Our Moving Expenses And Moving Checklist – Colorado Move Update

Moving To Colorado On A Budget & A Moving Checklist

Moving To Colorado On A Budget & A Moving ChecklistToday, I’m going to talk about our move to Colorado. It kind of popped up out of nowhere but now we are right in the middle of it all. I can’t believe how quickly everything is moving along and I am extremely excited.

Out of all of the moves we’ve done, this one is definitely the largest. We’ve moved a few times now, but they have all been fairly cheap and short distance moves.

However, after collecting, hoarding, and buying things over the last 5 years, we have many more items to move this time around. Even if we were just moving across town it would be difficult with all of our stuff.

Moving to Colorado will be our longest move as well as our most expensive. I’ve heard of people spending over $10,000 moving, and that is something we didn’t want to come anywhere close to.

Below are some updates for our move to Colorado, including our moving expenses and what’s left on our moving checklist.

Related:

Moving supply costs.

Moving supplies weren’t as expensive as I thought they would be. I highly recommend you shop around, as I found widely varying prices for moving supplies.

For instance, many moving companies charge around $5 per box, whereas places like Home Depot and Lowes charge between $1 to $1.50 per box. There are also moving box sets that usually end up being a better deal, such as with this one.

We also bought bubble wrap and lots and lots of tape. Our total cost for moving supplies was around $100.

We could have completely skipped any costs for moving supplies if we would have looked around though. You can often find free moving supplies on Craigslist, at stores, and so on. We would have gone this route but I will be honest and say I was a little lazy since the move sprung on us very quickly.

Moving To ColoradoThe cost of moving to Colorado.

Up until last week, we were set on renting a moving truck and trying to figure out a way for everything to work out. However, things just weren’t going to happen that way.

Our main problem is that we have two cars and a moving truck to bring to the new house, yet there are only two of us. And this is why we didn’t think a company such as UHaul or Budget would work for this specific trip.

Yes, we could tow one of the cars behind a moving truck, but we need a fairly large moving truck for all of our things. Towing a car behind it on such a long move (over 1,000 miles) and through steep mountains just seems like too much for us.

Then, Wes’s dad the other day said the company he works for uses UPack to move their employees, so I decided to look them up.

After debating for some time, we made the decision to use UPack for our moving to Colorado needs.

UPack was the easiest and cheapest option for us. UPack is a company that moves your stuff for you. They drop off a moving trailer at your home, you load it up, they pick it up a few days later, then they drop it off at the location you are moving to. They handle all of the actual moving, which is exactly why we chose them. We can make the whole 15 hour trip with only stopping one night, but I know if we drove a moving truck ourselves then it would require much more planning, more stops, and possibly even paying for car shipping because we would have to find a way to bring our second car to the new house.

Going the UPack route is pretty similar in pricing to renting a moving truck as well, and much cheaper than hiring a full-service moving company. I priced out several rental moving truck companies and once I priced everything out, it was very comparable to the pricing that UPack gave me. This is because once you factor in the extra lodging, the higher gas costs because we would have to drive a moving truck, insurance costs, and more, renting a moving truck quickly added up.

A UHaul moving truck rental would have been around $2,500 including the rental truck, insurance, gas, etc. Then, we would have had to still pay for extra lodging and somehow still transporting our second car to Fruita as well. I’m assuming that would have made our moving cost somewhere between $3,000 to $3,500 for the extras. The UPack expense from St. Louis to Fruita is $3,000, so it was an easy choice for us since it meant much less work on our end and a much safer way to move.

My Moving Checklist.

Moving to Colorado hasn’t been as stressful as I originally thought. While there are many things we have already completed on our moving checklist, everything seems to be going smoothly even with all of the tasks that are left. If you need a thorough moving checklist, UPack has one that I found very helpful.

What’s left on our moving checklist:

  • Arrange for the drop off of the moving trailer at the new house (and pickup a few days after). This is one of the more important things on our moving checklist because I need my stuff, of course!
  • Turn the internet off at our Missouri house. We’ve already cut cable.
  • Confirm with moving truck unloaders about what time they should be at the new house. Since it’s only me and Wes (and I am extremely weak), we need someone to help us bring all of our heavy furniture into the house.
  • Wait for Charter internet at the new house. Yes, this is getting installed within the first hour of moving into our new house. After spending all of that time actually moving to Colorado, I will need internet quickly set up so that I can continue working. I just can’t go without it!
  • Notify companies of our move. There are still a few more places we need to inform, such as our car insurance company, our bank, and more.
  • Run through the house one last time. Before we move, we need to run through the house and make sure nothing is left behind and we also need to make sure it’s perfectly clean too for the home sale.
  • New driver’s license. We also need to license our cars.
  • New health insurance. This is the last task on our moving checklist but also very important. Our current health insurance is only good at certain Missouri healthcare providers, so we definitely need this.

