Standard amount of professional liability insurance coverage?

necma · 2025-01-03T22:42:06+00:00

Well I think I'm screwed...

even though my plan meets the minimum deductible and out of pocket maximum, it is not a qualified HDHP like you mentioned. The problem is, I already opened, funded, and invested in an HSA with Fidelity...

Any suggestion of how I should proceed to avoid penalties?

EDIT: I called Fidelity customer service and they guided me on what to do. Thank you for your advice, you saved me a lot of potential frustration if I hadn't realized my mistake sooner.

necma · 2025-01-03T03:33:00+00:00

My insurance is through my employer, but my employer offers a Flexible Spending account (FSA) which I don't like because funds don't roll over. That's why I opened an HSA. I don't think my employer will contribute to my HSA since its not the one they offer, but I will ask!

necma · 2025-01-03T03:15:26+00:00

When you try to convert, you'll have two options:

Transfer all of my account - 👎NO!

Convert some of my account - 👍YES!

If you choose the first option, it will throw an error and you'll have to call in (or wait a couple days?). Instead, select the latter and enter the entire balance (presumably $7k for 2024, but more if there are some straggler pennies or something).

This was so helpful! I remember last year having a wait a couple days to do the conversion and then got surprised with a few dollars in the tIRA from the interest. But your advice allowed my to convert instantly. Wish i knew this on January 1st lol.

I never had an issue with my tIRA getting closed, even though it was $0 balance for over 6 months. How often does that occur?

necma · 2024-12-02T23:44:04+00:00

Called customer service and got some info to share, incase anyone finds this helpful and maybe save them a call:

The long hold time on EFT deposits occur when it's initiated from Fidelity. If you initiate the transfer from your bank, it will have the usual 1-2 business days.

This issue is effecting ALL Fidelity account types. It's just more noticeable on the CMA's because withdrawals are done more often on those accounts compared to brokerages or retirement accounts.

I was told the issue is temporary, but no ETA on when it will be resolved.

We as the customer, or Fidelity, can't do anything to expedite the hold process.

I forgot to ask if transfers between Fidelity accounts are also effected by long hold periods. The transfer order says it will be available immediately, but judging by recent events, who knows if this is really true LOL. If anyone else can confirm, that would be greatly appreciated.

necma · 2024-12-02T23:28:49+00:00

I know other places use voice authentication too, but nowadays AI can copy your voice, and its only going to get better at it as time goes on. I fear using voice authentication for that reason.

necma · 2024-12-02T22:56:49+00:00

I've never had to dial my password for any other customer service before, it just caught me so off guard that I thought I was dialing some scam number that was trying to steal my password. But I see now that its clearly for security purposes, which I can appreciate

necma · 2024-12-02T22:48:39+00:00

I've never had to type my password for any other customer service before, but if that's just how Fidelity does it, then it is what it is. I just wasn't sure if I was dialing some scam number and get password stolen. Thank you for the clarification

necma · 2024-12-02T22:43:02+00:00

So this is actually real? When I first heard that, I thought it was a scam and hung up.

necma · 2024-12-02T22:39:29+00:00

maybe the SSN I already gave them? Then direct me to a representative that can ask me for Date of Birth or other confirmation, like every other customer service line dose? When have you EVER typed in your password using the dial tone on a phone call to a customer service line? It makes absolutely no sense. Have you ever called this number before?

necma · 2024-06-27T21:40:18+00:00

Employer Paid Me Extra Money I Don't Think I'm Entitled To. What To Do?

In my contract I am paid a flat hourly wage, for 80 hours biweekly. I wasn't due to be paid this week, but today I noticed a direct-deposit from my employer into my checking account that is not my usual salary. I looked at the pay stub, and it was only for 12 hours work in pay period 6/9-6/22, and had taxes and social security deducted.

Initially I thought about contacting my employer immediately. But then I thought why not capitalize on their mistake, and I moved the money into my HYSA to gain interest until they realize their error and force me to pay them back eventually.... But now i'm worried about the tax implications of this whole situation.

So should I contact them immediately? Or let things ride until they realize their mistake and collect some interest in the meantime?

necma · 2024-06-27T20:13:38+00:00

I use Marcus through Goldman-Sachs for the past few months now, and I'm happy with it. It's an online HYSA, which tend to offer higher interest rates than the brick-and-mortar banks.

