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Learn the basics

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LEARN THE BASICS

Video: 5 ways to create financial stability

How do you get out of debt, stretch your paycheck, grow your savings, and prepare for retirement and other big-ticket life expenses? The smartest move you can make is to get started now with some practical guidelines from this short video.

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When it comes to financial stability, the earlier you get there, the better off you’ll be in the long run. But you won’t have to do it alone. Your Costco benefits can help. They offer information that can help you develop healthy financial habits and ways to help you build your nest egg. For more information, check out the “Resources for you” section below.

Source: Healthwise. 5 ways to create financial stability.

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CHECK IT OUT

Why exercise matters

When you exercise regularly, you feel better. But that’s just the beginning. Exercise can have an enormous impact on your long-term physical health, behavioral health, mental sharpness, financial well-being and quality of life. And it doesn’t stop there. The benefits also impact our local and national economies, military readiness and more.

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Exercise affects more than just your own long-term health.

The benefits of exercise reach far and wide — as you can see in the chart below from Centers for Disease Control and Prevention (CDC).

Source: Centers for Disease Control and Prevention. Physical activity — why it matters.

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Get top marks in financial aid

Have you always wanted to get your degree? Would vocational training prepare you for work you’ve always wanted to do? Are you hoping to send your kids to college?

According to U.S. News & World Report, the average cost of tuition and fees for the 2022–2023 school year is $39,723 at private colleges, $22,953 for out-of-state students at public colleges and $10,423 for in-state residents at public colleges.1 But financial help is available. Get started by taking the five steps below.

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Step 1: Look for “free” money first.

First, try to get “free” financial aid (the kind you don’t have to repay). Scholarships are an attractive type of aid because they do not have to be repaid and many are not based on financial need. They may be awarded to students who have excelled in specific academic areas, or specialty areas such as music or sports. Thousands of private scholarships are available through various companies, organizations, private foundations and clubs. Information may be found online at numerous sites, including fastweb.com or Scholarships.com. Comprehensive guides are published and updated each year on specific scholarships, eligibility criteria, etc., such as the College Board Scholarship Handbook or Peterson’s Scholarships, Grants and Prizes.

Costco is making college more affordable for employees

The Costco Employee Scholarship is available in amounts up to $2,500 per academic year for up to four years for eligible Costco employees.

To be considered for the Costco Employee Scholarship, applicants must:

  • Be a regular part-time or full-time Costco Wholesale Employee residing in the United States (College Retention employees are eligible to apply).
  • Be enrolled or planning to enroll in an accredited U.S. college or university.
  • Have a high school diploma or equivalent by June 2023.
  • Plan to pursue a 2-year or 4-year undergraduate degree or certificate at a nonprofit, accredited college or university in the United States starting fall 2024
  • Not have obtained a bachelor’s degree at this time.

Learn more about the Costco Employee Scholarship, including the application timeline. To check your eligibility, call 877-655-4097.

Free financial aid usually doesn’t cover 100% of your costs. So you may need to find other ways to pay for college or vocational school, including taking out low-cost loans and using any money you may have saved.

To apply for any financial aid, you’ll need to complete the FAFSA® form. This is the financial aid application used by the federal government and most colleges and universities. If you list more than one college on your FAFSA, you’ll receive a financial aid offer from each of those schools. These offers will likely contain a combination of free aid and low-cost loans. Review each school’s financial aid offer carefully.

Step 2: Know your deadlines.

Financial aid deadlines are specific to your situation — your school, where you live, what you study.

  • The FAFSA deadline is the most important deadline you should know. Check the FAFSA deadlines.
  • Deadlines for aid from your state, school and private sources tend to be earlier than those for federal aid.

Make sure you have some way to keep track of all your deadlines. For example, write important dates on a calendar, or track them on your smartphone.

Step 3: Fill out the FAFSA.

You must complete the FAFSA every year to qualify for:

  • Federal and most state grants, scholarships, low-cost student loans, and work-study programs
  • State programs
  • Many school-based financial aid programs

The FAFSA is your ticket to financial aid. Check the FAFSA deadlines.

