Core Financial

Each employee is entitled to one (1) thirty-minute telephonic consultation per separate financial matter with a Balance EAP Money Coach. Virtually all types of financial matters are eligible for these services. Additional tax services beyond the initial consultation will be billed at a rate discounted by 25% from the provider’s normal fee.

Fraud Resolution and Identity Theft Services

In the event of an identity theft or a fraud related event, Balance EAP’s Fraud Resolutions Specialists™ (FRS) provide both affordable and expedient assistance, including a free consultation of up to 60 minutes with a highly trained FRS who helps with 7 emergency response activities.

Access

To utilize the services, the employee speaks with a Financial Success Coordinator (“FSC”) to discuss the type of financial matter at issue. Then a referral is made to one of Balance EAP’s Money Coaches, who will contact the Employee to provide a confidential telephonic consultation.

Examples of Financial Service Areas covered by the program:

• • Developing a Spending Plan This service provides analysis of the employee’s budget with a goal of developing a realistic spending plan that incorporates current and future financial goals. The analysis will include guidance on maximizing income, reducing expenses, as well as managing the use of credit.

• • Getting out of Debt Service provides an analysis of the employee’s debt structure to ensure they are managing debt in the most effective way possible. Effective strategies for credit challenges include direct access to non-profit credit counseling services.

• • Garnishments This service offers the employee an opportunity to discuss either garnishment prevention or cash flow management in the event a garnishment has occurred. The employee will be able to review his or her financial situation with a Money Coach, to better understand the ramifications of personal choices, and alternatives, if available.

• • Tax Levy/Wage Garnishment Resolution Program It is estimated that 2%-6% of the employee workforce has received or been threatened with a tax levy on wages. Through our Tax Levy Resolution Program, Members will receive a free 30-minute consultation with a Tax Levy Resolution Specialist who can review their current tax problem. Additional services such as negotiating with taxing authorities, stopping tax collections, interfacing with HR/Payroll, etc. will be provided to the employee at a discounted fee.

• • Pre-Retirement Analysis This service provides an analysis of the caller’s retirement goals to see if they have a proper savings plan in place to reach these goals. Clear action steps will be provided to help the caller consider savings or investment strategies.

• • 401(k) Analysis This service focuses on reviewing a caller’s current contributions to their 40(k) plan and the investment choices they are utilizing. The coach will provide help in understanding investment options within a plan and/or for determining if the caller’s pace of savings is in line with retirement goals.

• • Home Buying Strategies This service provides guidance and analysis of strategies for buying a home, as well as information on first-time homebuyer programs. Provides direct access to a mortgage loan lender.

• • Mortgage Counseling The financial counseling benefit offers objective guidance and information in any area of mortgage and real estate. Whether planning to buy a house or facing losing a home, our financial consultations can provide a wealth of information. Our coaches offer up-to-date information on topics such as the purchase, refinance, or sale of a home, mortgage loan modification, foreclosure, or investment properties.

• • College Funding Analysis Provides education and guidance regarding potential investments and savings vehicles for college in relation to costs for higher education in the future.

• • Income Tax Services Direct access to discounted tax preparation/tax planning services. If tax preparation service is requested, the employee will receive a preferred discount of 25% off normal fees.

• • Student Loan Debt Service provides guidance on the best ways to reduce debt, repayment options, tax considerations, forgiveness benefits, grace periods, and determining whether or not debt consolidation is worth considering.

• • Employee-Paid Coaching Program Members may continue working with their coach after the expiration of their 30-minute benefit on a self-pay basis at a flat rate of $39.95 per month on a month-to-month basis.

Exclusions Credit-counseling fees and fees for services beyond the initial 30-minute consultation, are the responsibility of the employee.