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Liz Weston

Q&A: Business credit card dilemma

October 4, 2021 By Liz Weston

Dear Liz: I am a sole proprietor and have two business credit cards. I used my Social Security number to apply for the cards and put $2,000 to $3,000 a month on these cards, yet all this credit card activity is not reported to Experian, thereby hurting my credit score, and I now have “stale credit” per Experian. Is my credit card activity not reported because my cards are considered business cards?

Answer: The short answer is yes. Although you used your personal credit history to apply for the cards, business cards typically don’t report activity to the consumer credit bureaus (although negative activity may be reported, such as if the account is delinquent).

You can remedy the situation by getting and using a personal credit card or two. If your credit report has become so stale that it can’t generate a credit score at all, you may need to start with a secured card or look into a credit builder loan.

Filed Under: Credit & Debt, Credit Cards, Q&A Tagged With: business credit cards, Credit Score, q&a

Q&A: What you should know about Medicare, Medigap and Advantage plans

October 4, 2021 By Liz Weston

Dear Liz: I’ve read your most recent columns about Medicare Advantage and believe that more should be said before people decide to go that route.

You mentioned that switching from Medicare Advantage to Medicare itself can be problematic. As a couple who have had both plans and now have Medicare with a Medigap plan, I want to say that the best (and, by the way, easiest) switch my husband and I made was to go back to Medicare.

People should understand that Medicare Advantage plans become their primary insurance, severely limiting their ability to go to whatever doctor or hospital is most convenient. When traveling, they are limited to the hospital and doctor they chose with their Advantage plan, the one near home! My husband also could not go to a doctor I had because we were signed up at different local hospitals.

So I phoned Medicare in 2009 and a young man was so helpful, and in no time we were back on Medicare. He said to go to the Medicare website, choose from the many Medigap options offered that suited our needs, and we did. It was that easy.

We opted for no copays, skilled nursing care, and much more. Granted, our monthly premiums are more than they would have been before, but since that date we have not laid out one cent for medical care including doctor visits, my husband’s open heart surgery (at a hospital of our choosing), emergency room and surgery for my broken ankle, and annual EKGs to monitor his heart.

Surprisingly, we also have coverage for foreign medical treatments and took advantage of that in 2018 for minor surgery needed. The Medigap insurance covered 80% of that when our travel insurer refused to pay.

Our Medigap policy also allows us to go to any doctor or hospital without a referral. And, of course, Medicare is accepted throughout the U.S., and Medicare Advantage plans are not. The tens of thousands of dollars we have saved in the last 11 years make it worth paying more each month, and we have peace of mind.

Answer: Thanks for writing and for sharing your experience.

For readers who haven’t kept up with the discussion: Medicare Advantage plans are offered by private insurers as an all-in-one alternative to traditional Medicare, the government-administered health insurance program for people 65 and older. Medicare Advantage plans typically cover some things that Medicare does not, such as vision, dental and hearing care, but the plans also have regional networks of providers you’re expected to use. You’ll pay more, and sometimes all, of the bill if you use out-of-network providers.

Traditional Medicare allows you to go to any doctor or hospital that accepts Medicare — which includes the vast majority of both — but can have substantial copays and other cost-sharing. A supplemental plan or Medigap plan offered by a private insurer can cover those costs, and most Medigap plans also offer emergency coverage abroad.

The premiums for Medicare plus Medigap can be higher than those for Medicare Advantage plans, but ultimately may prove more cost-effective for people who travel frequently or who want more choice about their care.

If you sign up for a Medigap plan when you first enroll in Medicare, the insurer is required to take you. If you miss that open enrollment period, an insurer can charge you more or even deny you coverage because of preexisting conditions.

There are a few exceptions, however. If you initially enrolled in a Medicare Advantage plan but want to switch to Medicare plus a Medigap plan within the first 12 months, you’re allowed to get a Medigap policy without underwriting.

Filed Under: Health Insurance, Q&A Tagged With: Medicare, Medicare Advantage, Medigap, q&a

Thursday’s need-to-know money news

September 30, 2021 By Liz Weston

Today’s top story: Is a new job the right financial move? Also in the news: How businesses of all sizes can drive positive change, how to benefit from corporate pledges to minority businesses, and plan your flu shot around these cash coupons.

Is a New Job the Right Financial Move?
Look at current and potential salary, benefits and outside factors so you can effectively compare and negotiate.

How Businesses of All Sizes Can Drive Positive ChangeBusinesses have three primary assets they can invest back into the community: time, money and expertise.

How to Benefit From Corporate Pledges to Minority Businesses
Since the start of 2020, companies from Bank of America and JPMorgan Chase to Google and Twitter have pledged billions of dollars to support entrepreneurs of color.

Plan Your Flu Shot Around These Cash Coupons
https://lifehacker.com/plan-your-flu-shot-around-these-cash-coupons-1847718870

Filed Under: Uncategorized Tagged With: flu shots, minority owned businesses, new job, positive change

Wednesday’s need-to-know money news

September 29, 2021 By Liz Weston

Today’s top story: What Mastercard’s new Buy Now, Pay Later feature means for cardholders. Also in the news: How to find out if a destination is safe for travel, how the pandemic has changed the financial advice business, and how to get your credit card’s annual fee refunded.

What Mastercard’s New ‘Buy Now, Pay Later’ Feature Means for Cardholders
Mastercard Installments will partner with a handful of card issuers to offer payment plans you can opt in to wherever Mastercard is accepted.

How to Find Out if a Destination Is Safe for Travel
You can use all sorts of online resources, as well as word of mouth, to find out how safe your destination is.

How the pandemic has changed the financial advice business
It’s a different ballgame.

Is Your Credit Card Annual Fee Refundable?
The answer may surprise you.

Filed Under: Liz's Blog Tagged With: buy now pay later, credit card annual fee, financial advice, MasterCard, pandemic, refund, travel safety

Tuesday’s need-to-know money news

September 28, 2021 By Liz Weston

Today’s top story: Parents with student debt want a do-over. Also in the news: What you need to know about Medigap Plan G, don’t let Social Security steer you wrong, and why Millennials and Gen Zers should be investing in Roth IRAs.

Parents With Student Debt Want A Do-Over
Nearly 1 in 3 parents regret their decision.

What Is Medigap Plan G? What You Need to Know
Medigap Plan G, part of Medicare Supplement Insurance, helps cover additional costs not met by Original Medicare.

Don’t Let Social Security Steer You Wrong
When to claim benefits is a complex decision. Don’t rely on the help line staff, and consider getting a pro’s help.

Why Millennials and Gen Zers Should Be Investing in Roth IRAs
Minimize your tax exposure while taking advantage of compound interest.

Filed Under: Liz's Blog Tagged With: Generation Z, Medicare, Medigap Plan G, millennials, Parent PLUS loans, Roth IRAs, Social Security, Student Loans

Is a new job the right financial move?

September 28, 2021 By Liz Weston

Whether you call it “The Great Resignation,” “The Great Reshuffle” or just high time for a change, millions of American workers are looking for new jobs — and some have already quit the ones they have. Better pay isn’t necessarily the motivator, labor experts say. Many people are seeking greater flexibility, the ability to work remotely or other nonfinancial benefits.

Still, money is important, and a job change can be a great time to significantly improve your financial prospects. In addition to the pay a new job offers, you should consider the value of a wide range of benefits and other compensation. In my latest for the Associated Press, how to look at the total picture and possibly negotiate a better deal.

Filed Under: Liz's Blog Tagged With: benefits, compensation, new job

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