The Care We Share

Category: Finance (page 1 of 1)

5 Common Resume Gaps (And How to Explain Them)

A gap in your resume is always stressful to explain, even if it’s out of your control. Whether you’re unemployed due to the pandemic or took time off to take care of your family, explaining your employment gap during an interview is enough to make anyone nervous. 

However, explaining your resume gap doesn’t have to be that stressful. If you do it right, you can focus on what you learned and the positives that you took away from the experience. Keep reading to learn how to explain the 5  most common types of resume gaps

First, it’s important to understand what a resume gap is. Taking three months in between jobs is considered a job searching period, not an employment gap. Taking nine months, however, would likely be considered an employment gap.

1. Being unemployed

If you were let go due to COVID-19, know you are not alone. The world is facing record levels of unemployment, so explaining this to an employer likely won’t be an uncommon hurdle. However, it’s important to work through your COVID anxiety and frame your unemployment gap as time you spent learning new skills that are relevant to your career. 

2. Taking time off to travel

A travel-related resume gap is pretty common, but can be stressful to explain since most of the time it wasn’t a “necessary” resume gap. Whether you spent time backpacking through the Alps or road tripping around your country, explaining a travel gap is all about framing it positively to focus on what you learned. 

Pick up a new language? Learn to use a different currency? These are all skills that contribute to cultural literacy, which can help you have a more holistic understanding of the world around you. 

Article: 25 Best Jobs for Introverts to Feel Most Fulfilled

Source: Intuit.com – https://mint.intuit.com/blog/early-career/best-jobs-for-introverts/

3. Going back to school

Going back to school is another common reason for a resume gap, and luckily it’s usually not that difficult to explain. If you went to pursue higher education in your career, you should highlight what makes you different than another applicant who doesn’t have that new level of education and focus on your positives rather than what you missed during your time away from the office. 

4. Taking a job outside your career path

If you took a job that wasn’t relevant to your career, it can be a struggle to decide whether to include it on your resume. However, a great way to circumvent this is to highlight it on your cover letter instead. Mention how you took a job in a different field to make ends meet, but that you’re ready to get back on your feet and dive back into your career.

5. Taking time off for family

Family-related leave is one of the most common reasons for a gap in employment. Whether you went on maternity leave or took time to take care of a sick family member, family-related leave can be explained by focusing on how you took care of your family and kept your skills up during your time off. 

When explaining a gap in your resume to potential employers, it’s important to be transparent. Employers can see right through candidates that are clearly trying to hide something, and will usually respect you more for being straightforward and honest about your resume gap. 

However, while you are being transparent, you should also assure the interviewer that this employment gap is not a pattern. They want to know you aren’t going to work at their company for a few months and leave, so it’s important to give them peace of mind that you want to stay and build your career there.

No matter what type of resume gap you have, being honest about it is always the best policy. For a complete guide to structuring a gap in your resume, check out the infographic below.

Resume-Gaps-Infographic

Infographic source: https://www.resume-now.com/job-resources/resumes/how-to-explain-gaps-in-employment

Eusoh is a community health sharing plan that reimburses you for your pet’s medical, wellness, illness and routine care expenses. We publish articles like this to help all people with their finances, careers, and of course, health (and the health of their pets too!)

Eusoh – What’s That?

I want to start out with two statements that I’m sure will shock you: 

  • Healthcare costs are out of control. The system is broken.
  • 93% of people surveyed do not fully trust insurance companies.

We live in a strange time when, quite often, it’s more cost-effective to pay cash for healthcare services rather than run them through insurance. Trouble is, you don’t know which is the better deal until after you’ve had to make the decision.

The incentives that drive insurance companies are grossly misaligned with the best interest of their customers.

Insurance companies spend massive amounts of money to collect and hold massive amounts of money to pay for something that might never happen. Wouldn’t it be great if we had a system that only paid for things that actually did happen?

Let’s take a quick look at how the Eusoh platform works.

  • A group of 20 people have individual contracts with each other to share an uncertain future expense. That’s 380 contracts in all.
  • The monthly platform fee is $10.
  • By contract, each member of the group maintains a deposit account of $40. There are stop-losses built into the system that guarantees that their monthly cost will never exceed $40.
  • In November; Jane submits $50 of expenses, John submits $25 and the remaining members submit -0-.
  • Each member contributes $3.75 for the losses. Distributions are made to Jane and John for their losses. The monthly fee is deducted, and drafts are made from member bank accounts or credit cards to replenish their deposit accounts to the determined level.

