Month: May 2022
Categories
Enhanced benefit
ENHANCED BENEFIT
JULY 2022
Find better care with Aetna Smart CompareTM
Choosing the right doctor can be a challenge, especially when you’ve just moved to a new community. How can you be sure the doctor you select will provide you and your family with exceptional care? Now there’s a way: Aetna Smart Compare. This new designation program helps you choose local in-network doctors who meet the highest standards of care.
Aetna Smart Compare is not available in Hawaii or Puerto Rico.
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How to spot a high-quality doctor
Finding an Aetna Smart Compare-designated doctor is easy! When you search for a provider, condition or procedure, your results will list those who meet the Aetna Smart Compare criteria at the top. Also, doctors who meet the criteria will have a purple “Quality & Effective Care” label at the top of their profile. That way, you know you’re getting top-quality care with that provider.
Why is choosing a high-quality doctor important?
To receive an Aetna Smart Compare Quality Care and/or Effective Care designation, providers are measured on the effectiveness of their care decisions and how well they meet clinical guidelines and outcomes. These include:
- Decisions on when to perform a procedure
- What procedure and location they recommend
- Ability to prevent complications
- Use of standards for preventive screening
- Treatment plans for brief and severe situations
- Support for taking medication as prescribed
- Ordering only the tests you need, not the ones you don’t
What types of providers are rated for quality?
- Primary care physicians (PCPs), such as internists, family practice providers, physician assistants and pediatricians
- Orthopedics who specialize in hip and/or knee care
- Orthopedics and neurosurgeons who specialize in spine care
- Obstetricians and gynecologists (new in 2022)
- Cardiologists (new in 2022)
Aetna will be expanding the program in late 2022 to include additional specialties, such as general surgery, cardiothoracic surgery, endocrinology, pulmonary medicine, vascular surgery and more
Get started
For more information or to start your search for a local in-network provider, see the resource below.
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Take action
TAKE ACTION
JULY 2022
7 tips for ending debt stress
Stress is uncomfortable. No wonder you want to resolve it as soon as possible. But when stress is caused by debt, it’s much harder to find a fast, easy solution. The stress can continue for years and can affect your health by raising your blood pressure and contributing to heart disease, obesity and diabetes. It can also lead to feelings of hopelessness, which can damage your self-confidence and quality of life.
Yet, if you’re willing to do the work, debt-stress relief is possible — even if your debt lingers.
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Here are seven tips to help you manage your stress, while you reduce your debt.
1. Ditch your denial.
Constant stress from debt can lead people into denial. This is because it feels better to ignore your financial problems than to open your monthly statements, track your spending and deal with the reality that your income doesn’t match your spending. And remember, confronting your situation is the first step to resolving it.
2. Face the shame.
Taking a good look at your day-to-day spending can tell you exactly how you got into debt in the first place. Facing the shame you feel about your debt can help you find your way forward to a healthier, more realistic approach to managing money — and that can actually lessen your stress.
3. Accept responsibility.
Accepting the blame for your debt is empowering and can ultimately lead to your success, because you can get to the root of your problem and deal with it. And remember, most people, including many wealthy people, have faced financial problems at one time or another. But you are dealing with it responsibly. That’s something to be proud of.
4. Get expert help.
Experts advise enlisting the help of a trusted financial advisor, perhaps from a financial services non-profit or a credit union. Through Resources For Living® (RFL®)* you have access to a free 30-minute legal consultation, financial advocacy or coaching, tax consultation and credit counseling. Or you can work with a financial planner or certified public accountant (CPA). Ask them to help you put together a budget and payment plan that will give you some much-needed encouragement that your situation can and will improve.
*Resources For Living is available to all employees and members of their household, including children up to age 26 living away from home.
5. Be proud of your progress.
You can help shake the stigma of debt by sharing your progress with loved ones. Not only does sharing help you feel supported in your debt-reduction efforts, but you may also inspire others to take on their own debt-repayment journey. Decreasing your sense of isolation can help reduce your debt stress and keep you on track.
6. Keep debt in perspective.
If there’s absolutely no way out of debt, you might consider meeting with a bankruptcy attorney. When you explore worst-case scenarios, sometimes you realize they really aren’t that bad. Long-term stress can damage your health. People file for bankruptcy all the time.
7. Remember money isn’t everything.
It’s important to stay grounded, grateful and optimistic. There are other sources of joy and meaning in life besides money. And as you make steady progress toward your goal of a zero balance, be sure to set aside some money to treat yourself for a job well done.
Source: NBC Better by Today. 7 tips to deal with debt stress.
If you or a member of your household is experiencing debt stress, the following resources can help. These resources are confidential and available to you at no extra cost.
