catherineketq: Help Making Money

After Blue Shield shocked the nation with 59% premium hikes in California last week, the company just refused a request from the elected insurance commissioner to stop the increases for 60 days.

Blue Shield is making the case for tough premium regulation, because is has proven that it has the power to raise rates as much as it wants at will and refuse even a modest request from the elected insurance commissioner.

After spending the day walking the halls at the state Capitol in Sacramento yesterday, I can tell you Blue Shield made a big mistake when it decided to price gouge its customers. The state legislature is ready for a fight to give the insurance commissioner power to approve or to deny health insurance premium increases before they take effect. If that fight fails, Consumer Watchdog will help the voters decide through a ballot measure whether government should have the power to regulate and roll back excessive premiums.

Blue Shield made an offer in an errant press release it later recalled which no regulator or policyholder can accept. The company said it would let an independent actuary decide rate justification, and decided to live by the policy when news broke. The problem is that in the absence of legislated standards for what is an excessive premium, an independent actuary has no basis for review of the premium's reasonableness other than whether there is an error in addition, multiplication or subtraction.

Questions abound about how Blue Shield can justify its 59% premium hike other than by the means it seeks -- an actuary to say all the math is good. The standard Californians deserve is that the rates are not excessive or discriminatory. That's the standard for the prior approval of auto and homeowner insurance rates in California that are rejected or accepted by our elected insurance commissioner. The standard saved drivers $62 billion on their auto insurance according to the Consumer Federation of America.

Blue Shield is more opaque than any health insurance company in California because of its unique tax status. We don't know how much the CEO makes, nor can we adequately see the company's the books since it is neither publicly traded nor a tax exempt charity that must make its tax returns public. Suspicion is Blue Shield cooked its books, and hid big sums of money, to justify the 59% increase.

Only subponeas and special investigative hearings will determine the truth in the absence of new authority given to the elected insurance commissioner Dave Jones. Legislation by Assembly Member Feuer will give the commissioner that power and it is precisely what Blue Shield's second PR problem in two weeks sought to derail. Once again, Blue Shield has made the case for exactly the tough regulation it seeks to stop.

Although credit cards make it easy for us to purchase the things we want, we all know they can make our purchases harder to pay off. So why not consider developing a savings plan rather than an interest debt for your next major purchase or long-term goal? Whether you’re saving for college, retirement, a new computer, or a vacation, having a savings plan could help you achieve your goal.

There are several online calculators that work similar to using formulas in Excel spreadsheets. These calculators help you see more clearly how much money you can save over time by cutting back on spending or making better choices about the purchases you make. A savings plan means you may still buy the things you want or need, but you do so by not incurring more expenses.

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Budgeting & Saving Using Mint

First off, in order to make your goal(s) attainable, you will probably need to budget your spending in order to start saving or increase your savings. One online service you might try for this entire budgeting and savings process is Mint. Back in June I reviewed how to use this free service to develop a budgeting plan. Since then, Mint.com has added another feature, aptly called Goals.

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Mint makes it super easy to set up a savings plan for nearly any type of goal, including paying off a debt, buying a car, taking a trip, buying a home, or saving for retirement. If none of their template plans fit your needs, you can customize your own.

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Mint.com will keep you updated about the progress of your savings plan. Setting up a Mint.com account, a budget, and a savings account require a little time, but the site features work so well together that it’s worth the effort.

Savings Calculator

Another calculator which you can use without registering an account is found on Dinkytown. This calculator includes formulations for college savings, a savings plan for buying a home, and how much you could possibly save by not smoking, drinking, or over shopping.

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It can even provide calculations for how much you might save each month by bagging your lunch instead of eating out. Want to make a cool million? It will show how to develop a savings plan for that too. When you actually see these numbers, it may very well make you realize how attainable your goals actually are. Matter of fact, the calculator will even show you how much it‘s costing you to delay any type of savings plan.

College Savings Planner

If you’re looking to start a savings plan for your children‘s college education, you might take a look at Vanguard’s College Savings Planner.

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The calculator provides a rough estimate of how much you will need to set aside based on the tuition (in-state or out-of-state) and the type of college your child might attend.

Savings With Interests

If you’re looking to start a long-term savings plan, many online bank and credit unions includes savings calculators.

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Mappingyourfuture.com provides a really simple savings calculator that computes anticipated future savings based on an initial deposit, monthly savings, interest rates, and number of years. The site also provides tips for saving for college and paying off student loans.

Savings Calculator For Your Website

If your savings plan involves the visitors to your website, Frograte provides a set of formula calculations, including loan, mortgage, and credit card debts.

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Posting the calculations and code on your site may be useful for an organization involved in a collective savings plan. Frograte says that their “savings calculator is based on monthly compounding, check the details of your account for the compounding period. Accounts that are compounded daily, or yearly will vary slightly from the calculated results”.

Energy Savings Calculator

Developing a savings plan is just not limited to what you can set aside from your income. You might be able to save based on upgrading your refrigerator, or getting rid of your clunker and purchasing a new car.

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Engerystar.com provides a calculator to help you determine how much you might save by buying an energy savings refrigerator.

New vs Used Car Calculator

Similarly, if you’re needing to purchase a car, AOL.com provides a handy calculator for determining how much you might save buying a new car as opposed to a used one.

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By using one of the above or similar calculators, you can get a more factual estimate of your savings goals as opposed to just guessing off the top of your head.

Let us know of other calculators and money saving tips you know about.

Image credit: Shutterstock.com

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Monday, January 24, 2011

Help Making Money

Budgeting & Saving Using Mint

Savings Calculator

College Savings Planner

Savings With Interests

Savings Calculator For Your Website

Energy Savings Calculator

New vs Used Car Calculator

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