Archives For Personal Finance

Does Warby Parker Accept VSP?

I’ve been a secret fanboy of Warby Parker glasses. I dig that they are helping others by providing glasses….The “Buy a pair, give a pair.” has a very TOMSesque appeal.

So hey, I’d like support their mission and look hip at the same time. Then my frugal side wakes up and remembers that I actually pay for vision insurance.

VSP to be exact–the #2 vision insurance provider in the country (54 million) behind #1 Eye Med Vision Care (159 million) according to an study from businessinsurance.com.

So Does Warby Parker Accept VSP?

I started out by searching and found this video:

I was disappointed that Warby Parker doesn’t work directly with insurance providers and I’d have to request a receipt to submit to VSP and wait to get reimbursed.

My motivation for jumping through multiple hoops is generally fairly low–I’m sure i’m not alone.

I’m glad they responded and cleverly with a video too, but it’s the same answer and doesn’t tell me HOW to go through this seemingly complicated insurance process.

It seems overly complex, so I thought I’d help others who also have VSP Insurance and want to wear Warby Parker glasses.

How to Request a Receipt from Warby Parker for Insurance Purposes

You can call Warby Parker at 888.492.7297 (Monday–Friday, 9 a.m.–9 p.m. ET) or you can email them for a receipt at help@warbyparker.com.

I called up a friendly WP rep and they said they are able to create a special receipt that has lenses and frames on the same line for the $95.00 price, but they don’t break down the lenses and frames into separate line items.

Of course she recommend that I speak with VSP to ensure my plan will cover out of network–which Warby Parker is.

How to Submit an out of Network Receipt to VSP?

You have 12 months to submit an out of network claim if your plan allows.

Login or call to ensure your VSP plan will reimburse you before you go all Warby Parker hipster crazy. Below is my plan provided through my employer.

VSP Out of Network example

 

You’ll need need to log on to the VSP platform. On the left click on Claims and Reinbursement and then you’ll be directed to start a new claim.

 

Start an out of network claim on VSP

Why Does VSP Hate Warby Parker and other Online Retailers?

I get the impression from this string of comments on the VSP site, that they dislike hate Warby Parker and other online retailers.

1. VSP and Warby Parker are competitors:

“Unfortunately, we can’t add WP to the network because they are a competitor, but we are hoping to have new online solutions soon.” -David, VSP from here.

2. VSP also thinks online retailers have inferior products and “minimal quality standards.”

They even quote statistics from this study in the comments when people asked VSP to add Warby Parker to their preferred vendors:

“Nearly half of prescription spectacles delivered directly by online vendors did not meet either the optical requirements of the patient’s visual needs or the physical requirements for the patient’s safety.”

Just a little about this study…it’s horse poop. How did they determine the top 12 online retailers to test the prescriptions?

“In early 2010, we identified 12 of the most visited Web sites for ordering prescription spectacles online, based on rankings provided by Alexa® Traffic Rank service7 (San Francisco, California) and Google PageRank™ checker8 (Mountain View, California).”

Sounds fancy, but Internet saavy folk know that Alexa can easily be gamed (I’ve done it) and that the PR checker does not determine the amount of traffic, popularity of brands, nor the amount of online orders.

AND this study was in 2010–that’s 60 internet years by my calculations. They also don’t identify the 12 which they drew samples from in this study, so it just seems like a bit of self-serving pseudo science based off old outdated metrics.

Warby Parker Vs. VSP Conclusion

I started out this journey a little disappointed in Warby Parker, but in the end I have a bitter taste in my mouth for VSP.

May upstart companies like Warby Parker continue to disrupt the marketplace. WP, I’ll have to save up for your cool hip glasses since it seems I’ll have to float some out of pocket costs until/if I can get reimbursed.

I’ll also keep my cheap VSP plan and squeeze every dime I can out of it–at least another year until Open Enrollment starts again.

Anyone had success or tips reimbursing your out of network Warby Parker glasses from VSP? Please share below! 

Lego Doctors

Injuries occur through either natural disasters or man made situations. When those injuries happen, medical attention is needed and needed quickly.

Triage is a technique to give care quickly–Do the most good for the most patients. Sometimes in our financial lives triage needs to be performed. We need to act and act quickly to preserve life.

Financial Triage Basics

Financial injury prevention is best, but if injury occurs the goal is to reduce the impact of the injury and preserve life.