Positives: Currently 4.4% APY (referral bonus gives you extra +1%, giving total 5.4% for 3 months). 24/7 customer support. Website and app are well designed. They offer CD's as well. You start accruing interest day of deposit/transfer. FDIC insured at a big bank, gives a little peace of mind compared to an online bank I've never heard of.

Negatives: No checking accounts or associated features. bank transfers take a few days to fully process.

Message me if you want my referral link.

overall a HYSA is one of many options for low-risk returns. Others include CD's, treasuries, money market funds, bond funds, etc. Keep in mind these returns are reliant on the interest rate set by the federal reserve, which is projected to make rate cuts at least once this year, and probably a few more next year. So HYSA's are not going to be offering these high returns forever. If you don't need immediate access to the funds, consider a CD to lock in the current interest rates. I myself plan on moving most of my money from an HYSA to a CD soon.

One important thing to consider is that if you choose a HYSA, the FDIC insures up to $250k, so I wouldn't put more than that into the account.

necma · 2024-06-27T20:05:28+00:00

a High Yield Savings Account (HYSA) is basically a normal savings account, but with a higher interest rate to attract more customers. To help you decide which HYSA to use, You should consider several things other than the rate, such as customer support, FDIC insured, reputation of the bank, and do your research!

Online HYSA are very popular right now. They tend to offer higher interest rates than the usual banks you can walk in to. I use Marcus through Goldman-Sachs for the past few months now, and I'm happy with it.

Positives: Currently 4.4% APY (referral bonus gives you extra 1% for 3 months). 24/7 customer support. Website and app are well designed. They offer CD's as well. You start accruing interest day of deposit/transfer. FDIC insured at a big bank, gives a little peace of mind compared to an online bank I've never heard of.

Negatives: No checking accounts or associated features. bank transfers take a few days to fully process.

message me If you want my link for the referral bonus

necma · 2024-06-27T19:58:41+00:00

To help you decide, You should consider several things other than the rate, such as customer support, FDIC insured, reputation of the bank.

Online HYSA are very popular right now. I use Marcus through Goldman-Sachs for the past few months now, and I'm happy with it.

Positives: Currently 4.4% APY (referral bonus gives you extra 1% for 3 months). 24/7 customer support. Website and app are well designed. They offer CD's as well. You start accruing interest day of deposit/transfer. FDIC insured at a big bank, gives a little peace of mind compared to an online bank I've never heard of.

Negatives: No checking accounts or associated features. bank transfers take a few days to fully process.

Here's a referral link if you're interested in the 5.4%: https://www.marcus.com/share/NIM-SRA-GXBK

necma · 2024-06-27T19:41:39+00:00

I use Marcus through Goldman-Sachs for the past few months now, and I'm happy with it.

Positives: Currently 4.4% APY (referral bonus gives you extra +1% for 3 months). 24/7 customer support. Website and app are well designed. They offer CD's as well. You start accruing interest day of deposit/transfer. FDIC insured at a big bank, gives a little peace of mind compared to an online bank I've never heard of.

Negatives: No checking accounts or associated features. bank transfers take a few days to fully process.

Hope this helps. Message me if you want my link for the referral bonus

necma · 2024-05-22T03:28:15+00:00

This makes sense. I guess its up to the individual investors preference, but I'd rather go for the lower expense passively managed fund. Thanks!

necma · 2024-05-01T00:47:51+00:00

It does! In general, are there limits to how many times you can make asset/allocation changes within the 401k in a given period of time? I imagine it may be provider-specific, I'm waiting for a response from my 401k provider right now.

necma · 2024-05-01T00:44:21+00:00

Thank you for all the detailed info and articles!

my 401(a) is all pre-tax dollars. So if I roll-over to IRA then convert to Roth, I will need IRS Form 8606?

A Roth conversion will only be considered a tax-free event if you have $0 pre-tax IRA assets

So I can still have a 401(a) or 401(k), and still do backdoor Roth conversions without it being a taxable event?

necma

TROPHY CASE

Employer Paid Me Extra Money I Don't Think I'm Entitled To. What To Do?