Latest news with #BradBarrett
Business Insider
02-06-2025
- Business
- Business Insider
I've run a financial independence podcast for 9 years. Here are 4 mistakes I see early retirees make all the time.
This as-told-to essay is based on a conversation with Brad Barrett, who hosts the ChooseFI podcast. Business Insider has verified his professional history. My journey to financial independence, or FI, started when I got my first job. I began my career at one of the big accounting firms. I was fortunate enough to live at home with my parents, and I tried to save around 90% of my income when a lot of my friends began getting apartments alone or buying fancy cars. I've always been a bit frugal and never cared much about impressing other people. I saw saving and making sacrifices, like moving to Virginia instead of living in New York City, as a service to the life I wanted in the future. I retired from my full-time job in 2015, when I was 35. I then began a travel and reward points website and later launched ChooseFI, which has been downloaded 70 million times since 2017. FIRE, or Financial Independence Retire Early, is a cute acronym, and we used it a lot in the early days. But it doesn't matter whether you are working full time, part time, or are completely retired. It's all about financial independence — reaching a point where we can control the only thing that matters in life, which is our time. From the countless questions I get from listeners or those who read our newsletter, there are four common mistakes I see early retirees make that keep them unsatisfied post-FI: 1. They're retiring from something One broad category of mistakes I see involves people simply not having ideas of what they want to do in their post-work life. In the 2013-2017 timeframe, FI was about getting to a number as quickly as possible, and little else mattered. It's getting better, but there needs to be a mindset shift to: "I'm not running away from a job, but I'm running toward a life that I want to live." If it were just about reaching a number on a spreadsheet for me, and then I woke up the next day expecting it to be the greatest life ever, I would've been really disappointed. 2. They don't experiment enough I suggest people don't have an arbitrary number of hobbies for post-retirement. Instead, they should experiment and keep an open mind. You could make plans to travel around the world on a sailboat for the rest of your life, and within a month, you could get seasick and have to stop. But that's not failure — it's just an experiment. Retirement can be decades long. You may be really active in the early years post-work and do things like climb mountains and walk the Camino, but you maybe can't do that at 85. This is a mistake I also made in my journey. I got very busy with raising two young daughters, and I didn't experiment enough. I didn't do a great job of leaning into what I love, including small things like watching soccer, and I'm trying to fix that now. 3. They don't take pride in being FI Lots of people have a hard time talking about hitting FI because there is a degree of others' not understanding or jealousy. I've seen people avoid talking about it completely or making up some type of job, like "I'm consulting from home." Honesty is really important, and there should be a significant sense of pride attached to being FI. Just being able to say, "Hey, I worked hard at this. I saved for the most important thing to me, which was my own time freedom." There's a way to communicate that with empathy, and it may lead to other people also taking an interest in FI. If you're volunteering at Habitat for Humanity on a Tuesday at 10 a.m., and people ask you why you aren't working, you can talk about it. 4. They wait too long to quit The "one more year" syndrome is a mistake I still see. It's when people delay quitting their jobs or moving onto something new because they're worried their retirement nest egg isn't big enough. Most of the time, it's more than enough, and people are being too conservative. People don't understand the finite nature of their lives. If we are really lucky, we get eight or nine decades on this planet, and even fewer with good health. Every day that you work longer than you have to is a day that you're not doing something with the only resource you can't get back — your time.
Yahoo
03-04-2025
- Health
- Yahoo
House committee greenlights amended Medicaid work requirements proposal
Rep. Brad Barrett introduces a bill in the Senate health committee on March 26, 2025. (Whitney Downard/Indiana Capital Chronicle) A bill that would tighten Medicaid eligibility and add work requirements for certain programs was amended and passed out of the Ways and Means Committee in just under an hour on Wednesday, moving on a party-line vote. Earlier that day, a separate committee advanced two other bills impacting the state's low-income health coverage program, with one seeking to establish a 'diversion' program to the state's fastest-growing expense. Senate Bill 2, authored by Sen. Ryan Mishler, would quadruple the administrative workload of the Family and Social Services Administration by requiring quarterly eligibility checks, a concern for some committee members. 'Those dollars that we're putting toward administrative costs could be applied to services,' said Rep. Peggy Mayfield, R-Martinsville. House sponsor Rep. Brad Barrett, R-Richmond, assured his colleagues that FSSA was 'comfortable' with the workload increase, swaying Mayfield. 'I feel comfortable that you feel comfortable that the agency has its authority already … to make adjustments on its own with the legislation,' Mayfield said, speaking to a later, related amendment. That wasn't enough for all committee members, particularly Democrats. Rep. Tonya Pfaff, of Terre Haute, pointed to her rural constituents. Rural Hoosiers make up a significant chunk of Hoosiers on Medicaid who may not have the tools to comply with quarterly reviews. 