary as an employee of your corporation

These are just a few of the many different things a lawyer can assist you with during the incorporation process. The bottom line is, you should hire a lawyer unless you:

Are 100% confident you know what type of corporation makes senseUnderstand what a pass-through corporation is and why you might want one (you pay taxes on profits and losses on your personal returns)Understand the special tax rules applicable to both S-corporations and C-corporations (for example, you know C-corps could be double-taxed since the company pays taxes on profits and you pay taxes on dividends)

Doing the paperwork itself isn’t the hard part, it’s making the decisions surrounding incorporation that can be tricky. Getting legal advice on these issues can help ensure you don’t make a costly mistake that could come back to haunt you.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

 Read More