How to Pick the Right Healthcare Plan for You

Choosing medical coverage can be daunting. Here's how to select a healthcare plan.

Selecting a health insurance plan that works for your family can be an overwhelming task. However, there are four critical steps you can take to make certain that the plan is right for you and your family.

1. Network

Ever since managed care took over the health insurance industry in the 90s, insurance plan networks have become a critical part of selecting the “right” plan for you and your family. All of the major insurance companies offer online directories for finding medical providers. Those directories, however, can be very confusing. While you may find your physicians are contracted through your insurance company, you might be terribly disappointed when you schedule an appointment only to find that they are not on the sub-network that your plan utilizes.

Insurance companies normally have several different networks and your doctors may not belong to all of them. I have found that the simplest way to find out if your providers are on the network is to call their offices directly and provide the name of the insurance company and the name of the network you will be using. The other piece of information you will be able to glean is if your doctors will be participating in that network in the upcoming year. This will not usually be indicated on the insurance company’s website. Contracts between insurance companies and medical providers change constantly, and a network that includes your physicians this year may not include them next year.

2. Benefits

Many benefits that used to be optional are required to be included by the Affordable Care Act (a.k.a. the ACA, or Obamacare). For example, mental health benefits, maternity coverage and guaranteed coverage without pre-existing condition limitations are currently all mandated by law. These standardized benefits may not last if the ACA is partially or fully repealed.

While many benefits are standardized, benefit levels are not. There are typically three types of policy benefits you will need to consider when selecting a plan. It is very important to read the Summary of Benefits and Coverage for your selected plan before you make this important decision.

  • A deductible is the amount of money you must pay before any expenses will be covered by your insurance company. The deductible typically resets on January 1st of each year. So, if you have a $1,000 deductible, you will have to pay the first $1,000 of eligible expenses, and the insurance company will start paying a portion of the next expenses incurred in that calendar year (see co-insurance, below). Generally, the higher the deductible, the lower the premium. So if you want to save money on your monthly premiums, you can select a higher deductible. There may also be a separate per-stay deductible if you need hospitalization or go to the emergency room. Sometimes, the deductible will be waived and a smaller copay will be required upon each visit to the doctor. The amount of the co-pay will vary by plan. Typical co-pays range from $25 to $100 per visit.
  • Co-insurance is the split between what the insurance company pays and the expenses for which you are responsible after the deductible has been paid. You might select a plan that pays 80% of approved medical expenses after your deductible has been satisfied. You would then be responsible for the other 20% of expenses. A plan that only pays 50% of expenses (with you paying the other 50%) would generally cost less than the aforementioned 80%/20% plan. This sharing stops and the insurance company pays 100% of the remaining charges when you have reached the out-of-pocket maximum. This limit is expressed in a dollar amount and includes all of your deductible and co-insurance payments. A typical out-of-pocket maximum might be $4,000 per person, with an $8,000 family limit. So if you have a family of four and each had expenses of $2,000, the family limit would be reached even though no one person reached their individual limit.
  • The final benefit selection you will need to make is for prescription drug coverage. Some plans cover prescription drugs just like any other medical expense, subject to the deductible and co-insurance described above. Other plans might waive the deductible and co-insurance but require a separate co-pay each time you refill a prescription. Since name-brand drugs are more expensive, the co-pay is usually higher. Generic drugs, however, cost less so they enjoy a lower co-pay. Finally, there may be a separate prescription drug deductible, which must be satisfied before any co-pay applies.

3. Insurance Company

The strength of the insurance company backing the policy you choose is just as important as the network or benefits selected. There is a misconception that Obamacare is an insurance policy backed by the government. Each policy is still underwritten by an insurance company, not the federal government. Since claims are paid by the insurance companies, you should check out the financial strength of the company. Several rating agencies evaluate the financial strength of insurers, including Moody’s, A. M. Best and Fitch Ratings. Look for companies with an “A” or better rating from all three rating agencies. (You can check your own credit rating for free by viewing your free credit report snapshot, updated every 14 days, on Credit.com.)

4. Premiums

The premium is the monthly amount paid to the insurance company in return for the policy benefits purchased. All of the factors discussed above will work together to determine the premium required for your insurance coverage. And while your health, medical history or gender can’t affect your premium, a few other factors can. Premiums increase with age and as family members are added to the plan. Premiums can also vary widely based upon where you live in the country or even within your own state. Rates are determined, in part, by the medical expenses in your particular zip code. The insurance company can also charge more if you use tobacco.