1. Determine the severity of injury- Asking a series of questions and observations to determine how bad is it?

Are you behind on your bills? facing foreclosure? Thinking of bankruptcy? Spouse threatening divorce due to money matters?

2. Initiate management- quick fixes, tag, prioritize, and basic treatment.

Apply a quick bandage if you are financially ‘walking wounded’ or you might need immediate treatment.

3. Perform field triage- This involves sending to the appropriate treatment center (trauma center, closest hospital, or hospital further away).

Depending on the level of your financial wound determines what kind of help you’ll need. You may need  financial coaching, bankruptcy advice, tax advice, or another financial profesional that can help with treatment.

S.T.A.R.T Financial Triage

As a first responder gets on the scene they’ll go through their triage checklist and begin assessing those injured on the scene.

Simple Triage and Rapid Treatment (START) is a method they might use. Let’s adopt this method and ‘field triage’ to a financial crisis.

Remember if you’re hurting, there is hope–your situation CAN improve.

1. Start where you are- No need to go back to the beginning of how your family didn’t teach you about money. Start where you are and begin to move forward.

2. Stop the bleeding- In order to get out of your financial crisis, you’ll have to stop bleeding money. Stop borrowing money and going further in debt.

3. Clear the Airways- Breathing is essential to life. Your financial airways need clearing to make income greater than outflow.
  • Sell unneeded items for quick cash and to establish an emergency fund.
  • Get a 2nd job for a short amount of time until you make ends meet.
  • Start the short sale process if your home is in foreclosure and no way to make up payments.
  • Do what it (legally) takes to get out of crisis mode so you can breath.
4. Prioritize- Keep the important at the top of the list. Faith, Family, and Friends.You’ll also want to keep the 4 Walls before paying any debt:

  • Food
  • Shelter
  • Utilities
  • Basic Transportation

5. Seek Treatment- This is where longer term solutions are found.

  • Minor wounds could be fixed with a good financial book or a financial support group like Financial Peace University.
  • More serious financial wounds might need a financial coach who can refer you to other trusted financial professionals.

If you are in financial crisis, it is scary and hard to know what steps to take. Seek help from friends, clergy, or financial professionals.

Ignoring financial problems can lead to more serious injury. A small scratch can become infected and need surgery. Seek help. Contact me and I will help or find someone who can.

Are you or have you been in a financial crisis? What did you do immediately that helped? 

Photo Credit atomiclizard (Creative Commons)

Moving Truck

Penske is now my first choice in moving trucks. Credit Crashmaster007.

I have been a lifelong user of U-Haul for moving trucks, but now I am switching allegiances. After a friend recommended Penske and I saw dozens of yellow Penske trucks on my 1,400 mile road trip, I decided to investigate Penske for our upcoming cross state move.

I am now convinced that Penske is a better choice for long distance moving over the traditional U-Haul, so I’ve added Penske to my Tips for Moving list and given several reasons why Penske trumps Uhaul.

5 Reasons Why Penske is Better than U-Haul for Long Moves

1. Newer Trucks- Penske replaces nearly half of their self move fleet a year, so you’re guaranteed a truck with low miles and high quality condition. The truck I drove had only 56,000 miles. U-haul trucks are traditionally older and in less than desired condition.

2. Unlimited Miles- With Penske you don’t have to worry about milage on one way moves. With U-haul there is the stress of being penalized for every mile driven over the allotted miles given. This can easily happen by taking a wrong turn or using an alternate route due to bad weather.

3. 7 Day Rental- 7 day rental gives extra time for packing, driving, and unloading. The extra time is a big plus for a long move. U-haul allows only 5 days.

4. Comparable Price or Cheaper than U-Haul- With Penske the price is comparable or cheaper than U-haul depending on which state you are traveling from and what state the truck will be dropped off in. Penske gives a discount for AAA members, military, and students too!

5. Guaranteed Truck Rentals at quoted prices- No fear that your truck or trailer won’t be on site or that you’ll be charged more. U-haul only guarantees your truck on site if you reserve it within 48 hours and has a history of overbooking and thus overcharging above the quoted price.

6. Great Customer Service I had to add another. A few days before my move date, I received a phone call to ensure my order was correct and to inquire if I had any questions. At my Penske pickup and drop off locations I had enthusiastic customer service and both reps had positive views about the company.