How much did your last move cost you? How did you try to save money? Are we crazy for moving to Colorado at the last moment? Is there anything I am missing from my moving checklist?

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Source: makingsenseofcents.com

You Are a Better Investment Than Stocks When You’re in School! (Hour 2)

Debt, Savings, Investing, Career

As heard on this episode:

  • Christian Healthcare Ministries: https://bit.ly/2XBZfE3 
  • SimpliSafe: https://bit.ly/37NBd9g 

Sign Up for a FREE trial of Ramsey+ TODAY: https://bit.ly/31ricKt 

Tools to get you started: 

  • Debt Calculator: https://bit.ly/2QIoSPV
  • Insurance Coverage Checkup: https://bit.ly/2BrqEuo
  • Complete Guide to Budgeting: https://bit.ly/2QEyonc

Check out more Ramsey Network podcasts: https://bit.ly/2JgzaQR

Source: daveramsey.ramsey.libsynpro.com

Ready to Start Adulting? 10 Steps to Retire the Right Way

If you are in your 50s or 60s, you are probably hoping to find the fountain of youth. However, when you plan your golden years it is best to retire like an adult.

retire like an adultRetiring like an adult gives you the financial freedom to pursue the life you want — even if that means doing things that make you feel like a kid.

The Merriam Webster dictionary has added “adult” as a verb — not just a noun: “To ‘adult’ is to behave like an adult, specifically to do the things — often mundane — that an adult is expected to do.”

Being an adult means being responsible, dependable, self-sufficient and maybe even knowing when it is a good time to throw these rules out the window. Examples of “adulting” include: cleaning up after yourself, paying bills on time, and — we would like to add — planning your retirement.

Here are 10 ways to know if you have a reliable plan to retire like an adult:

1. You Know How Much Retirement Income You Will Have

It will do you no good to hide from the truth when it comes to your retirement income. You need to know how much you will have and from what sources.

How much will you get from Social Security? Do you have a pension? An annuity? Will you work part-time for any amount of time? And, crucially, how much will you need to withdraw from savings every month?

The NewRetirement Retirement Planner makes it easy to find out how much retirement income you will have every year. And, you can run different scenarios to determine the best retirement withdrawals strategy for your needs and values.

2. Your Retirement Expenses Remain Below Your Income

The most important rule of personal finance — spend less than you earn — applies to retirement as well. In fact, it is even more important than ever before. The risk you run of overspending is that you will actually run out of money.

The trick is that you actually need to make a good prediction and figure out exactly how much you will spend every year for the next 15–30 years.

Here are 9 tips for predicting your retirement expenses.

3. Even Better? You Have Guaranteed Lifetime Income to Cover Basic Expenses

Guaranteed lifetime income is income that you will receive for as long as you live — no matter how long that turns out to be. Social Security and most pensions are the most common examples of guaranteed lifetime income.

Many personal finance experts recommend that in retirement you have sufficient guaranteed lifetime income to cover your baseline retirement expenses — the money you need to spend to get by. Baseline spending includes housing, healthcare, and food.

To accomplish sufficient lifetime guaranteed income you have two choices:

  • Reduce your baseline expenditures to fall below the income you will have.
  • Increase your guaranteed lifetime income through the purchase of lifetime annuities or other strategies.

Try different scenarios in your Retirement Plan to figure out something that works for you.

And, here are 18 different retirement income strategies to explore.

4. You Have Paid Off Debt

One of the greatest threats to retirement today may not be saving too little, but owing too much. A 2020 report from Experian found that Boomers (those aged 57–74) are carrying a significant amount of debt into retirement.

The most adult way to handle debt is to pay it off before you quit working. However, that is not always possible. Explore 13 tips for managing debt for retirement.

5. You Have Planned for Inflation

Inflation might seem relatively benign, but high inflation can have a devastating effect on your retirement spending power. As Sam Ewing said,

Inflation is when you pay fifteen dollars for a ten-dollar haircut you used to get for five dollars when you had hair.”

When you are working — your wages generally rise as the costs of goods and services increase. Your earnings “keep pace with inflation,” so normal inflation is not generally a big concern. However, when you are living off of savings, inflation literally robs you of income.