'A lot of my community is rural and doesn't have access to broadband,' said Pfaff. Sixteen Republicans voted in favor, overcoming the opposing votes from seven committee Democrats. As it arrived in the House, the proposal already allowed for eleven exceptions to the work requirement, including pregnant Hoosiers and those seeking treatment for substance abuse. The language applies to just the Healthy Indiana Plan, which primarily covers working-age Hoosiers with low-to-moderate incomes. Disabled and elderly Hoosiers would not be impacted. But a large amendment added one more exception for full-time students while also clarifying that someone who worked and volunteered for a combined 20 hours a week would also meet the minimum requirements. Hoosiers rally to protect Medicaid from state, federal action Barrett also focused tweaks to a prohibition on advertising the program, allowing the agency discretion to reimplement advertising in the future, as well as presumptive eligibility. Presumptive eligibility, Barrett said, meant 'intake at hospitals have the ability to run a quick screen and determine whether or not that patient seeking services has eligibility.' 'We found that there's a high risk … a high rate of error in that,' Barrett continued. He said lawmakers worked with stakeholders to use retroactive eligibility instead, meaning that patients found to be eligible will then have their services for the last 30 days paid for once they're accepted. The newly amended bill will also now has an expanded definition of caregiver, after the committee accepted a suggestion from Rep. Ed Clere, R-New Albany. Now caregivers will also include spouses in addition to parents. The amended language also explicitly protects Medicaid coverage for Hoosiers receiving caregiving under other state programs. But Republicans rejected three edits put forth by Democrats, not including two that were voluntarily withdrawn. The amendments, all authored by Rep. Greg Porter, would have removed work requirements entirely, eliminated the advertising prohibition and reduced eligibility determinations to twice annually. Rep. Cherrish Pryor, also an Indianapolis Democrat, urged caution when it came to rescinding health coverage for Medicaid enrollees. 'It's better safe than sorry,' Pryor said. 'Because we are talking about the health of Hoosiers.' Republicans pointed to dual benefits of the bill: reducing state expenses and preserving the program for 'deserving' Hoosiers. 'I think it's going to make a significant difference on the cost side, as well as helping people out, so I'm actually hopeful,' said Rep. Jack Jordan, R-Bremen. The previous version of the bill included a cap on 500,000 Hoosiers, below the 700,000-plus receiving coverage now, as well as a three-year limit. Both provisions have been stripped from the bill though it gives FSSA the latitude to limit enrollment on its own. Clere, who proposed the caregiver amendment on Senate Bill 2, had two other bills up in committee earlier on Wednesday: one that sought to add a caregiving tier to a program for children with complex medical needs and another concerning a 'Medicaid diversion' program. Last year, FSSA opted to limit a state attendant care program after an unanticipated surge in demand from parent caregivers to medically complex children. The lack of guardrails on the program meant that some families made triple-figure incomes and reportedly worked 90-plus hours weekly. Nearly all families have now moved from the attendant care program to Structured Family Caregiving, meaning they no longer receive payments based on an hourly wage. The latter program utilizes three tiers of daily stipends aligned with the level of care needed. 'House Bill 1689 requires FSSA to work with the (Division of Disability and Rehabilitative Services) Advisory Council to refine and develop plans for serving individuals requiring extraordinary care,' said Clere. Jennifer Dewitt is the mother of Jackson, a 17-year-old with complex medical needs. She notes that other states have also created programs for complex care assistants, under which parents can certify and be paid through a nursing agency for their caregiving. 'This isn't replacing a nurse, it's going to be limited to family members … in many cases, this provides care when no nurses are available,' said Dewitt, part of the Indiana Families United 4 Care group representing parents. 'We have data that shows that when parents are paid caregivers, hospitalization rates go down, saving the state significant amounts of money, and the reimbursement rate would be substantially less expensive than (registered nurse) services.' Like many other families, Dewitt said she couldn't secure a nurse to meet all of her Medicaid-approved hours. Jackson is on a ventilator and also has seizures, meaning she can easily work in excess of 120 hours a week on his care, she said. The bill also adds an ombudsman position to FSSA for individuals receiving disability services and requires FSSA to report annually on Medicaid home- and community-based waiver services. CONTACT US House Bill 1391, on the other hand, would allow for a study to potentially realign coverage areas for senior care agencies, known as Area Agencies on Aging and allow certain service providers under the CHOICE program to not be Medicaid approved. 'I think we all agree that someone who's doing pest control services, for example, probably doesn't need to be a Medicaid provider,' said Clere. But the bill also positions the CHOICE program, which stands for Community and Home Options to Institutional Care for the Elderly and Disabled, as a 'Medicaid diversion program.' 'CHOICE predated the (Medicaid) waiver. But ever since there's been a waiver, I would argue CHOICE has been effectively a Medicaid diversion program,' Clere said. 'This bill formalizes that.' The proposal creates a pilot program for CHOICE recipients served by senior care organizations to explicitly keep Hoosiers from needing Medicaid funding. That can include stopping falls and preventing medication mix-ups, the two biggest reasons Hoosiers enter long-term care. Both of Clere's amended bills moved out of a Senate health committee unanimously, though the latter will also need approval from the Senate Appropriations Committee. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
