Financial Wellbeing
Navigating finances can sometimes be complicated and even intimidating. Whether you are having financial difficulties or want to anticipate future needs, the best plan is to have a plan. The resources below cover common financial and credit topics. If you need further assistance, please contact the Mass General Brigham Employee Assistance Program at 866-724-4327. The EAP can help you assess how to resolve financial problems and approach financial planning.
EAP News Articles & Webinars
- Stay a Step Ahead of Predators and Avoid Being a Victim of Fraud
- Navigating these Challenging Financial Times
- EAP Financial Well-being Webinars
Recent Federal Student Loan News
- The Supreme Court struck down the initial loan forgiveness plan in June. There are already some programs in place, and more being introduced/implemented to address student loan repayment. Here are some highlights:
- Student loan interest will resume starting on Sept. 1, 2023, and payments will be due starting in October.
- There is a 12-month “on-ramp” period for borrowers unable to make monthly payments. Missed payments won’t lead to default or bad credit but interest will still accrue during this time.
Visit this link for full information on recent updates
Financial Market Concerns
Here are some resources to address concerns about saving for retirement in light of market volatility. Fidelity and TIAA offer many helpful resources, such as Fidelity’s 6 Tips to navigate volatile markets and TIAA’s market commentary. Existing clients of Fidelity or TIAA can schedule a consultation to review retirement objectives and plan for your future.
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Financial Resource Center
Employees, staff and immediate family household members have access to financial education and free 30-minute sessions with a financial expert. If you have concerns or questions about topics such as budgeting, debt, college financing, retirement or estate planning, access assistance via the EAP at 866-724-4327, or via AskmyHR.
Retirement Planning through MGB Partners
Credit Union Membership
- National Foundation for Counseling Credit – Help Managing Finances
301-589-5600 - Money Management International
866-899-9347 - Debtors Anonymous
781-453-2743 - GreenPath – Financial Wellness Program
1-800-550-1961 - Free Budget Calculators
Massachusetts
- BWH Faulkner – Boston Area Food Resources
- Fair Foods – $2 for a Bag of Groceries
- MA SNAP Food Stamp Program
- Project Bread Hotline – Access to Food for Those in Need
1-800-645-8333 - The Greater Boston Food Bank
617-427-5200 - Child Nutrition Outreach Program – Access to School Breakfast and Summer Meals
- Women, Infant & Children (WIC) Program – Nutrition, Health Education and Free Healthy Food for Qualifying MA Families
1-800-942-1007
New Hampshire
Massachusetts
- MA Dept. of Housing & Community Dev. Energy Assistance Programs – Heat Line
- Mass.Gov – Heating System Replacements and Repair for Low-Income Households
617-573-1100
1-800-632-8175 - MA Good Neighbor Energy Fund
- MA Low-Income Home Energy Assistance Program (LIHEAP)
- ABCD Fuel Assistance Program (Boston)
617-357-6012
TTY: 617-423-9215 - LEO Fuel Assistance – MA. North Shore
National
Utility Company Supports
Get a Free Copy of your Credit Report once a Year
Are you planning for retirement? Thinking about paying for college? Considering purchasing a home? A financial planner can play a central role in helping you meet your life goals and achieve financial well-being. Many have minimum income and asset requirements. Some specialize in certain areas such as retirement, divorce or asset management. It is recommended that you interview several financial planners to find the right one. Below are some organizations that can help match you with a certified planner:
All students must fill out the Free Application for Federal Student Aid (FAFSA) and turn it in as soon after the first of the year as possible. It is important to return this form quickly, because some aid is supplied on a first-come, first-served basis. The following resources can help guide you through the financial aid process.
There are a number of options (outside of loans) that can help you with college expenses. One benefit of these funding opportunities is that there is no repayment involved.
Scholarships & Healthcare-specific Programs
- Federal Student Aid – Public Service Loan Forgiveness
- FastWeb – Scholarships Database
- Scholarships.com – Massachusetts
- Johnson & Johnson – Nursing Scholarship and Financial Assistance for Nursing Education
Grants
Work Study
Tuition Reimbursement
- Many workplaces, including MGB and its hospitals offer tuition reimbursement for college educations. Check with your entity to see what benefit is offered
Recent Federal Student Loan News
- The Supreme Court struck down the initial loan forgiveness plan in June. There are already some programs in place, and more being introduced/implemented to address student loan repayment. Here are some highlights:
- Student loan interest will resume starting on Sept. 1, 2023, and payments will be due starting in October.