Penske is also Business Friendly with a large commercial fleet of vans, semis, and trucks.

Based on my experience and the large numbers of Penske moving trucks and semis on the road, I believe Penske has quietly overtaken Uhaul as the go to company for long DIY moves.

Consider Penske for your next out of state moving van rental needs.

Have you used either Penske or U-haul? I’d love to hear about your experience in the comments below!

lego robber

Your financial security question answers are on Facebook = a hackers dream Photo Credit: Smile its lego via Compfight cc

Recently we opened a new financial account and had to dream up answers to the financial security questions. You know the series of questions that are asked if and when you can’t remember your password. I’m not the only one who’ve lost their most important passwords right?

Those questions are often random, yet many of the traditional answers to those questions can be found on Facebook or social media profiles, especially for those in the younger generations whose whole life is chronicled by the Inter-webs.

Concerned? You should be!

How Hackers Can Hack Your Financial Accounts Through Facebook

This shouldn’t come as a newsflash. Hackers are trying to steal your identity and money; it’s happening every single day online–offline too through your snail mail.

One easy way to find the answers to your financial security answers are through Facebook or other social media.

Think about a few of the popular online security questions I’ve seen recently:

  • Your mother’s maiden name: Time to talk to your mum about changing her name online, or maybe you’re uber paranoid enough to defriend your mom. Who would even consider that?
  • You High School? High school colors? High school mascot?: Easy to find on your Facebook timeline or maybe even by searching your Twitter archives.
  • Best friend? First best friend? These answers could be found on Facebook or maybe even that old Xanga blog you abandoned years ago.
  • Hospital of Birth? This shouldn’t be too hard to guess.
  • Favorite song? You still have that old My Space account active?
  • Favorite book? Amazon wish list or profile on Yelp. Speaking of Yelp, that’s a treasure trove of information about where you live, shop, frequent…etc. I bet a hacker could mine that information too!
  • First Boyfriend/Girlfriend? For those in the younger generation, there are probably hundreds of online exchanges between your first significant other online.

Are you freaked out yet? I am. Maybe I should do a yearly audit on my social profiles to scrub any information that hackers could use to claim my identity. I try to keep up with the latest Facebook privacy updates, but it’s tough to keep up. Good thing I believe in identity theft protection.

What are your thoughts about identity theft and the possibility that the answers to your financial security questions are on Facebook? 

Remember those signs that read, “If you break it, you buy it!”? They were usually in those fancy shops where your mom took you when you were a kid. Didn’t you want to touch EVERYTHING in the store?

Of course you couldn’t because they were made of glass or porcelain or some other fragile substance unsuitable for slippery little fingers.

What if you actually picked up one of those little shiny figurines and…oops! CRASH!

If You Break it, You Own it

Now, what do you do? There are several options:

  1. Run and hide.
  2. Make excuses and blame someone else or the circumstances.
  3. Own up to your mistake and confront the not so happy shop keeper.

Will you actually own up to the fact that you broke something as the sign in the shop says and “own it”? Yes, even the little broken pieces on the floor.

This isn’t rocket science, but a gut check on moral responsibility and a reflection of character. Will you do the right thing when the time comes and own up to your mistakes?

The Pottery Barn Rule

I was reminded of this when listening to Colin Powell’s biography It Worked for Me: In Life and Leadership in my daily commute.

He is attributed with the Pottery Barn Rule- You break it you own it. (they really don’t have such a rule, but the name stuck) Powell was referring to the Iraq war, when the invasion (breaking) involved a much deeper commitment to the country and region (own it).

The Pottery Barn Rule and Personal Finances

When applied to money, what does the Pottery Barn Doctrine infer? I believe that of personal responsibility for our actions and–yes even mistakes.

  • Paying back our consumer and personal debts even if it takes years.
  • Not easily declaring bankruptcy, not until we’re forced to after a long hard fight.
  • Not engaging in strategic walk aways of homes without having tried to pay back what we’ve committed to pay.

You get the idea. Take responsibility for your actions and mistakes. Clean up your mess. Pay for what you’ve committed to buy. What happens after a mistake is a test of moral integrity and a revelation of our character to the world.

What are your thoughts about the Pottery Barn Rule? How have you applied it to your life or personal finances?