How Uncertainty Has Hit Every Pocket of Living and Tips to Help You Through It

And just like that, we find ourselves in a lot of social, economic, and mental turmoil.

For those who have been under stress with keeping up with healthcare costs and needs, the stakes have gotten so much higher. And though it seems as if it can’t get any worse, we are only just in the beginning stages of our new reality. Here is what is happening and how you may be able to navigate some of the fallout.

Social Security

So far there are offices closing around the country leaving the short staff even more challenged. What are the effects on you?

• If you are already receiving Social Security: There have been some people who have been dropped from Social Security roles or are late getting their payments. If you find yourself in this situation, you need to make an appointment with the Social Security Office. Make sure you have proper identification as well as payment details. There are long waits on the phone, sometimes 5-6 hours or you may be disconnected. Patience is going to be key. You may see if your office is accepting walk-ins, if so, be there in line before the office opens.
• If you need to put in a new application for benefits: For retiree benefits, put your application in as soon as possible and put in a future date. (before retirement date).
• If you are putting in an application for SSDI, consider working with an attorney from the beginning to eliminate application errors and delays. Before the latest office closures, it was taking approximately 255 days for an application to even be processed. That time has now increased. Also don’t forget to include the SSI request at the same time. It may allow for you to get some income while the SSDI is being processed.

If you need to apply for Traditional Medicare: Many Medicare workers have been terminated, making accessing the department even more challenging than it was before.  Know that your part B comes out of your social security payment if you are receiving one. Otherwise, you will be billed for the premium. Apply as soon as you can for Medicare and put an effective date on the application. (Three months before your birth month).How U certainty

ACA-Affordable Care Act

This government sponsored insurance program has subsidies that are set to expire at the end of the year. There is rumor that it may happen before then. If you are covered under one of the healthcare plans, review your needs and options. If you are currently getting help through a subsidy, know that your subsidy may be going away and you will have a much larger premium to contend with. Where will you get the additional funds? Do you have savings or higher income that can compensate? Can you get on a spouse’s plan? Has your income dropped enough that you may qualify for Medicaid?

Medicaid

Some states have started implementing work requirements for Medicaid

Recipients. The problem some people may find is that they make too much to qualify for Medicaid and too little to afford the ACA. Review other options, if you’re working, will your employer insurance plan be more affordable or do you have a spousal option?

Job security: This is a very challenging time especially for many government employees. We will continue to see the unemployment numbers rise and the feeling of job security is becoming more and more obscure. In the tariff war with no end in sight, there will be challenges that employers will have and hard decisions to make. Many will have to pay more for goods and services which will hurt their income stream, passing the added cost to consumers. Many may find that cutting back their workforce as an option for staying in business. Consumers who thought about retiring early may want to reconsider. Retiring in an inflationary economy that may be leading to a recession or even a stagnation where economic growth slows or stops, unemployment increases, and inflation falls. Tapping into your retirement accounts when they are low is never a good idea. Not only will you be taking money out when your account is low, you will not be participating in contributions. It will be impossible to make-up financial losses. Consider staying put until we are out of the weeds on these issues. If you can afford to put more money in your retirement plans, then do so. You will be buying in at a discount. And if you are not yet 70 years old or taking social security, if it will not be touched by the new administration, you should continue to see yearly increases in your social security benefit.

Don’t forget to take advantage of copay, coinsurance, deductible and premium reimbursement grants from non-profit organizations. There are also grants available for travel, utilities and rent.

Reach out to your local 211 for additional assistance in your area.

These are challenging times for everyone. Stress will undoubtedly touch us all. Don’t forget to be kind to yourselves and reach out for therapy. There are grants to assist you with this as well.

I try to look at it as if the cup is half full, the missing part is full of possibilities!