Now, expand the concept to 10,000 people. All have individual contracts to share some future uncertain cost. Nothing wrong with that except you’re dealing with millions of contracts and massive transfers and reconciliations of relatively small amounts of funds. It’s only recently that technology has evolved to the point of handling a challenge like this and Eusoh has harnessed that technology.

The resultant technology creates significant savings, transparency and aligned incentives. If you’ve heard of Eusoh, you see Pet care is likely what you’re aware of. As we studied the concept, we realized that the Eusoh model could be applied to an unlimited number of what the insurance industry refers to as “short-term risks.” Rather than tackle human healthcare head-on, we decided to beta another segment.

Why Pet? 

  • We wanted something that mirrored human health but flew under the radar. Nobody is going to get real upset if we disrupt the pet insurance industry.
  • Pet care serves as a proof of concept.
  • There’s room for market penetration. Only 2% of US pet owners have insurance vs. 30-40% in some European countries.
  • We found that there’s potential to make good money in the pet sector while we’re gearing up for the big game of human healthcare.

I want to spend a little time telling you how we’ve spent our capital to date:

  • The idea is worthless if it’s not legal, so we engaged a top law firm and worked with insurance regulators across the country to develop a white paper to prove that Eusoh meets regulatory requirements. A congressman, whose name you would recognize, heard about Eusoh and invited us to Washington because he wanted to learn more about it. He was very knowledgeable about healthcare and asked all the right questions. Evidently, we had all the right answers because, at the end of our meeting he said, “I’m in. You’ve covered all the regulatory issues. This is something that I can support.”
  • Next, we built the product:
  • We have an end-to-end platform that handles the payments, pricing and money transfers on an on-going basis.
  • Perhaps more important, we have armed our members with a comprehensive price list of services. I’m only slightly embarrassed to admit that It was through the Eusoh platform that I learned I was paying 4X’s more than I should for my dog’s monthly heart guard medication.
  • We have mitigated the legal risks
  • And removed many of the administrative layers of traditional insurance.

It has been an interesting trip.

  • Actuarial studies by two of the largest reinsurance companies in the world indicate that our model will save the average healthcare consumer >50% a year on insurance premiums, deductibles, and other out-of-pocket costs.
  • We have been live in the pet care segment for over a year. Our real results indicate that our members are saving 80% vs. traditional pet insurance.
  • We have an LOI with a large online provider of pet products that wants to use the Eusoh platform on a white-label basis to market their own pet care products. The launch is set for the 1st quarter of 2020.
  • We have an RFP from a national manager of multi-family properties for 400,000 units.
  • The trip to DC was surreal.

Unlike insurance, most of Eusoh’s costs are fixed. That means that once we hit scale, additional revenue will carry a gross margin of 80%.

That’s Eusoh: Innovative, Disruptive, a better way.

Medical Crowdfunding on the Global Scale

The world of crowdfunding, crowdsourcing, and crowdsharing expanded with the funding of Waterdrop Company, a China-based medical alternative provider. They closed a 500-million yuan ($74.2 million) Series B financing round to expand their crowdfunding, mutual and insurance products.

Source: https://www.dealstreetasia.com/stories/chinas-waterdrop-completes-74-2m-series-b-round-led-by-tencent-127798/

The round was led by Tencent, joined Banyan Capital, IDG Capital, BlueRun Ventures, Sinovation Ventures, DST Global’s founder Yuri Milner, and former CEO of Tencent’s e-commerce business We Xiaoguang. All are supportive of Waterdrop’s essential crowdfunding business model of offering support of medical services to the poor.

Waterdrop providers members with value-for-money and affordable medical-care protection. Currently, it has over 75 members, paid out over 350 million yuan in mutual aid fund and assisted more than 2500 families. Their insurance arm works with over 50 insurance companies in China that serves to over 10 million users in the country.

Insurance alternatives on the rise

Waterdrop looks to be the catalyst of an insuretech revolution in China. Traditional offerings are now competing with promising startups like Waterdrop. The amount of business the company has been producing is staggering. But with funding coming from Tencent and others in the field, Waterdrop looks to make crowdfunded health care as the new norm.