The House and Senate are currently working on merging the two Healthcare Bills they recently passed.  In the Senate democrats cannot afford to lose a single vote so it’s likely the bill will entail most of the Senate democrats want.  Although the final bill is weeks or months away, the following is what you may expect:

1. You must purchase healthcare and file proof with your 2014 tax return or pay a $95 fine to the IRS.  The fine increases to $350 in 2015 and $750 in 2016.
2. Government-regulated health insurance exchanges for individuals and small businesses will provide affordable plans. Insurers must offer coverage that in 2010 would cost no more that $5,950 for individuals and $11,900 for families.
3. Out of pocket expenses will be capped based on income. A family of three making $73,240 in 2009, would be required to pay no more than $7,733 in medical costs.
4. Medicare will cover more people.  Anyone making less than $14,440 and under 65 years old will be eligible.  
5. People with preexisting medical conditions cannot be denied coverage.  Until this goes into effect in 2014, the government will spend $5 billion to subsidize people deemed high risk with preexisting conditions and have been uninsured for more than 6 months.
6. Riskier people cannot be charged outrageous premiums.  Older people will pay a maximum of 3 times more than younger people and smokers 1.5 times more than non-smokers.
7. Kids will stay longer on their parent’s medical insurance.  Dependents are usually cut off after graduation from high school or college.  The age would be extended to 26.
8. Drug manufacturers must discount brand name drugs by 50% for people spending between $2,700 and $6,154 annually on prescriptions (A.K.A. Medicare coverage gap).
9. Individuals earning up to $43,320 or families earning up to $88,200 will receive credits throughout the year to subsidize their premiums.
10. Cadillac plans may be eliminated.  The portion of a premium exceeding $8,500 for individuals or $23,000 for families will be subject to a 40% tax paid by the insurer.  This is done to discourage such plans.

Source: News Week

Social Lending (also known as Peer-to-Peer Lending) are online communities connecting people so they can loan and borrow money from each other thus eliminating the middle man, the bank.  Because the bank is eliminated, lenders and borrowers can lend and borrow money at better interest rates for both parties with extremely low fees.  The current major players are Lending Club and Prosper.

Both Lending Club and Prosper are very similar except that Prosper uses an eBay auction style where the interest rates are set by lenders via a bidding process.  Lending Club sets the interest rate based on a formula and lenders and borrowers have to accept the rate.  There is no bidding.  

A borrower at Prosper offers a maximum interest rate; however, the interest rate can be reduced if enough lenders bid on the same loan.  Lenders who bid on a loan must offer the lowest interest rate they are willing to accept.  The offered interest rate is not disclosed to the borrower or other lenders.  As more lenders bid on the loan, the interest rate will be reduced.

Lending Club sets interest rates for the borrower and lender based on the borrower’s credit score and other financial parameters. A loan grade is then established which takes into consideration Assumed Default Rate, Lending Club Base Rate, and Adjustment for Risk and Volatility.

Unlike a bank, when you invest in loans, your money is not FDIC insured.  Only when your money is in cash in your account is it FDIC insured by both Lending Club and Prosper.  Keep in mind this is investing and not a savings account.  There are risks involved.  The main risk is for lenders having borrowers who default on their loan.

For more information visit Lending Club (Lenders / Borrowers) and Prosper (Lenders / Borrowers).  You can discuss social lending at Social Lending Forums.

Last week I had the opportunity to attend the Consumer Electronics Show (CES) 2010 in Las Vegas.  The biggest technology touted at the convention was 3D HDTV.  3D has been around for years, however, with HD and new digital technology 3D videos are now easier to make to bring into the home.

Many companies demonstrated their 3D products and services.  I must say the picture quality of 3D HDTV is absolutely remarkable; however, glasses are still required, which maybe a turnoff to consumers.   I can’t imagine every time I want to watch TV I have to find the remote and 3D glasses.   However, glasses may not be needed in the future.  One company demonstrated a 3D TV that didn’t require glasses which blew me away.  The picture quality of the non glasses 3D TV wasn’t as good as the ones that require glasses but it was interesting to see.

As with HD TV, in the near future I suspect there will be 3D HD channels as demonstrated by Direct TV at the conference.   Only time shall tell if consumers will be interested in 3D TV.  Check out the pictures below.

In today’s rough economy many people are selling their gold for money. 

Additionally, gold prices have set new records lately selling for $1,143 an ounce last December.

There are many companies capitalizing off people selling their gold jewelry which includes gold-party companies, jewelry stores and mail-in companies.  So how do you know what your gold jewelry is really worth?

Below are the steps you can use to determine how much your gold jewelry is worth:

1. Weigh your gold on a scale in grams.
2. Multiply the weight by the current price of gold to determine $/ounce.  Find price of gold at cnnmoney.com/data/commodities
3. Divide by one of the following
4. If gold is 10k divide by 74.8
5. If gold is 14k divide by 73.2
6. If gold is 18k divide by 41.5
7. If gold is 24k divide by 31.1
8. Multiply the above result by 0.50 and 0.80 to determine the fair price range

So let’s say you have several 14k pieces of gold jewelry weighing 50 grams.  The value can be calculated as follows:

50 grams X $1,119.50 per ounce / 53.2 X 0.5 = $526
and
50 grams X $1,119.50 per ounce / 53.2 X 0.8 = $842

Per the above calculation your gold jewelry is worth between $526 and $842.

However, keep in mind that if your jewelry as an antique it may have more value than just its gold content.

If you are interested in selling your gold, check out Empire Gold.

Kiplinger recently reported that if you make $35,000 per year you are in the top half of U.S. taxpayers (according to 2007 data).  

If you make over $66,532, you earn more than 75% of all taxpayers.  If you make over $113,018 you are in the top 10%.  Interestingly, the top 1% which is an income over $410,096 pays 40% of total income taxes paid to the government.

Kiplinger also found that nearly 50 million Americans struggled to get enough to eat in 2008.  Additionally, more than 40 million American are officially living in poverty.  

In 2008, a single person under age 65 with an income of $11,201 or less or $1,000 per month is considered by the government to be in poverty.  A family of four and six, the income is $21,834 and $28,769, respectively.

See chart below to see how you compare.

I wish when I was 14 years old I knew as much as 14 year old Damon Williams.  At 14 years old he’s a stock investor and has already gained a net worth of $50,000.  He’s very knowledge about investing as evident in the video below.  

At only 14 years old, Daman has amassed more wealth than many adults who have worked many years.  He’s has a very early start and is well on his way to becoming a millionaire if he keeps it up.  Way to go Damon! See video below.

Amazon.com Video on Demand is offering a free $4 credit to watch a movie.  Movies range from $0.99 to $5.99.  You can watch the movies on your PC or on a TV connected to your PC or Internet.

To redeem your $4, visit Amazon Video on Demand, select a movie, then click on “Redeem a gift card or promotion code” located below the video screen.  Enter the promotion code “AVODGIFT“.  

The promotional offer is valid for a limited time only and subject to change. Promotional offer is valid from 12/23/2009 through 01/03/2010.

Your code must be used by 01/03/2010 11:59 PM PST and may be redeemed only for purchase (on ownership or rental basis) of digitally-formatted movies or TV shows then available at Amazon Video On Demand.  Have fun!