Guide to Personal Finance and Support for Undocumented Immigrants

Access to health care is a universal right and a basic need for all. While the Affordable Care Act (ACA) prevents undocumented immigrants from purchasing insurance through the Marketplace, the following tips can help you become familiar with U.S. medical services and available resources.

• The right to medical care: You have the right to receive medical care, regardless of your immigration status or access to insurance. That includes emergency rooms, doctor visits and essential hospitals that provide care even if you're unable to pay.
• Consider low-cost preventive care: Many community clinics or health centers across the country offer free or low-cost medical care for all patients. Look for a health care center near you to access preventive care, screenings and other routine examinations that could help you stay healthy and avoid costly medical care in the future.
• Apply for emergency Medicaid: Limited emergency coverage is available for undocumented immigrants who would qualify for Medicaid if they were U.S. citizens. Contact your state Medicaid agency to apply if you meet the income and other requirements.
• Look into subscription-based health care: Although they don't meet states' health insurance requirements, subscription-based health care programs can offer an affordable alternative to traditional insurance. These services can help you keep up with regular doctor visits and, in some cases, could even grant you access to discounts on prescription medications.
• Get coverage for children who qualify: If you're undocumented, but your children are U.S. citizens, you can apply for coverage on their behalf. Your child may be eligible for free or low-cost health insurance through Medicaid or your state's program.

Despite the benefits, many undocumented immigrants wonder if they're able to open a bank account in the U.S. The answer is yes! Here are some helpful tips for setting one up:

• Identification requirement: Most banks allow you to open an account with a foreign passport or a consular ID if you don't have a U.S. driver's license.
• ITIN: You don't need an SSN to open a bank account. Many institutions don't require one at all, while others accept an ITIN as an alternative. The IRS provides this identification number for individuals who don't meet the requirements to get an SSN. You can download the ITIN application directly from the IRS website and receive your ITIN within six weeks.
• Account minimums: Every bank has a different policy on the dollar amount needed to open an account — usually between $25 and $100. Some institutions also have a minimum daily balance, depending on the type of account that you open. By researching or visiting your nearest branch, you can learn more and choose the right bank account for you.
• Fees: When opening an account, take the time to look into the types of payments that the bank charges. These fees could include monthly maintenance, overdrafts, insufficient funds, out-of-network ATM transactions or wire transfers. Understanding what these fees mean and when they're charged will help you avoid surprises and save money.

Building your credit score is an important step toward reaching your financial goals in this country. Even if you don't have an SSN or a green card, you may be eligible for financial tools using your ITIN. By understanding the risks and benefits of borrowing money, you can develop a credit strategy tailored to your needs and maintain your credit in good standing.

• Start with the right card: Credit cards for beginners are a great way to build your credit history. Whether you apply for a traditional or secured credit card, these tools are a convenient option for newcomers. Keep in mind that they may carry higher interest rates than other cards, but using them wisely can help you access lower rates in the future.
• Consider rewards: Credit cards that offer rewards can help you build your credit history while saving you money on other purchases. While these usually require a higher credit score, you may be eligible for them once you've established some credit history.
• Keep an eye on your credit: Credit reports are the best way to keep track of your score and history. They're also what lenders will look at when considering your credit applications. Knowing what's on the report allows you to take charge of your credit and improve it as needed.
• Watch out for fraud: Immigrants often are the targets of scams regarding loans and other fraudulent offers. You can protect yourself by double-checking everything you sign, safeguarding your SSN or ITIN and banking with reputable institutions. If you're a victim of a scam, don't hesitate to report fraud to the Federal Trade Commission.

Despite cultural and financial considerations, saving for retirement is crucial in this economy. With a proactive approach and an early start, you can prepare for a comfortable retirement.

• Talk about retirement: As an immigrant, retirement can feel scary — especially when it's a new concept for you. That's why having a retirement strategy is key to planning for the future. This involves saving money while you're young, investing it wisely and seeking the help of a professional. Determine how you'll spend these funds when you stop working.
• Plan your retirement spending: Even if you're still young, you can start budgeting your retirement expenses now. Smart spending in retirement is the key to stretching your dollars and feeling financially secure when you're no longer working.
• Understand retirement income: Managing your income in retirement is as important as how you spend your money. With the right financial tools and planning, you can get a better understanding of your income streams and how to tap into them when needed.