Step 4: Compare schools’ financial aid offers carefully.

How schools determine your financial aid

The schools that you list on your FAFSA receive a Student Aid Report (SAR), which details your FAFSA results. The SAR reports your expected family contribution (EFC).

Here’s how it works:

  • Each school uses your EFC to calculate your financial need. This determines your eligibility for financial aid.

Then each school creates your financial aid offer, which can contain federal, state and institutional grants, scholarships, work-study, low-cost loans, and other aid.

Understand what you have received.

Your financial aid offers will differ from school to school. This is based on differences in the cost of attendance, available aid and school-specific criteria for awarding certain types of aid.

When comparing your financial aid offers, consider the following:

  • Calculate the percentage of the offer that is “free” money. You don’t have to repay free money if you continue to meet all the obligations. So the more free money you get, the better.
  • Compare “apples to apples” when it comes to the actual cost of attending each school. The actual cost encompasses more than just tuition; it includes books, meals, housing and more.
  • Make sure you understand the long-term responsibilities associated with each financial aid offer, and choose the most appropriate offer for your situation:
    • Does your financial aid offer contain any grants that may become loans and require repayment?
    • Will you or your child have time for a work-study job?
    • Are you or your child prepared to pay back any educational loans?

Step 5: Be sure you have the money you need.

Once you’ve received your financial aid award, you need to make sure you have enough money to cover all your education costs.

Know your education costs
  • Direct costs — Costs associated with attending school that are included in your award letter:
    • Tuition/fees
    • Room/board (institutionally owned housing)
    • Meal plan
    • Books and supplies
    • Miscellaneous personal expenses, as determined by the school
    • Parking
    • Transportation
  • Indirect costs — Additional costs that may require money beyond what’s allotted in your award letter:
    • Off-campus housing
    • Food not purchased through a meal plan
    • Medical coverage
Be smart about borrowing

What should you do if you have exhausted all sources of funding, including scholarships, grants and low-cost federal loans, and you still have college costs to cover? First, contact your school’s financial aid office. Your school may offer payment plans that let you distribute your payments throughout the year.

Consider private education loans only as a last resort. Private education loans often have higher interest rates, more fees and less flexible repayment options than federal loans do.

  • Be sure you have exhausted all other financial aid options before applying for a private education loan.
  • Borrow only what you need to cover your costs, not what you are eligible to receive.
  • Understand the terms of the loan before you agree to (and sign) anything.
  • Find out if you can defer payments while in school or get a lower interest rate with a co-signer.

1U.S. News & World Report. See the average college tuition in 2022–2023.

Sources: Pennsylvania Higher Education Assistance Agency (PHEAA). 5 steps to financial aid.
Resources For Living (RFL®)*. Financing college: grants, loans and scholarships.

*Resources For Living is available to all employees and members of their household, including children up to age 26 living away from home.

If you or a member of your household is interested in pursuing a college education or vocational training, the following resources can help you discover ways to pay for it. These resources are confidential and available to you at no extra cost.

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Why do you need a beneficiary?

When someone dies without naming a beneficiary — or leaving a will — their loved ones inherit a legal tangle. But what exactly is a beneficiary? Are there special rules for choosing one? And when do you need to name a beneficiary?

Doing the right thing for yourself and your family can be confusing — but it doesn’t have to be. Here’s what you need to know to choose your beneficiary, or beneficiaries, with confidence.

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What is a beneficiary?

A beneficiary is a person or organization you choose to inherit your wealth when you die. Your wealth can include your home, investments, cars and other possessions, from antiques to baseball cards. You name beneficiaries in a legal document — such as a will, trust, life insurance policy, annuity or retirement account.

Here are some examples of the people and organizations you can name as your beneficiary:

  • A person (or multiple people)
  • The trustee of a trust you’ve set up
  • A charity or nonprofit
  • A minor (child under 18 years of age)
  • Your estate (in the case of a life insurance policy)

Why you need a beneficiary.