While deciding on the correct medical insurance plan can be tedious, balancing these four critical details can help you make an informed and appropriate selection.

Image: asiseeit

The post How to Pick the Right Healthcare Plan for You appeared first on Credit.com.

Open Enrollment Season: How to Choose the Right Health Plan

Smiling senior man having measured blood pressure

It’s that time of the year again — health care open enrollment. Open enrollment season is the time of the year when you enroll, re-enroll, or change your 2017 health insurance plan. These fall months are pretty crucial. Unless you have a qualifying life event (getting married, starting a new job, etc.), you won’t get another chance to change your benefits for another year.

Most Americans get their health care through three main options — Medicare, their employer, or the federal health care exchange.

  1. Medicare

Open enrollment for Medicare is between Oct. 15 and Dec. 7 each year. You can get a jump start on the enrollment period by reading up on the plans and options ahead of time in Medicare & You, which is updated each year.

  1. Your job

Enrollment for employer-provided health care plans varies since these plans are set by the employer. Enrollment is typically in the fall, and any changes will go into effect on Jan. 1 of the following year. Ask your employer’s human resources department when your deadline is to enroll.

  1. Obamacare

Open enrollment through the state and federal Health Insurance Marketplace begins Nov. 1, and closes Jan. 31. Keep up on important deadlines here. If you need help signing up on the exchange, seek advice from a designated health care navigator.

Here are some tips to keep in mind as you review your health coverage this year:

Don’t get complacent

You might love the benefits you have at the moment, but that doesn’t mean you should blindly sign up for the same plan next year. Insurers are constantly tweaking existing coverage areas and creating new plans. Check to see if your existing plan has changed and see if there are new plans. With the rapid increase in pharmaceutical and health care prices, it’s important to look beyond the premium alone. Lower-cost plans may have higher out-of-pocket costs like deductibles, co-pays, and co-insurance. Certain covered drugs and treatments or the qualifying doctors or hospitals in your network could have changed as well.

Lower your out-of-pocket expenses with a Flexible Spending Account

Americans are paying the highest out-of-pocket health care expenses in history, due to a shift toward high-deductible plans. You can lower your out-of-pocket expenses by setting aside pretax dollars in a Flexible Spending Account. FSAs are only available to workers whose employer provides them.

FSAs can be used only for certain medical expenses, such as co-pays, prescriptions, and some over-the-counter medications. The maximum contribution is $2,550 for 2016. You can only sign up for one during the open enrollment period. When you do, you’ll decide how much of your pretax salary you want to contribute to cover qualified health care expenses throughout the year. Be careful not to contribute too much, however. The downside of an FSA is that you have to use the money in the account by December 31, or it is returned to your employer. However, some employers offer grace periods.

Take advantage of a Health Savings Account if you have a high-deductible health plan

Health Savings Accounts (HSAs) go with high-deductible plans like salmon and white wine. Like an FSA, you contribute pretax dollars to an HSA to cover your medical expenses. However, since HSAs are not tied to any one employer, they are portable. Your money will come with you from one job to the next, and you won’t be limited on where you can use it. You also don’t have a certain time period to make or change your contribution amount, so you can make changes anytime throughout the year. In order to qualify for an HSA in 2017, your health plan deductible must be higher than $1,300 for an individual and $2,600 for a family.

Learn from last year’s mistakes

This is your chance to find a plan that fits your budget and your needs. Insurance companies change coverage rates and options frequently, so take the opportunity to do your research and flesh out all of your options this enrollment season. If you went for a low-premium, high-deductible plan this year, you might have realized you don’t really like paying higher out-of-pocket expenses all that much. Similarly, if you’ve paid for a high-premium, low-deductible plan but don’t use your health insurance that much, you may join the ranks of the growing number of Americans who have switched over to high-deductible health care plans over the past few years.

Check to see if you qualify for a tax credit

Like 80% of Obamacare applicants, you might be eligible for a tax credit that would lower your monthly premium. The average subsidy granted in 2016 was $3480 ($290/month), according to the U.S. Department of Health and Human Services. If your estimated household income is up to four times the federal poverty level, then you’d qualify for the credit. You can check here to see if you qualify for a subsidy.