The good news is that Social Security and some pension programs (though decreasing in prevalance) adjust your income for inflation. The bad news is that if you are living in retirement by withdrawing from investments or savings, then the value of your money will dramatically decrease over time. You will require far more money to support your lifestyle in the future.

Asset Allocation can Protect You from the Ravages of Inflation

We mentioned that wages tend to rise with inflation, as by definition, inflation is when the cost of goods and services increases across the board. Stock prices also rise with inflation for the same reason: as the price of the goods and services a company produces rises, so does that company’s revenue. As a company’s prospects (including revenue) develop and grow, its stock price also tends to rise.

As such, stocks can end up serving as a hedge against inflation.

However, as we age, our tolerance for risk decreases. Hence safer investments (such as bonds) become more and more attractive. Reconciling these opposing forces in creating the right asset allocation for you is no easy feat, requiring an understanding of your personal risk tolerance and investment time horizon.

Financial advisors can help you navigate designing an asset allocation strategy that outruns inflation, while managing risk.

6. You Have a Plan for Other Potential Risks

We can not predict the future. However, an adult retirement plan is one that mitigates the potential harmful financial effects of a long term health event, a natural disaster, a car accident, a stock market crash, or some other unknowable future event.

Having the right insurance products and a dedicated emergency fund can protect you.

7. You Evaluate Your Plans at Least Quarterly

Retirement planning is not something you do once and then never think about again.

You need to maintain, update and adjust your plans. It is a good idea to go through the details at least once a quarter and make updates as you and the economy change.

Because it saves your information, the NewRetirement Retirement Planner makes it easy to make changes and check in on your plans.

8. You Have a Responsible Plan for Investing Your Savings

Retirement investing is not all about getting the highest return possible. A responsible retirement investment plan matches how and when you need to access the money with your need for growth and security.

It is possible to do this on your own. However, it can also be useful to work with a financial advisor who has deep expertise in stocks, bonds, and other potential financial vehicles.

NewRetirement offers fiduciary advice from an independent fee-only Certified Financial Planner. Consultations are by phone or video call and, by using the NewRetirement Planner, the process is collaborative, cost-effective, and efficient.

9. You Have Developed an Estate Plan

Estate planning is a term broadly used to describe a variety of end of life planning issues. Your estate plan should include:

  • Opportunities to manipulate your assets for tax efficiency and maximum wealth for both you and your heirs
  • A detailed description of what you want to happen when you die — a plan for your internment and for the disbursement of your assets and property.
  • Instructions for what you would like to happen if you are living but cannot care for or make decisions for yourself

Explore the 11 documents you need for a reliable estate plan.

10. You Have a Dream and a Purpose

Without a plan for life after retirement, many retirees find themselves feeling vaguely unfulfilled and restless, craving something more but not knowing what that something might be. Focusing on the financial aspects of retirement is important, but the personal side of your retirement plan is just as important, and could ultimately guide how you use your retirement assets.

Explore these resources for figuring out what to do in retirement:

Make sure your retirement plan is responsible, dependable, self-sufficient and sometimes rule breaking!

Use the NewRetirement Planner to Start Adulting!

Source: newretirement.com

15 Cities With the Oldest Populations

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Photo Credit: Alamy Stock Photo

By David Heacock

The year 2020 marked another decennial Census, the once-a-decade federal project of counting the U.S. population. The Census collects data on a variety of demographic indicators, giving the federal government and the public alike more information on how the population has changed and what that means for the future. One of the most impactful demographic trends across the United States in the coming decades will be the growth in the population aged 65 and older.

Much of the country is graying as more Baby Boomers, who were until 2019 the U.S.’s largest generational cohort, reach retirement age. The Boomers—more than 73 million Americans born between 1946 and 1964—began hitting retirement age more than a decade ago and will continue to age into the 65-and-up bracket until the end of the 2020s. Thanks to advances in healthcare and medicine, these older Americans are projected to live longer on average than their predecessors. According to the Census Bureau, by 2030, those aged 65 and older will constitute more than 20 percent of the U.S. population, and they are projected to remain between one-fifth and one-quarter of the U.S. population through at least 2060.

Another measure that puts this trend in context is the old-age dependency ratio, or the ratio of those aged 65 or older to the working age population (measured as those aged 15 to 64). In 2010, the national old-age dependency ratio was 20.8, meaning that there were 20.8 individuals over 65 for every 100 working age adults. By 2019, that figure had increased to 26.9. The Census Bureau projects that figure will be 41 by 2060.