22-02-2025
- Business
- Yahoo
Union-Regional merger application available for public review
The document in which Union Hospital and Terre Haute Regional Hospital seek to merge — under state regulation rather than Federal Trade Commission approval — is now available online for public viewing. Also, public comment on that application is being accepted by the Indiana Department of Health, and that comment period ends March 23. The 2025 Application for a Certificate of Public Advantage was submitted to the health department by Union Hospital Inc. and Terre Haute Regional Hospital LP on Feb. 5. It can be viewed at A link also is available on that page for those who wish to comment. Meanwhile, a bill that could have ended that merger attempt by essentially killing the state act that allowed for Certificates of Public Advantage has been amended; it cleared the Senate on Friday in a 49-0 vote. Senate Bill 119 now heads to the House, where it is sponsored by state Reps. Brad Barrett, R-Richmond, and Bob Heaton, R-Terre Haute. Amendment 3 to Senate Bill 119 specifies that a hospital may not file an application under the COPA act after Feb. 15, 2025. It also specifies that the Indiana Department of Public Health must review and make a determination on any application filed under the act between Jan. 1, 2025, and Feb 15, 2025. And, under the amended bill, Indiana Department of Health must rule no later than Aug. 13 of this year. In other words, the amendment — which cleared the Senate on a voice vote — allows the Union-Regional merger application to continue before the COPA process is shut down. State Sen. Greg Goode, R-Terre Haute, who had previously testified in opposition to SB 119, spoke in the Senate in favor of the amendment on Wednesday and again on the bill itself Thursday. Said Goode on Thursday, "This is a discussion about not losing a hospital, about not allowing a hospital facility to be abandoned, not allowing the loss of about 600 healthcare workers, not allowing for the loss of hospital healthcare services that my constituents need." Goode also dismissed the Federal Trade Commission's recorded opposition to the COPA process and the proposed merger, saying Indiana state government showed more common sense. "Instead of deferring to federal FTC bureaucrats in their cubicles — or perhaps they were working from home streaming 'Game of Thrones' while they're analyzing this important project — instead ... this body very wisely said let's project some Hoosier common sense, and we can figure it out together with the Indiana Department of Health." Added Goode, "This legislation has evolved to allow the COPA process to play out, but it also wisely makes it clear for the Department of Health to do its job and [says] let's get to a decision." On Friday, Goode said he was grateful to SB 119 author Sen. Ed Charboneau, R-Valparaiso, who continued to meet with him about the bill and who submitted the amendment. Goode and others had previously noted the original COPA law was narrowly crafted to allow Vigo County and perhaps one other underserved area in the state seek a two-hospital merger under the COPA process. This bill now simply closes the process without harming the Union-Regional application already submitted. Indiana is one of about 20 states with COPA laws, which allow hospital mergers that the Federal Trade Commission otherwise might prohibit because they could reduce competition and could create monopolies. In exchange for allowing these deals, the merging hospitals typically agree to meet a number of conditions imposed by the state to mitigate the harms of a monopoly. But some healthcare economists and the FTC argue that state oversight cannot replace competition, and they contend such mergers can ultimately harm patients. Indiana's COPA law was passed in 2021. Union and Regional submitted their first application in 2024, but withdrew it November of that year, with Union saying it wanted to resubmit after further work with the Indiana Department of Health. It resubmitted in early February. Union's acquisition of Regional is supported by the Terre Haute area's political leaders and by the Terre Haute Chamber of Commerce. Among the arguments put forth by proponents of allowing Union to acquire Regional: • When Tennessee-based HCA Healthcare, Regional's owner, looked for someone to buy its for-profit hospital in Terre Haute, it found only one interested party: not-for-profit Union Health, which is based in Terre Haute and has another hospital in Clinton. Were this merger to fall through, it's possible no one would buy Regional and its associated offices, and both the physical hospital and about 500 to 600 healthcare jobs would be lost to the area. • The area already has well-documented high incidence rates and poor health outcomes and should not be put in a one-hospital position. • Union already has a dominant market share of the hospital health services market in the area, and is well aware of the area's modest financial standing. (Vigo is 71st of 92 Indiana counties in terms of per capita income.) Union has said nearly half of Union's inpatient days in 2024 came from Medicaid patients. • Union says it's owning Regional will not result in price gouging. Union Health CEO President Steve Holman said in Senate committee testimony: 'So the thing that we are just going to raise prices everywhere and gouge the community — [that] doesn't work. It hasn't been [the case in the] past 137 years [of] history, it's not now and [it] won't be in the future,' he said. Opponents have argued that COPA laws are a ploy to dodge FTC oversight; that a FTC review concluded economic harms outweighed the benefits in the proposed Vigo County merger, and that the Indiana attorney general largely agreed; and that public comments opposed the merger under COPA by a 4-to-1 ratio. Those critics say a shutting down of the COPA process would not disallow a Union-Regional merger. The hospitals could, they argue, still avail themselves to the FTC process and review by the Indiana attorney general and face the same scrutiny as other mergers and acquisitions.