If you decide to forego insurance, know what to expect

Under the Affordable Care Act, every American has to have qualifying health insurance coverage, or pay a tax penalty. For 2016, the penalty is $695 for each uninsured adult in the household. However, there are a few exceptions. You might qualify for an exemption from the penalties under certain circumstances. For example, you won’t face a penalty if you suddenly lose a job or you are in between jobs for 1 or 2 months and have a gap in coverage. You should check to see if any exemptions apply to you before skipping out on signing up this enrollment season.

The post Open Enrollment Season: How to Choose the Right Health Plan appeared first on MagnifyMoney.

TRUMP VS. CLINTON: Where the Candidates Stand on College Costs, Child Care, Family Leave, and Health Care

trpvshfc2

With the election a month away, presidential candidates Hillary Clinton and Donald Trump have just a few weeks left to woo voters across the U.S.

If you’re still on the fence about which candidate to vote for, your final decision may hinge on how their policy ideas could potentially impact your wallet.

We have simplified and broken down each candidate’s stance on three key issues — college costs, child care and family leave, and health care — to help you understand exactly how each candidate’s proposals could affect your wallet.

Read more about their stances on job growth, taxes and housing here > 

College Costs

hillary_final

Hillary Clinton’s college debt plan promises a “debt-free future” for college graduates. Clinton intends to use her New College Compact to erase college tuition at in-state colleges and universities for families earning up to $125,000 annually. The plan caps income at $80,000 to start off, then will rise by $10,000 for the next four years to hit $125,000 in 2021.

The New College Compact also promises to help students pay for the cost of college by protecting the Pell Grant’s funding and restoring year-round Pell funding so that students can receive the grant over the summer in addition to fall and spring. In addition, the plan will invest in Historically Black Colleges and Universities and other minority-serving institutions and grant a 15-fold increase in federal funding for on-campus child care among other factors. The Compact requires colleges to be accountable and pursue cost-reduction efforts, requires students to work at least 10 hours a week, and will reward those who create programs that provide credible education at a low cost.

Clinton has also pledged to provide debt-relief help to struggling graduates. Her plan outlines efforts to make sure all graduates can refinance loans, enroll in income-based repayment (no more than 10% of monthly income), get help from employers, defer repayment from debt incurred from starting a business for up to three years, and be rewarded for public service. Finally, she proposes a three-month moratorium on student debt collection to give debtors the chance to get on board with the resources she plans to provide.

trump_final

Donald Trump’s plan to address college costs begins with a proposal to get rid of student loans issued directly by the U.S. government, a system that has been in place since 2010. Trump would take the U.S. government out of the student loan business, leaving student lending up to private lenders.

He says he will work with Congress to enact reforms that will give tax breaks to colleges and universities that make a “good faith effort” to cut back costs and student debt. By doing this, Trump says he will make attending, paying for, and completing one’s education at a two- or four-year college or vocational or technical school more accessible.

Child Care and Family Leave

hillary_final

Child care costs rose more than 122% over the past 10 years for American families.

Hillary Clinton’s plan to address the rising costs includes giving a raise to child care providers to incentivize high-quality and effective child care. She plans on using the Respect and Increased Salaries for Early Childhood Educators (RAISE) initiative with state and local governments to fund the salary increases. Clinton also plans to double federal funding for the Early Head Start and the Early Head Start–Child Care Partnership program to allow room for twice as many children in the program.

When it comes to family leave, Clinton says she will guarantee up to 12 weeks of paid family and medical leave to workers who need to care for a new child or sick family member. Individuals who fall seriously ill or are injured will also get up to 12 weeks of paid medical leave. The pay will be at least two-thirds of an individual’s current wages, but it won’t cost businesses anything extra. It will be funded by money generated through tax increases on the wealthy and tax reform.

Clinton also proposes capping families’ child care expenses at 10% of household income.

trump_final

Donald Trump would change the tax code to allow working parents to deduct child care expenses for up to four children and elderly dependents from their income taxes. The deduction would be capped at “average cost of care for the state of residence,” according to his plan. According to an analysis by the Tax Policy Center, higher-earning families would have the most to gain from Trump’s child care plan, as the poorest households rarely pay federal income taxes.

Trump also proposes creating special child care savings accounts where families can make tax-free contributions toward child care. Currently, families may contribute to similar accounts but only if those accounts are offered by an employer. His proposal calls for a federal match of up to $500 to families who use the special accounts.