One of the best ways for new investors to enter the market is by learning about investment vehicles and the account types available. The following suggestions will point you in the right direction as you start your investment journey:

• Set goals: First, ask yourself why you want to invest. Is it to save for retirement, pay for your kids' college or build a nest egg? Most likely, you'll have several short and long-term goals. Thinking of these objectives will help you determine which type of accounts you should open and how to manage each of them.
• Assess your risk tolerance: While some investors are comfortable with big market swings and can afford losses, others are more conservative and prefer to avoid risk. Your age and personal financial situation will also play a crucial role in determining your risk tolerance. Although there are no guarantees in investments, understanding your preferences can help you decide which types of investments are appropriate for you.
• Choose between robo-advisors and financial planners: Thanks to modern technology, investors now have a choice of the type of advisor that they hire. Robo-advisors are artificial intelligence that helps manage your investment portfolio based on the goals you set, your risk tolerance and current market conditions. This service is less expensive than a financial planner but cannot provide personalized advice. If you'd like access to expert advice, a planner may be best for you.
• Think long term: The reality of investments is that there are ups and downs. When market downturns occur, staying calm and informed will help you navigate market volatility as a new investor.

Filing a tax return can feel overwhelming when you're from another country. If you're unfamiliar with the forms or the process, the following insights can help you feel more confident when it's time to file your next tax return.

• Get an ITIN: With an ITIN, you can file your taxes each year. This number also comes in handy when you want to open bank accounts or apply for credit.
• Work with a tax preparer: A reputable and experienced tax preparer can help you file your annual tax returns promptly and efficiently. This is especially important if you have multiple sources of income, work in the informal economy or find tax filing confusing and need extra help.
• Look into estimated tax payments: If you work independently and don't receive a paycheck with tax withdrawals, you may be required to make estimated tax payments throughout the year. These payments are mandatory for anyone who expects to owe more than $1,000. They also make it easier to cover the amount due in installments rather than paying all at once.

There are several ways for undocumented immigrants to increase their income and provide their families with better livelihoods. Here are some ideas to help you earn more money, even if you are not a U.S. citizen.

• Continue your education: Acquiring new skills can help you offer a variety of services and access higher-paying jobs. You can sign up for courses at community colleges, take classes online or earn certificates to start a new career.
• Buy and sell products: Online marketplaces provide a platform for buyers and sellers worldwide. This can create an opportunity to increase your income while working from home.
• Join the gig economy: From offering shared rides to tutoring, the gig economy offers many opportunities to make the most of your resources and skills. This could be extra money you make on top of your job or, in some cases, your primary source of income.
• Tie the increased income to your financial goals: Extra income can help boost your personal finances if you have a plan for these funds. Some people choose to pay off debt, others grow their savings, while others set money aside for short-term goals.

Because each lender has its own requirements, it's essential to find the right financial institution for your situation. This will ensure that the terms meet your needs and that the lender structures the loan in a way that helps you pay successfully. Look out for the following:

• Determine your loan amount: Borrowing only the amount you need is the safest way to ensure that your debt is manageable.
• Budget your payments: Adding a monthly payment to your budget could lead to financial complications. Before committing to a loan, make sure you can afford the required amount.
• Compare interest rates: Low-interest rate is key to paying your debt off quickly and using the loan as an efficient financial tool.
  Review the terms: Ensure you are clear on the loan's terms and conditions, the applicable fees and all other details that could affect the final repayment amount.

Whether you register your young children in school, support your teenagers to achieve higher education or sign yourself up for adult learning, the following resources can help in your family's academic journey.

• English Language (ESL) Programs: The U.S. Department of State offers a directory of ESL programs to help you gain English proficiency in person or online.
• Mexican American Legal Defense and Educational Fund (MALDEF) Scholarship Resource Guide: This listing of scholarships that don't inquire about immigration status can help immigrant high school students finance their college education in the United States.
• Department of Education Fact Sheet: This Q&A guide offers valuable information to help immigrant parents with school-age children enroll their kids in school, regardless of immigration status.