A rising old-age dependency ratio means that those of working age increasingly carry the economic burden of care for the nonworking elderly. The U.S. is already seeing signs of these effects. A wave of retirements will leave labor shortages in some industries, while many of the occupations with the greatest growth potential are in health and social services, driven by the elderly’s greater need for care. Experts believe that GDP growth is likely to slow as a result of lost productivity and increasing costs of care. Government social insurance programs like Medicare and Social Security have seen their expenditures balloon as more retirees shift from paying into the system to receiving benefits from it. Nationally, within states, and at the community level, the U.S. will continue to experience the socioeconomic implications of an increasingly older population.

TRENDING
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Contrary to what one might expect, it won’t just be retirement destinations like Florida—the state with the highest share of seniors currently—who will feel the effects of an aging population. The population over 65 is growing across the country, and other states leading the list of senior populations are as geographically and culturally varied as Maine, West Virginia, Hawaii, Pennsylvania, and South Carolina.

The same conditions are true of cities, and they will likewise experience the impacts of an aging population. To find the cities where these trends will be most apparent, researchers at Filterbuy used 2019 U.S. Census data to identify which metro areas have the largest share of residents over 65. The researchers also found the city-level old-age dependency ratios as well as the percentage of the senior population with a disability to understand where the burdens of care may be even higher.

Here are the cities with the largest percentage of the population 65 and older.

Large Cities With the Oldest Populations

  1. Photo Credit: Alamy Stock Photo

    Wichita, KS

    • Percentage of population 65 and older: 14.4%
    • Total population 65 and older: 55,352
    • Percentage of population 65 and older with a disability: 37.7%
    • Old-age dependency ratio: 24.0%
  2. Photo Credit: Alamy Stock Photo

    Jacksonville, FL

    • Percentage of population 65 and older: 14.4%
    • Total population 65 and older: 127,758
    • Percentage of population 65 and older with a disability: 35.9%
    • Old-age dependency ratio: 22.8%
  3. Photo Credit: Alamy Stock Photo

    Baltimore, MD

    • Percentage of population 65 and older: 14.4%
    • Total population 65 and older: 84,165
    • Percentage of population 65 and older with a disability: 38.5%
    • Old-age dependency ratio: 22.3%
  4. Photo Credit: Alamy Stock Photo

    Tulsa, OK

    • Percentage of population 65 and older: 14.7%
    • Total population 65 and older: 58,686
    • Percentage of population 65 and older with a disability: 33.4%
    • Old-age dependency ratio: 24.8%
  5. Photo Credit: Alamy Stock Photo

    Las Vegas, NV

    • Percentage of population 65 and older: 14.8%
    • Total population 65 and older: 95,394
    • Percentage of population 65 and older with a disability: 34.9%
    • Old-age dependency ratio: 24.4%
  6. Photo Credit: Alamy Stock Photo

    New York, NY

    • Percentage of population 65 and older: 15.0%
    • Total population 65 and older: 1,242,566
    • Percentage of population 65 and older with a disability: 34.6%
    • Old-age dependency ratio: 24.0%
  7. Photo Credit: Alamy Stock Photo

    Colorado Springs, CO

    • Percentage of population 65 and older: 15.1%
    • Total population 65 and older: 70,512
    • Percentage of population 65 and older with a disability: 31.3%
    • Old-age dependency ratio: 23.6%
  8. Photo Credit: Alamy Stock Photo

    New Orleans, LA

    • Percentage of population 65 and older: 15.3%
    • Total population 65 and older: 59,203
    • Percentage of population 65 and older with a disability: 35.9%
    • Old-age dependency ratio: 24.0%
  9. Photo Credit: Alamy Stock Photo

    Virginia Beach, VA

    • Percentage of population 65 and older: 15.4%
    • Total population 65 and older: 65,405
    • Percentage of population 65 and older with a disability: 31.2%
    • Old-age dependency ratio: 23.3%
  10. Photo Credit: Alamy Stock Photo

    Tucson, AZ

    • Percentage of population 65 and older: 15.5%
    • Total population 65 and older: 82,197
    • Percentage of population 65 and older with a disability: 38.8%
    • Old-age dependency ratio: 23.7%
  11. Photo Credit: Alamy Stock Photo

    Louisville, KY

    • Percentage of population 65 and older: 15.6%
    • Total population 65 and older: 95,530
    • Percentage of population 65 and older with a disability: 34.8%
    • Old-age dependency ratio: 25.5%
  12. Photo Credit: Alamy Stock Photo