On the issue of family leave, Trump proposes six weeks of paid maternity leave.
He hasn’t specifically said how his plan would be paid for, but in a campaign fact sheet he says most of his tax reforms would be paid for by “increases in economic activity that accompany pro-growth tax reform, better trade deals, regulatory and immigration reform, and unleashing American energy.”

Health Care

hillary_final

Hillary Clinton largely plans to focus on continuing and expanding the Affordable Care Act (Obamacare). She says that she will work with state governors to expand Medicaid to the 3 million people who are uninsured because states chose not to expand the program. Clinton says she will allow the Secretary of Health and Human Services to block or adjust health insurance premium rate increases to make coverage more affordable. She also says she will cap prescription drug costs and limit out-of-pocket expenses for families.

Clinton says she will also make efforts to give Americans the choice of a public-option insurance plan, or a government-run health plan, in each state and to allow those 55 years or older to opt into Medicare. The qualifying age is currently 65.

trump_final

The first part of Donald Trump’s health care plan is to repeal the Affordable Care Act and replace it with Health Savings Accounts (HSAs) to help cover out-of-pocket expenses. HSAs are usually coupled with high-deductible health plans to allow workers to set aside pre-tax dollars for medical expenses. Unlike many existing HSA accounts, the ones that Trump is proposing will have no limit and will become part of an individual’s estate and will enable people to pass the sum onto an heir after death, tax-free.

Trump says he will also allow individuals to deduct their health insurance premium payment from their tax returns. Finally, his plan outlines an effort to work with states to identify individuals who have not had continuous health coverage and create high-risk pools to give them access to health care coverage.

Make sure to register to vote by Oct. 14.

Illustrations by Kelsey Wroten.

Click here to find out more about Trump and Clinton’s platforms on job growth, college costs, taxes and housing > 

The post TRUMP VS. CLINTON: Where the Candidates Stand on College Costs, Child Care, Family Leave, and Health Care appeared first on MagnifyMoney.

Stuck With a High Deductible Health Plan? Here’s How to Save

child and doctor talking in clinic
The majority of Americans receive health care through an employer-provided health plan, new Census Bureau data shows. But thanks to rising premium costs and ever-increasing deductibles, health coverage — even if your employer covers part of your tab — can easily feel more financially burdensome than beneficial.

Annual premiums rose most significantly for employer-provided family plans in 2016, according to a survey released Wednesday by the Kaiser Family Foundation. The average annual workplace family health premium rose to $18,142 in 2016, a 3% increase. This is a slowdown from last year’s 4% hike, but family premiums are still 58% higher than they were just a decade ago.

But sticker prices on annual health plan premiums — $18,142 for families and $11,480 for individuals — only tell half the story.

Employers commonly make contributions toward their workers’ health care premiums. But employers have contributed less and less to annual premium costs over the last decade, leaving families footing larger portions of their coverage. For example, workers now pay 78% more in annual premium contributions for family coverage than in 2006, according to Kaiser.

Here are other ways rising health costs are impacting consumers:

Out-of-pocket costs continue to soar. In 2016, 29% of all workers were in high-deductible plans, up from 20% in 2014. The average annual deductible for individuals climbed 12% year-over-year to $1,478. Families endured even higher out-of-pocket costs.

Premiums have also outpaced inflation and earnings increases over the past five years, 6% and 11%, respectively, according to Kaiser’s report.

What you can do to save if you have a high-deductible health plan.

Look at more than just the sticker price

Plan premiums can be deceiving. Even if a plan’s premium looks more affordable, it will likely have a higher deductible, meaning your out-of-pocket costs could be much more in the long run. Sophie Stern of Enroll America, a health care advocacy nonprofit, recommends reading plan offerings closely before you sign up.

“First and foremost employees should reach out to their employer to gain a better understanding of their plan options and covered benefits, including how much they will have to pay out of pocket for their health care,” Stern says. “If already enrolled in coverage, employees can also contact their insurance company directly.”

Take advantage of health savings accounts

If your deductible is higher than $1,250 for individuals or $2,500 for families, you likely have access to a health savings account (HSA). HSAs let workers set aside pre-tax dollars for medical expenses. Some employers provide Health Reimbursement Arrangements (HRAs), in which case the employer would reimburse its employees for out-of-pocket medical expenses and individual health insurance premiums.