When it comes to health, local and private resources are the most convenient ways for undocumented immigrants to receive medical care. Here are some tips to help you stay healthy and avoid costly medical bills:

• Private health insurance plans: Since undocumented immigrants cannot access the Marketplace, private coverage is one of the most accessible alternatives. Because cost and coverage will vary, it's important to compare your options and find the plan that best meets your needs and budget.
• Find a Health Center: Low-cost or free clinics are a popular health care option for undocumented immigrants across the country. Services range from preventive care to prescription coverage and dental visits, depending on available funds and your eligibility.
• Pregnancy Medicaid: Certain states provide free medical care for undocumented pregnant women who meet income requirements.
• Emergency Medical Treatment and Active Labor Act (EMTALA): This regulation prevents hospitals from turning patients needing emergency care away because they lack insurance. If you are uninsured, undocumented and in need of urgent care, Medicaid may cover the cost of your treatment if you meet income limits.

Having legal representation is essential as it protects your rights as an undocumented immigrant. The following resources can help on your path to citizenship:

• Pro Bono Legal Service Providers: Many immigration experts across the country take on cases free of charge. This directory includes nonprofit organizations and private attorneys who can work with you and represent you in court.
• DACA Support: Knowing your rights as a Deferred Action for Childhood Arrivals (DACA) recipient is the best way to maintain your status and protect your rights.

There are resources and programs to help you and your family access food and housing. Below are some of the organizations that offer assistance:

• Feeding America: From baby formula to fresh fruit and vegetables, your local food bank is an excellent resource for providing meals for your family.
• National School Meals Program: If your child is enrolled in public school, they can receive nutritious meals for free or at a low cost.
• Special Supplemental Nutrition Program for Women, Infants and Children (WIC): Pregnant women and those who gave birth recently can receive food benefits, regardless of immigration status.
• Supplemental Nutrition Assistance Program (SNAP): Even if you're undocumented, children who are U.S. citizens and live in mixed households can apply for this program if their parents meet income requirements.
• Homeless Prevention Programs: This directory of community providers can help you start your search for programs that offer assistance in finding affordable housing.
• Just Shelter: This listing of national resources includes government and nonprofit organizations to help prevent evictions and access housing.
• Find Shelter: This HUD tool also includes information on clothing, food pantries and health clinics near you.
• Emergency Rental Assistance Programs: Qualifying immigrants may be eligible for local emergency rental assistance programs, as the Consumer Bureau of Financial Protection indicates.

Through initiatives that build trust and integrate immigrant communities, the National League of Cities Center for Research and Innovation believes localities can overcome public safety challenges for the undocumented.

• Battered Women's Justice Project Guide: While created with immigrant women in mind, this handbook offers support on how to respond to domestic violence. It also addresses immigration status concerns for undocumented women.
• Women's Refugee Commission: With a list of toll-free numbers to help detained women find their families and information on legal assistance, this organization helps safeguard the rights of immigrant women and their kids.
• HHS Domestic Violence Fact Sheet: A listing of programs and services available through the Department of Health and Human Services to support immigrant survivors of domestic violence.
• Family Preparedness Plan: For families facing deportation, this guide helps immigrants prepare a plan to deal with this type of situation.

The following resources can help you gain awareness of discriminatory practices and become familiar with your options.

• Office for Civil Rights: This fact sheet outlines the type of federal programs that receive federal assistance from the Department of Health and Human Services. It provides information on how to file a complaint against any of these institutions.
• U.S. Citizenship and Immigration Services (UCIS): An informational resource to help prevent discrimination in the Form I-9 and E-Verify process.
• U.S. Equal Opportunity Commission: This website outlines immigrants' employment rights and breaks down federal anti-discrimination laws to help workers understand their rights.
• American Civil Liberties Union (ACLU) Fairness for All: This program explains the constitutional protections for all people who reside in the United States, including undocumented immigrants. It walks you through your rights during the immigration process, detention, work and in interactions with the authorities to help prevent discrimination.