ZLABS‎ > ‎250 Plan-Research‎ > ‎

310 Finances

Updated 00/00/2017

   Finances become more challenging when
   the total Income figure declines and the
   Required and Discretionary Expenses areas
   go up and Saved Funds gets smaller.
 
   In layperson's terms, this means it is time
   to get creative on cutting costs and finding
   additional sources of income.





   MEDICADE
   In 46 of the United States, those with an income falling below a certain threshold are eligible for aid
   from Medicade. Tennessee is not one of those states; you can actually be too poor to receive assistance.
   You file first through the US Government. Once their systems indicate you are approved, which is often
   in a few seconds, you can request they transfer you to Tennessee. This is where your request can die due
   to Tennessee laws. Tennessee Laws take precedence in whether you can or can not receive benefits.

   COBRA
   Examine your options under COBRA from your prior employer as soon as you can to see if that can help
   reduce costs. Insurance from 2016 to 2017 in Tennessee increased over 60% while increases for COBRA
   were far less and initially cost significantly less. On the "open market" medical insurance can cost more
   than all of your employer benefits for medical, dental, vision, and Flexible Spending Accounts combined.

   TheCTGroups.org/resources
   Examine the available resources in TheCTGroups.org under Resources. Organizations listed here can
   help with food, clothing, furniture, medical treatment, and prescriptions. Prescription Discount Cards
   can actually cost you less in some cases than with a high priced insurance coverage. There are groups
   that can provide various medications that are more expensive for a small monthly fee or at ZERO COST
   if you meet income qualifications. The issue with Tennessee and Medicade are NOT APPLICABLE TO
   THESE PROGRAMS. There are resources available for many needs you and your family may have IF YOU
   do some research using what is listed under Resources and talk to these people. You may be required
   to submit the first two pages of your last Federal Tax Return along with W-2 Statements as part of the
   qualification process.

   THERE IS A POTENTIAL ADVANTAGE IN GETTING THESE STARTED AS A TAX YEAR BEGINS AS SOME
   PROGRAMS, ONCE THE NEW YEAR BEGINS, WILL ONLY ACCEPT STATEMENTS FOR THAT TAX YEAR.
   In short, after January 1, 2018, you can't provide a 2018 Tax Return and W-2 until around May 2018
   but if you submit in 2017 your 2017 Tax Return and W-2's you meet the required documentation.

   UNEMPLOYMENT
   Make sure you file for Unemployment. This will not replace your income but it will reduce the burn
   of cash from your savings for an 11 week period.

   EXPENSES THAT CAN BE STOPPED OR REDUCED
   Expenses most people cannot control:
     -  Monthly Apartment or Home Rent or Monthly House Note
     -  Annual Insurance Coverage for the House or Home Rental
     -  Semi-annual Car Insurance Premium for each vehicle
     -  Water, Sewer, Electric, Waste Pickup, Natural Gas, Propane, Flood Fees, etc.
     -  Community Maintenance Fees
     -  Services such as Lawn Mowing, Termites, Insects, Lawn Treatments, 
     -  Payments on contracts such as Student Loans and others
     -  Payments on Communications (Cell Phones, Internet, Land Lines, etc.)
     -  














Comments