Sign up for a health risk assessment or biometric screening

Many large firms offer financial incentives like cash, reduced premiums, and other benefits for undergoing a health risk assessment or biometric screening. Kaiser found that most large firms offer health risk assessments (54%) and biometric screenings (53%) for workers. Health risk assessments ask questions about your medical history, health status, and lifestyle, while biometric screenings measure things like body weight, cholesterol, blood pressure, stress, and nutrition.

Some things in health care are free

Under the Affordable Care Act, many preventative care services are free to you. Be certain to make sure they are coded properly at your doctor’s billing office so you are not incorrectly billed.

Pay cash

Some health care providers offer to charge a lower fee for some treatments if patients pay cash upfront. You can also ask for a low- or no-interest installment plan if you can’t afford the full cost upfront.

Plan ahead

One of the nastiest surprises at the doctor’s office can be an unexpected bill because your physician is not covered by the insurer’s network. Verify that a provider accepts your insurance before you go, either by calling or by checking your plan provider’s website. Once you find a provider that accepts your insurance, Stern recommends calling before you visit to get a sense of how much your treatment will cost.

Be proactive. Ask how much services will cost before your appointment. Make sure to ask about cheaper options and the pros and cons of comparable services before you get there and about the price of drugs before leaving with a prescription.

Compare and save

Prices for medical treatments are notoriously opaque. Sites like cms.gov and clearhealthcosts.com have made it easier to shop around for certain routine treatments (such as an MRI or teeth fillings). Some services, like smartshopper.com, will even pay you to shop around for lower cost treatments.

Lower your medication costs

Ask for a generic prescription if you’re getting medication. Generic prescriptions cost anywhere from 80% to 85% less than brand name medications, according to the FDA. You can also browse sites like GoodRX.com and needymeds.org to compare and save when it comes to your prescriptions.

If you aren’t covered by your employer and you’re shopping for health coverage, there are resources that can help. Through Enroll America’s Get Covered Connector, you can schedule an appointment with an expert near you who can walk you through the process.

 

 

The post Stuck With a High Deductible Health Plan? Here’s How to Save appeared first on MagnifyMoney.

The One Thing People With Health Insurance Forget to Do

health_care

Wednesday marked the sixth anniversary of the Patient Protection and Affordable Care Act — commonly known as Obamacare — being signed into law, and the battle over its various elements continues to be waged as vigorously as ever.

Perhaps one of the biggest points of contention is the so-called individual mandate, which stipulates that most Americans have qualifying healthcare coverage in place or pay a fee for the period they are uninsured.

Some view the mandate as a yet another example of a meddlesome federal government interfering in a personal decision. Others are grateful for coverage they would otherwise be unable to afford. And while the individual mandate is viewed by many as the motivating reason for obtaining this insurance in the first place, there is another important consideration to take into account.

Healthcare is like any other business: After all is said and done, providers need to collect enough revenues to make it possible to continue doing what they’re doing.

Healthcare is also complicated in that there is surfeit of procedures with costs that require quantifying and prices that are often individually negotiated between providers and payers.

Therein lies the rub: The extent to which a payer—you, me, insurance companies, employers, the government—is able to bargain down that price to an acceptable level.

As you might expect, providers don’t always readily share that information among patients and their intermediaries. Nevertheless, the fact that these discounts—which are known as contractual allowances (the difference between what a provider bills and the sum it’s willing to accept in full payment)—is as important a reason as any to have insurance, as the following personal experience will illustrate.

A little more than a month ago, my wife underwent some testing on an outpatient basis in a hospital setting. Although the medical center typically charges $3,700 for the procedure, its billing department applied a $1,700 “insurance adjustment” against that amount—presumably in keeping with the pricing agreement the institution and our insurer have in place for the current year—and billed us for the difference (because we hadn’t yet met our plan’s annual deductible).

This wasn’t a singular occurrence. Every one of the healthcare-related invoices we receive is adjusted to take into account the discounted prices our insurance carrier has successfully negotiated with each of our healthcare providers.

When the statement arrived in the mail, I called the hospital’s billing department to arrange for payment. Sure, I could have done this online or snail-mailed a check, but I decided a sizeable bill warranted a conversation.

The billing clerk was nice enough. After we talked a bit about the charge and the insurance adjustment, he politely asked how much I was in a position to pay at this time.

That set me to thinking.

So, with equal politeness, I responded by asking if he was in a position to give me a reason to pay my bill in full, then and there.

As it turns out, he gave me 400 good ones—a 20% discount on my $2,000 balance.