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Explore more
EXPLORE MORE
JULY 2022
Healthy weight, healthy wallet
It’s well known that obesity has been linked to health conditions like arthritis, diabetes, heart disease and certain cancers. But a recent study, based on the results of two federal health surveys, has taken a much closer look at that connection — with some surprising results.
Overall, health care costs for obese adults were nearly $1,900 higher each year than those of their healthy-weight peers. And once adults were in the “obese” category, even incremental increases in weight resulted in higher health care expenses.
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Even small changes count
“It’s not just categorical shifts in BMI that increase health care costs — it’s small shifts, too,” said Marlene Schwartz, director of the Rudd Center for Food Policy and Obesity at the University of Connecticut.
“On the other hand,” she added, “that suggests even small improvements in BMI could make a difference.” Schwartz was not involved in the study.
BMI, or body mass index, is a measure of a person’s weight in relation to their height. It’s often described in terms of categories: A BMI of 30 to 34.9 is the “obesity class I” category, 35 to 39.9 is “class II,” and a BMI of 40 or higher is “class III” or “severe” obesity.
Higher BMI, higher expenses
In the study, once people reached a BMI of 30, even a one-unit increase caused annual health care expenses to creep up — by an extra $253 per person. Not surprisingly, severe obesity carried the heftiest price tag — costing an additional $3,100 per person compared to what Americans with a normal BMI would pay annually. Still, study leader Zachary Ward agreed that the findings can be seen in a positive light.
“If people can maintain their current weight as they age, that might avert some of these extra health care costs,” said Ward, a research scientist at the Harvard School of Public Health.
The study comes at a time of soaring obesity rates among Americans. As of 2018, more than 42% of U.S. adults were obese, according to the U.S. Centers for Disease Control and Prevention. That was up from 30% about 20 years ago.
Never too late to improve your health
Ward said childhood is an ideal time for prevention. But it’s also never too late for adults to make diet changes or start exercising. It is an uphill battle, Schwartz noted, and as people age, they are fighting the natural slowdown in metabolism.
But as the latest findings suggest, even preventing further weight gain — particularly the slide into severe obesity — can be considered a win.
“Every step in the right direction counts,” Schwartz said.
Source: WebMD. Obesity costs the average U.S. adult almost $1,900 per year: study.
Are you thinking about making small but long-term dietary changes that can have a significant impact on your health? These resources can help.
Categories
Learn the basics
LEARN THE BASICS
JULY 2022
How to save for your dream vacation
When you’re running errands, paying your monthly bills or knee-deep in work, your dream vacation may seem downright impossible. But it doesn’t have to be that way. You can turn that dream vacation into reality.
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While the itinerary for a vacation may fall into place pretty easily, the finances may need some time. But don’t worry — you’ve got help. Here are four steps to help you kick-start your vacation savings plan.
1. Keep your dream vacation reasonable.
The first step of any journey is to understand your starting point. Your expectations will be different if you’re still building an emergency fund or paying off credit card debt versus if your house is paid off and you’re steadily saving for retirement. Your dream vacation for a given year might be a cool staycation or a quick trip to the beach instead of a Caribbean cruise or a tour of European capitals.
But that’s okay. Remember, the idea is to enjoy a welcome change from your everyday life for a while — not to match your neighbor’s Instagram-perfect adventure that would leave you in debt. Your job is to balance having fun with saving for the future.
2. Plan your vacation with the end in mind.
Once you know your starting point, you need to figure out where you want to be — and how much work it will take to get there. So do a little research into how much your vacation is likely to cost. Then, divide that by the number of months until you plan to take your vacation. Suddenly, you’ll know exactly how much you’ll have to save each month to reach your vacation savings goal.
And don’t forget: Plan for everything. Things always cost more than you expect, so build in a buffer to cover the unexpected stuff. You might think about things like eating out, but don’t forget about things like snacks or movie rentals for rainy days.
3. Create a special fund for your vacation savings.
A vacation is a big purchase, so it makes sense to add a “vacation” line to your budget and figure out how much money you need to set aside each month. Whether you use a physical envelope or SmartDollar®, which includes premium access to the online budget app EveryDollar, it’s the actual act of setting money aside that will make your vacation savings plan work.
Think back to the monthly amount you landed on in the previous step. Put that money aside in your “vacation” account each month and leave it alone. If you let it grow, the cash will be there when your departure date rolls around.
4. Cut some expenses and add some income.
As you build your budget during the upcoming months, look for adjustments that can help your vacation planning. For example, you might find some places where a little trimming could make your savings grow. Or you may come across opportunities to earn some extra income to put toward the trip.
Remember, dream vacations with unlimited budgets don’t just happen. You need to have the financial flexibility to transform a good vacation into a truly unforgettable experience. No one wants to go to Europe and not be able to enjoy its attractions when they get there. Cutting back on some luxuries and making a little extra income now will help you achieve that goal. Additional income may not apply to your situation at all, but it’s something to look for between now and your departure date.