- There is a 12-month “on-ramp” period for borrowers unable to make monthly payments. Missed payments won’t lead to default or bad credit but interest will still accrue during this time.
Visit this link for full information on recent updates
General Loan Repayment Information
- Federal Student Aid – Tools for Managing Student Debt
- Student Loan Hero – Tips for Paying-off Student Loans
- Mass Educational Refinancing Authority (MEFA) – Loan Refinancing
- Federal Student Aid – Public Service Loan Forgiveness
- Mass.Gov – Loan Forgiveness for Health Care Professionals Licensed in MA
- Tuition.io – Debt Elimination Program for MGB Employees
MGB has partnered with Tuition.io, a comprehensive education assistance program, to help staff manage and eliminate student debt. As a qualified not-for-profit employer, MGB offers staff members who qualify for loan forgiveness through the Public Service Loan Forgiveness (PSLF) program. Tuition.io provides no-cost tools and resources to help navigate the application process.
Learn about eligibility for the PSLF, review frequently asked questions and read more about the Tuition.io services available on Ask My HR.
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Retirement presents a new chapter in life. Like other developmental milestones, retirement is a time of change, stress and personal growth. Gathering the information you need to make decisions, setting goals and preparing financially will help ease the stress of change and prepare you for what is to come. Below are some resources to help you navigate retirement planning and transition.
General Fraud Prevention Tips
Our lives are full of transactions which are likely to reveal information about us. Whether it is a credit card number, a social security number, bank information, your name, address, or phone number, personal information may be used without your permission or knowledge. Below are some ways to protect your personal data.
- Limit the amount of personal information you provide on the internet. Do not respond to requests for personal or financial information through email, text, phone or social media.
- Enable any alerts your bank or financial vendor offers; check credit reports and consider signing up for a credit monitoring service.
- Do your best to be diligent about minimizing risk, monitoring balances in accounts and looking for any unexplained charges or withdrawals.
- Report any suspicious issues immediately.
- Stop and think before reacting – does a request seem real? If not, check with the bank, company, or organization that a notification is supposedly from. Look up their official number, rather than responding to the email or phone call.
- Educate Yourself on the Major Types of Fraud
– Identity Theft
MGB Employees may Purchase Identity Theft Insurance via Corestream
– Phone Fraud
– Mail Fraud
– Imposter Scams
– Phishing (MGB Healthstream)
IdentityTheft.gov – Step by Step Guidance
- Notify affected creditors or bank
- Change all relevant passwords
- Check your credit reports
Equifax
1-800-525-6285
Experian (formerly TRW)
1-888-397-3742
TransUnion
1-800-680 7289 - Use Fraud Alert and Security Freezes
- Ask that Credit Unions remove fraudulent information from your credit report
- Report to:
Your Local Police
The Federal Trade Commission
877-438-4338
FBI Internet Crime Division - Consult with your Hospital Police & Security Department
General Tools to Keep you Safe Online
- FTC – Computer and Online Security Tips
- Password Managers
- 2 Factor Authentication
- Install Antivirus and Malware Software
- Secure Social Media Accounts
- Check for data leaks via sites such as F-Secure & Have I Been Pwned?
- Biometric Identification
- Use Nuwber & Opting Out to manage personal information accessible online
- Addressing Unwanted Photos Online
Online Safety for Children
- IRS – Identity Theft Information for Taxpayers
- IRS – Reporting Suspected Tax Fraud Activity
- Federal Trade Commission – Tax Related Identity Theft Resources
- Commonwealth of MA Dept. of Revenue Tax Advocate
Email at – taxadvocate@dor.state.ma.us - Social Security – Identity Theft and SSA Fraud Line
1-800-269-0271
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- Mass General Brigham Health Plan for Mass General Brigham Employees & via Mass General Brigham Health Plan App
- Mass General Brigham – Health Insurance Benefits Information
- Mass Health Connector – Information on Massachusetts Health and Dental Insurance Plans
- Medicare – Federal Health Insurance for 65+ and Disabled Individuals
- SHINE – Free Health Insurance Information and Counseling for Massachusetts Residents with Medicare
- Medicare & other Government Benefits
Self-Help Tax Resources
Help Finding Reputable Tax Assistance
Mass.Gov – Finding a tax professional to Help with your Taxes
Free Tax Assistance – for those who Qualify
Volunteer Tax Assistance Programs offer free tax help to people who generally make $57,000 or less, including persons with disabilities, the elderly and limited English speaking taxpayers who need assistance in preparing their own tax returns. They also help with getting tax credits and refunds.
Commonwealth of Massachusetts
Nationwide