My little story has two takeaways: Complain all you like about a healthcare system that charges different prices to different payers or a law that some consumers and businesses view as unfair. Until either or both of these conditions change, the best course of action is to use one against the other: the discounts your insurance carrier has negotiated versus the charges your healthcare providers would otherwise bill.

And one more thing

Don’t forget to attempt a little bargaining of your own.

This story is an Op/Ed contribution to Credit.com and does not necessarily represent the views of the company or its partners.

More Money-Saving Reads:

Image: Jupiterimages

The post The One Thing People With Health Insurance Forget to Do appeared first on Credit.com.

5 Ways Your Money Could Be Affected By a Bernie Sanders Presidency

Bernie_Sanders

It may seem like it’s been going on forever, but the 2016 presidential election is finally getting started, for real. Several months of primary elections begin Feb. 1 with the Iowa caucus, and soon enough, we’ll know who will be on the general election ballot come November.

One of those people could be Sen. Bernie Sanders (D-Vt.). Whether or not you’re feeling the Bern, it’s important to know how a Sanders presidency could affect you and your money. Like all presidential candidates, Sanders has identified many things he’d like to change about life in the U.S. There’s no way to know how many of his proposals would become reality if he’s elected — making such changes is a lot more complicated than proposing them — but several have the potential to significantly impact Americans’ personal finances. (We’ll be covering other candidates’ impact on your money in the next few weeks.)

Here are some of the main issues Sanders would like to address and how it could impact your finances.

1. Single-Payer Healthcare

There’s a lot of debate over how a single-payer healthcare system would affect the average American’s budget, because overhauling the system would be complicated and therefore costly. Without getting into the details (partially because Sanders hasn’t shared all of those yet), here’s what he’s proposing: Sanders is calling it his “Medicare for All” plan, and it aims to simplify the process of getting and paying for healthcare while detaching insurance from employment.

“As a patient, all you need to do is go to the doctor and show your insurance card,” reads Sanders’ website. “Bernie’s plan means no more co-pays, no more deductibles and no more fighting with insurance companies when they fail to pay for charges.”

Sanders plans to pay for the program, which his campaign estimates to cost $1.83 trillion annually, through a tax increase on those making more than $250,000 a year, premiums paid by employers and some households (dependent on income), other tax adjustments and program savings.

2. A $15 Minimum Wage

Currently, the national minimum wage is $7.25 per hour. Sanders wants to raise it to $15 per hour over the next several years. For people working minimum wage jobs, that could make a significant difference in their earnings and overall financial health. At the moment, only Emeryville, Calif., comes close with its $14.44 minimum wage, though San Francisco and Seattle have plans in place to implement $15 minimum wages in the next several years.

3. Paid Family Leave & Sick Days

Maternity leave, paternity leave and medical leave are hot topics in politics right now. Many parents don’t have the option of taking paid time off to care for new or sick children, and for those that do, it’s often an unaffordable one. Sanders proposes 12 weeks of paid family or medical leave for all U.S. workers, as well as 7 days of guaranteed paid sick days.

4. Free College

Sanders has outlined six steps he would take to making college debt-free. One of those ideas is to eliminate tuition at public colleges and universities throughout the country. For the 2015 to 2016 school year, the average in-state tuition at a public institution cost $9,410, according to the College Board, which is a 13% increase from the previous academic year. Even with the other costs of education beyond tuition, eliminating that expense could make a college degree much more affordable.

The entire plan is estimated to cost $75 billion annually, according to Sanders’ campaign website. He plans to pay for the plan by imposing what is essentially a sales tax on stocks and other investment products.

5. Student Loan Refinancing

Part of the problem with high tuition costs is the student loan debt it generates. There’s more than $1.3 trillion in outstanding student loan debt in this country, and it continues to grow as new borrowers take on loans and current balances accrue interest.

Those interest rates are a huge point of contention in the student loan world. Student loan rates are high by most consumer loan standards, and for the most part, borrowers are stuck with them. Sanders not only wants to cut interest rates in the first place, he also proposes making refinancing available so borrowers with high rates from many years ago can take advantage of today’s lower rates. (You can see how your student loan debt may be affecting your credit scores by viewing your free credit report summary, updated each month, on Credit.com.)

More Money-Saving Reads:

Image: andykatz

The post 5 Ways Your Money Could Be Affected By a Bernie Sanders Presidency appeared first on Credit.com.