The Bottom Line
Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
Insurance Tips for Young Adults
Insurance Needs for Young Adults
Most young people don’t think insurance is important—until they need it. Because young adults aren’t wallowing in disposable income, insurance often gets lost in the shuffle of rent, gas, and other routine bills. Here’s how to protect yourself against the unexpected without spending a fortune.
Most young adults need only three types of insurance coverage: health, renters, and auto. Life insurance is another type of policy to consider if you have financial dependents or own a business.
Your insurance needs change as you grow older. Owning a business, getting married, finding a new job, and becoming a parent are all events that call for a fresh look at insurance coverage.
First, investigate your current coverage. Your employer may offer insurance benefits. You also still may be covered by your parents’ policies. The Patient Protection and Affordable Care Act allows young adults younger than age 26 to stay on their parent’s plans even if they don’t live with them, are financially independent, married, or eligible to enroll in an employer’s plan. Check with your insurance agent to learn more about these policies and to make sure the existing coverage is adequate.
Tips for Saving Money
If you must purchase insurance on your own, follow these money-saving tips:
- If you can’t get health insurance through your employer, purchase it through a group, such as an alumni association or trade organization.
- Raise your deductibles. Each visit to the doctor or trip to the repair shop will cost more, but you’ll save on the overall premium. Be careful not to raise deductibles higher than you can afford, though. If a $500 bill could wipe out your monthly budget, go lower. And in the meantime, build your financial reserves by regular savings at Mid Oregon Credit Union. Ask about our Savers’ Club to build your emergency fund.
- Call at least three insurance agents. You’ll find quotes hundreds of dollars apart for the same coverage.
* Mid Oregon Credit Union has a great place to start with our partner Cascade Insurance Center and John Gould, who works in our Olney & 2nd St. branch in Bend. Call at (541) 382-7772 to get a free, no-obligation quote on your insurance coverage. As a broker, John and Cascade Insurance Center can check several carriers to find you the best coverage and rates.
- Choose your vehicle with insurance in mind. Some vehicles are far more expensive to insure than others. Check with your agent and find out what the premium will be before you buy.
- Buy only the coverage that you need and don’t get talked into unnecessary add-ons. For example, if your car is worth $1,000 or less, drop collision and comprehensive policies.
- Take advantage of every discount you’re entitled to, including those available for good students and safe drivers
The 5 Best Ways to Spend a Windfall
One in three Americans who receive a windfall—such as money from an inheritance or an investment paying off big—blow it within two years. A sudden windfall might seem like fun money, but it’s best to give serious thought to how you’ll use it. What are the best ways to spend a windfall?
Use this advice to put the money to good use and take the amount you’re receiving into consideration:
Pay off credit card debt
It’s smart to pay off accumulated credit card debt. But, experts recommend an additional step: Figure out how to avoid building up “new” debts. Talk with or email a loan officer at Mid Oregon for help setting up a spending plan.
Pay off student loans
Generally the interest on student loans is low, it might be tax-deductible, and the payment schedule is flexible. Consider putting your windfall to better use such as paying off higher rate credit card debt, and consider moving any balance to a lower rate Mid Oregon Visa card.
Pay off your mortgage
Again, your mortgage is a low-rate, tax-deductible debt. Paying it off locks up your money in your house—an investment that usually requires time and money to sell. You might be better off putting your windfall into liquid investments that earn a higher rate of interest.
Establish an emergency saving account
This account should be used to cover emergencies such as medical bills or job loss. The general advice is to set aside enough reserves to cover three to six months of living expenses, but you may even want more.
Make sure you’re saving enough for retirement
If you haven’t been maxing out your 401(k) at work, start now. If you’re already putting the maximum into tax-deferred vehicles, consider opening a Mid Oregon Credit Union Roth IRA (individual retirement account), if you meet the income restrictions. A Roth IRA isn’t tax-deferred at the front end, but it’s tax-free when you withdraw the money—both contributions and earnings.
Work With Someone You Trust
If you still have money left, work with an adviser who knows you, your goals, your timetable, and your risk tolerance—not just someone who sells investments.
Then, splurge! A little.
Experts say it’s fine to go ahead and spend a little of your windfall for fun. Realize though the difference of things that will make your life better in the long term and those that are just for fun right now. Balance the two.
Mid Oregon can help! Stop by or call today at (541) 382-1795
Celebrating 12 Years of Adopt-a-Bear!
Adopt-a-Bear at Mid Oregon
Mid Oregon Credit Union is happy to announce our 12th year in support of Healthy Beginnings Adopt-a-Bear campaign. In 2004, our CEO, Bill Anderson, and Healthy Beginnings Executive Director, Holly Remer provided a perfect solution to a fundraising dilemma with a creative campaign called “Adopt-a-Bear”. The colorful “teddy bear” became the vehicle to expand community awareness and provide needed revenue.
Our staff and members “adopt” bears with their donations to Healthy Beginnings. The die-cut bears become the “wallpaper” at all their branches in Bend, Redmond, Madras, Prineville, and La Pine during the weeks of April 4 through 22, 2016. The campaign efforts have raised $19,644 to date.
Adopt-a-Bear for Healthy Beginnings!
Healthy Beginnings provides no cost health and developmental screenings to preschool children in our communities ensuring they are ready to learn when they enter kindergarten. The state has identified universal community screenings as a best practice. They provide consistent, reliable, valid, evidence based screening for young children – but there is no state funding. For the past 21 years, Healthy Beginnings relies on community donations to keep their screenings free for all families who utilize their services. Healthy Beginnings serves over 700 children and families each year in Bend, Redmond, La Pine, Madras, Prineville, Sisters and Sunriver.
Community residents may make a donation to Healthy Beginnings at any Mid Oregon Credit Union location, or you can call 541-382-1795. For information about child screenings to go www.MyHB.org.
Help Children and Yourself
If you can’t make it in during the week, on Saturday April 16 we have a special opportunity! We offer free personal shredding to the community at four of our branch locations. After you drop off your documents, you can watch them being shred and make a donation to Healthy Beginnings at the same time! We will be at our Olney & 2nd Street location in Bend, and at our Madras, Redmond and Prineville branches for your convenience. Our partner Secure Shred will there to do the document dirty work. Stay tuned for more details.
We have lots of opportunities to help. Please consider a donation at one of our nearby locations starting Monday, April 4.