You work hard for your money. And you want to know your family will be secure financially when you’re gone. That’s the most important reason you need to name a beneficiary — or beneficiaries: to make sure your wealth ends up in your loved ones’ hands. Here are some others:

  • Clarity — Grief is stressful. When things aren’t clear, the confusion can result in family strife and resentment. Naming beneficiaries makes your wishes crystal clear. And in most cases, legally protected. It also keeps the peace among your relatives.
  • Speed — When you name beneficiaries in your will, a lot of your estate — the money, property and possessions you leave behind — will bypass probate altogether. (Probate is a court that proves a will is valid.) That means your family will get their funds faster and won’t spend a lot of time in probate court.
  • Control — When you name beneficiaries in a will or life insurance policy, you control where your money and possessions go — and who gets it. If you don’t name one, the state you live in (California, for example) determines how your assets will be distributed to your heirs. Depending on the state you live in, that might even include ex-spouses!

When do you name a beneficiary?

You name a beneficiary for almost anything dealing with your money, including:

  • Life Insurance policies, including Costco’s Life Insurance and Accidental Death & Dismemberment available to all Costco Employees enrolled in the medical plan
  • Retirement accounts, including Costco’s Retirement Plan available to most Costco Employees
  • Your last will and testament
  • Social Security disability (in some cases)
  • Savings accounts and checking accounts

You can name any person or organization you want as a beneficiary. However, remember that if you name a minor child, and you pass away while they’re still a minor, the payout is sent in their name to the legal guardian of the minor child’s estate. And if you haven’t already named a legal guardian in your will, a probate court will appoint one for you.

Types of beneficiaries

There are two common types of beneficiaries: primary and secondary.

  • A primary beneficiary is the person (or people or organizations) you name to receive your cash, property and possessions when you die.
  • A secondary beneficiary is second in line to receive your assets in case the primary beneficiary passes away.

Naming alternate beneficiaries in your will is a simple way to avoid problems and confusion. It might seem trivial, but the consequences of skipping this step can be painful. For example, if your primary beneficiary is unable to receive your assets, and you didn’t name an alternate beneficiary, your assets will go back to your estate and go through probate.

How to choose your beneficiary

When choosing a beneficiary, you need to think about the people who depend on you financially. If you’re married, you’d likely choose your spouse as the primary beneficiary, and your spouse would choose you. (Yes, your spouse needs a will, too!) Together, you would name primary and secondary beneficiaries — in case something happens to both of you.

Keep in mind, people outside your immediate family may also depend on you. Do you help your parents pay their medical bills? Did you agree to pay for your niece’s education? Since you can name more than one beneficiary, you can specify what (and how much) each of these people would receive when you die. That way, those who depend on you can still count on your financial support.

Here are some questions to answer as you choose a beneficiary:

  • Who depends on your financial help? Make sure they’re included as a beneficiary.
  • If you have children who are minors, who will be the trustee of their money until they turn 18?
  • Will you set any conditions on when your children can receive your assets, for example, when they graduate from college, turn 25, pay off any debt they have, etc.?
  • Do you want any assets to remain in the family, for example, heirlooms, property, etc.?
  • Remember, if you divorce, your beneficiary isn’t automatically changed. You have to take care of choosing a new beneficiary and changing your documents.

Remember, if you divorce, your beneficiary isn’t automatically changed. You will need to designate a new beneficiary after your divorce is finalized.

Don’t leave your loved ones stranded!

Naming a beneficiary in your will might sound like a huge, time-consuming action, but it’s not! And when you do, you can breathe easier knowing you’ve taken the steps to protect your assets and spared your family unnecessary conflict and stress. Your loved ones will be grateful.

Source: Ramsey Solutions. What is a beneficiary?

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Healthy recipe

HEALTHY RECIPE

Mango-avocado salsa

Get ready to lose weight deliciously! We’re excited to share our first recipe from WeightWatchers. With the WeightWatchers program and award-winning app, you can lose weight, eat healthier, move more and develop a more positive mindset.