    San Francisco, CA

    • Percentage of population 65 and older: 15.9%
    • Total population 65 and older: 139,273
    • Percentage of population 65 and older with a disability: 34.2%
    • Old-age dependency ratio: 22.7%
  13. Photo Credit: Alamy Stock Photo

    Albuquerque, NM

    • Percentage of population 65 and older: 16.2%
    • Total population 65 and older: 90,429
    • Percentage of population 65 and older with a disability: 33.4%
    • Old-age dependency ratio: 26.5%
  14. Photo Credit: Alamy Stock Photo

    Mesa, AZ

    • Percentage of population 65 and older: 16.5%
    • Total population 65 and older: 85,337
    • Percentage of population 65 and older with a disability: 31.9%
    • Old-age dependency ratio: 28.5%
  15. Photo Credit: Alamy Stock Photo

    Miami, FL

    • Percentage of population 65 and older: 17.5%
    • Total population 65 and older: 81,251
    • Percentage of population 65 and older with a disability: 34.6%
    • Old-age dependency ratio: 27.1%

Methodology & Detailed Findings

Researchers used the most recent population data from the U.S. Census Bureau’s 2019 American Community Survey 1-Year Estimates. Cities were ranked according to the percentage of the population 65 and older. Researchers also calculated the total population 65 and older, the percentage of the population 65 and older with a disability, and the old-age dependency ratio for each city. For relevance, only cities with at least 100,000 residents were included in the report. Cities were also grouped into the following cohorts based on population:

  • Small cities: 100,000–149,999 residents
  • Midsize cities: 150,000–349,999 residents
  • Large cities: 350,000 residents or more

Source: filterbuy.com

People on the move: Feb. 26

DeAndre Lipscomb_headshot.jpg

Lender and servicer Homepoint, based in Ann Arbor, Mich. announced the creation of a new executive leadership role. As the company’s first chief officer of diversity and inclusion, DeAndre Lipscomb will be tasked with developing initiatives that support the company’s corporate social responsibility goals.
Lipscomb most recently served as executive director of the Lake Trust Foundation and as community impact manager for Lake Trust Credit Union. Previous to that, he held executive leadership roles within the healthcare industry, fostering employee engagement, community outreach and enhanced diversity and inclusion strategies in the sector.
“I am impressed by the leadership team’s demonstrated commitment to embedding diversity and inclusion into the company culture,” Lipscomb said in the announcement. “I look forward to working with the team to strengthen communities through financial well-being brought by homeownership and education.”

Source: nationalmortgagenews.com

Stop Spending Your Money To Fix Someone Else’s Bad Decisions (Hour 1)

Debt, Savings, Home Buying, Taxes, Relationships

As heard on this episode:

  • Zander Insurance: https://bit.ly/2Xbn7hD 
  • Christian Healthcare Ministries: https://bit.ly/2XBZfE3 

Sign Up for a FREE trial of Ramsey+ TODAY: https://bit.ly/31ricKt 

Tools to get you started: 

  • Debt Calculator: https://bit.ly/2QIoSPV
  • Insurance Coverage Checkup: https://bit.ly/2BrqEuo
  • Complete Guide to Budgeting: https://bit.ly/2QEyonc

Check out more Ramsey Network podcasts: https://bit.ly/2JgzaQR

Source: daveramsey.ramsey.libsynpro.com

HIPPA (Health Insurance Portability and Accountability Act)

  • Health Insurance

With the growing use of paperless forms, electronic information transfers and storage has become the norm. This is true about our medical information as well. So, how do we know that our sensitive medical records are being kept private? Thanks to a federal law entitled Health Insurance Portability and Accountability Act (HIPAA), health plans, health care providers, and health care clearinghouses are required to abide by a set of standards to protect your data. While this law does offer protection for certain things, there are some companies that are not required to follow these standards. Keep reading to find out where the loopholes are and how you are being protected by this law. 

Find the Right Health Insurance for You!

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What is the HIPAA Law and Privacy Rule?

Although HIPAA and Privacy and Security Rules have been around since 1996, there have been many revisions and changes over the years so to keep up with evolving health information technology. HIPAA and the HIPAA Privacy Rule set the bar for standards that protect sensitive patient information by making the rules for electronic exchange as well as the privacy and confidentiality of medical records and information by health care providers, health care clearing houses, and health plans. In accordance with HIPPA, Administrative Simplification Rules were created to safeguard patient privacy. This allows for information that is medically necessary to be shared while also maintaining the patient’s privacy rights. The majority of professionals in the health care industry are required to be compliant with the HIPAA regulations and rules. 