Start your vacation savings plan today!
The earlier you start, the more you can put into your vacation savings account. These four steps will help you have a plan that works. Even more important, the tough work you put in now will help you experience your dream vacation debt-free — instead of living a financial nightmare for months when you return home.
Remember, as a Costco Executive Member, when you book a vacation through Costco Travel, 2% of your purchase goes towards your annual membership award.* In addition, you can earn 3% cash back rewards on Costco Travel purchases made with your Costco Anywhere Visa® Card by Citi.**
*Terms and conditions apply. Annual 2% Reward certificate for Executive Members is sent by Costco at membership renewal. See the membership counter or Costco.com for details.
**Costco Anywhere Visa Card by Citi – Subject to credit approval. Earn 3% cash back rewards on Costco Travel purchases. Additional terms and conditions apply. Ask for details. Cash back will be provided as an annual reward certificate once your February billing statement from Citi closes and is redeemable for cash or merchandise at U.S. Costco warehouses including Puerto Rico, until December 31 of the year issued.
Source: Ramsey Solutions. How to save for your dream vacation.
Where in the world do you want to go? What adventures do you want to experience? The following resource can help you bring your dreams to life.
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Take action
TAKE ACTION
JULY 2022
Build a budget in 5 steps
How do you define “budget”? Many people think of it as a belt-tightening approach to spending. But it’s far more positive than that. A budget is a plan for what you do with your money. And it’s designed to serve you and your goals. When you learn how to create a budget — and keep it going every month — you’re giving your money purpose. You’re taking control.
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No matter what financial goals you have, no matter what your income, you can make a budget — and live with it comfortably — in just five steps.
Step 1: List your income.
Income is any money you plan to receive during the month. That means your normal paychecks plus any extra money that comes your way, such as income from garage sales or freelance work. Create separate income budget lines for every paycheck you (and your spouse or partner) earn, plus anything extra.
The amount you indicate should be your net income (what you earn after taxes and other deductions). If your income is less predictable, look at what you’ve made the last few months and list the lowest amount as this month’s planned income budget line. You can adjust later in the month if you make more and add that extra money to your money goal or another budget line.
Step 2: List your expenses.
Now that you’ve planned for the money coming in, you can plan for the money going out. It’s time to list your expenses. Budget for your savings goals, such as an emergency fund. You’ve got to pay yourself first before you pay everyone else!
After that, list food, utilities, shelter and transportation. Make a budget category for each of these items, and add lines underneath for your specific expenses. (Think of a budget category as a folder, and the lines as the files inside it.)
Some are fixed expenses, that is, expenses that stay the same every month, like your rent or mortgage. Other expenses, like groceries or gasoline, change each month. Just start with your best guess based on your past spending.
Next, list all other monthly expenses. Start with essentials, such as insurance, debt, childcare, etc. Then add a miscellaneous line, followed by nonessentials like personal spending, fun money and entertainment.
Step 3: Subtract expenses from income.
Subtract all your expenses from your income. This number should equal zero. That doesn’t mean you let your bank account reach zero. Leave a little buffer in there of about $100–300. If you subtract your expenses from your income and have money left over, put it toward your current money goal.
If you end up with a negative number, just cut expenses, preferably from your dining out and entertainment budget lines, until your income minus your expenses equals zero. If you’re still struggling to make ends meet, don’t forget you can work overtime or explore ways to add to your income. Just remember not to increase your spending when you increase your income. Your extra cash needs to cover your budgeted expenses.
Step 4: Track your expenses.
If you don’t make yourself accountable by tracking your expenses, a budget is just a list of good intentions. Tracking expenses will help you:
- Stay accountable to your budget, yourself and your money goals.
- Keep from overspending, because as you enter expenses, you’ll know what’s left so you don’t overspend.
- Stay on top of the budget. When you track transactions, you can make appropriate adjustments as you need to.
- Learn and adjust your spending habits so you can get back on track with your goals.
Step 5: Make a new budget before the month begins.
Copy this month’s budget over to the next, and make changes for anything new that’s coming. That way, you’ll be prepared for birthday, holiday and anniversary expenses; back-to-school shopping; semi-annual expenses, such as car maintenance; and annual expenses, such as vaccinations for your pets. To plan for these expenses, create a budget category such as “month-specific stuff,” and update it as needed.
How do you pay for these month-specific items? Cut back spending somewhere else, and move that money over to this category. If this sounds too complicated or difficult, don’t be discouraged. It typically takes around three months to get comfortable with budgeting, so keep working on it! The benefits of budgeting are worth the effort.
Source: Ramsey Solutions. How to make a budget: your step-by-step guide.
Looking for ways to improve your money-management skills? The following resource can help.