Why do we have the HIPAA Act and Privacy Rule?

The original goal of HIPAA was to make it easier for patients to keep up with their health insurance coverage. This is ultimately why the Administrative Simplification Rules were created to simplify administrative procedures and keep costs at a decent rate. Because of all the exchanges of medical information between insurance companies and health care providers, the HIPAA Act aims to keep things simple when it comes to the healthcare industry’s handling of patient records and documents and places a high importance on maintain patients’ protected health information. 

HIPAA Titles

The Health Insurance Portability and Accountability Act, a federal law which was designed to safeguard healthcare data from data breaches, has five titles. Here is a description of each title:

  • Title I: HIPAA Health Insurance Reform: The objective of Title I is to help individuals maintain health insurance coverage in the event that they lose or change jobs. It also prevents group health plans from rejecting applicants from being covered for having specific chronic illnesses or pre-existing conditions. 
  • Title II: HIPAA Administrative Simplification: Title II holds the U.S. Department of Health and Human Services (HHS) responsible for setting national standards for processing electronic healthcare transactions. In accordance with this title, healthcare organizations must implement data security for health data transactions and maintain HIPPA compliance with the rules set by HHS. 
  • Title III: HIPPA Tax-Related Health Provisions: This title is all about the national standards regarding tax-related provisions as well as the general rules and principles in relation to medical care.  
  • Title IV: Application and Enforcement of Group Health Plan Requirements: Title IV elaborates further on issues related to health insurance coverage and reform, one key point being for patients with pre-existing conditions. 
  • Title V: Revenue Offsets:  This title has provisions regarding company-owned life insurance policies as well as how to handle situations in which individuals lose their citizenship due to issues with income taxes. 

In day to day conversations, when you hear someone bring up HIPAA compliance, they are most likely referring to Title II. To become compliant with HIPAA Title II, the health care industry must follow these provisions:

  • National Provider Identifier Standard: Every healthcare entity is required to have a 10-digit national provider identifier number that is unique to them, otherwise known as, an NPI. 
  • Transactions and Code Sets Standard: Healthcare organizations are required to follow a set of standards pertaining to electronic data interchange (EDI) to be able to submit and process insurance claims.  
  • HIPAA Privacy Rule: This rule sets national standards that help to protect patient health information.
  • HIPAA Security Rule: This rule establishes the standards for patient data security. 

What information is protected by HIPAA?

The HIPAA Privacy Rule safeguards all individually identifiable health information obtained or transferred by a covered entity or business associate. Sometimes this information is stored or transmitted electronically, digitally, on paper or orally. Individually identifiable health information can also be referred to under the Privacy Rule as PHI. 

Examples of PHI are:

  • Personal identifying information such as the name, address, birth date and Social Security number of the patient. 
  • The mental or physical health condition of a person.
  • Certain Information regarding the payment for treatments.

HIPAA penalties

Health industries and professionals should take extra caution to prevent HIPAA violations. If a data breach occurs or if there is a failure to give patients access to their PHI, it could result in a fine. 

There are several types of HIPAA violations and penalties including:

  • Accidental HIPAA violations could result in $100 for an isolated incident and an upward of $25,000 for repeat offenses.
  • Situations in which there is reasonable cause for the HIPAA violation could result in a $1,000 fine and an upward of $100,000 annually for repeat violations.
  • Willfully neglecting HIPAA can cost anywhere between $10,000-$50,000 and $250,000-$1.5 million depending on whether or not it was an isolated occurrence, If it was corrected within a specific timeframe. 

The largest penalty one could receive for a HIPAA violation is $50,000 per violation and $1.5 million per year for repeated offenses.

Source: pocketyourdollars.com

Should We Involve Our Teens in a Big Family Decision? (Hour 3)

Relationships, Education, Savings, Debt, Career

As heard on this episode:

  • Christian Healthcare Ministries: https://bit.ly/2XBZfE3 
  • Zip Recruiter: https://bit.ly/2JenOB7 

Sign Up for a FREE trial of Ramsey+ TODAY: https://bit.ly/31ricKt

Tools to get you started:

  • Debt Calculator: https://bit.ly/2QIoSPV
  • Insurance Coverage Checkup: https://bit.ly/2BrqEuo
  • Complete Guide to Budgeting: https://bit.ly/2QEyonc

Check out more Ramsey Network podcasts: https://bit.ly/2JgzaQR

Source: daveramsey.ramsey.libsynpro.com