Fresh and flavorful, this fruity salsa pairs sweet, fresh mango with creamy avocado — always a winning combination! It goes wonderfully with grilled or roasted chicken, fish, or shrimp. Juice and seed the tomato to concentrate the flavors. Feel free to up the amount of fresh cilantro, and adjust the salt to taste.

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Ingredients: 7
Prep Time: 12 min | Total Time: 27min
Makes 12 servings
mango avocado tomato salad
Ingredients:

1½ medium or 1 large Hass variety avocado, pitted, peeled and diced

1 large mango, pitted, peeled and diced

1 large beefsteak variety tomato, diced

2 Tbsp finely chopped red onion

2 Tbsp fresh lime juice

2 tsp cilantro, chopped or to taste

1 pinch table salt

Directions:
Step 1

Combine all ingredients in a medium bowl.

Step 2

Let sit for 15 minutes to allow flavors to blend.

Nutrition

Serving size: 1/4 cup | Calories: 65 | Total fat: 4 g | Saturated fat:1 g | Sodium: 27 mg | Total carbohydrates: 8 g | Fiber: 2 g | Protein: 1 g

Source: WeightWatchers

All Costco employees age 18+ get an exclusive discount off the retail price and can join now for as low as $14 per month. Spouses/domestic partners and dependents can sign up for as low as $19.50 per month. Sign up at WW.com/Costco.

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The hardest thing in the world to understand is the income tax.

Albert Einstein

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Learn the basics

LEARN THE BASICS

Do you know your numbers?

Your height, weight, blood pressure, temperature and heart rate provide your doctor with important information about your health. But they’re just the beginning. There’s a wide range of tests and screenings that offer more detailed information about how your body is functioning today, and about problems that may develop in the future.

Of all the blood tests your doctor may order, one of the most essential is a basic metabolic panel (BMP). Here’s a closer look at this common test and what it can tell you about your health.

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What is a basic metabolic panel?

A basic metabolic panel — or BMP – is a simple blood test that checks the levels of different substances in your blood. It gives your doctor important information about how some of your body’s systems are working, and it’s used to check for certain medical conditions, such as diabetes, kidney disease or high blood pressure. It also can be used to make sure any medication you’re taking is working well.

How often your doctor orders a BMP depends on your health and your doctor’s concerns about how your body is functioning. 

What is a BMP used for?

A BMP is used to check different body functions and processes, including:

  • Kidney function
  • Fluid and electrolyte balance
  • Blood sugar levels
  • Metabolism

What is tested in a BMP?

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Calcium

Calcium keeps bones strong and ensures your blood clots properly. 

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Carbon dioxide

Your carbon dioxide levels show how well your lungs and kidneys are working.

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Chloride

Chloride shows how your body is managing fluids. 

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Creatinine

Levels of creatinine can tell your doctor how well your kidneys are functioning. 

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Glucose

Glucose in your blood is also known as your blood sugar. It’s the main source of energy for your body. Too little or too much is a serious problem. 

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Potassium

Potassium helps your muscles work and controls your breathing. Extra potassium is removed from your blood by your kidneys. When you have kidney disease, they can’t remove it, so you’ll have too much in your blood.

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Sodium

Sodium is a mineral that’s important for ensuring your blood, cells and tissue have enough water to function properly. 

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Blood urea nitrogen

This is another kidney function byproduct that tells your doctor if your kidneys are working well. ‌

What can you learn from your results?

Your doctor can help you understand your basic metabolic panel results. If any of the results are not normal, it may mean you have an underlying medical condition. Your doctor will likely order more tests to confirm any diagnosis. 

Your BMP results may say that the levels of substances in your blood are either normal (negative) or abnormal (positive). Results can also be inconclusive, which may mean you’ll need more tests.

Next steps

With the information provided by your test results, your doctor can make recommendations to help manage your current or potential health challenges. These could include changing your diet, increasing the amount of water you drink, or getting more sleep or exercise. Your doctor could also prescribe a medication or refer you to a specialist.

Sources: WebMD. What is a basic metabolic panel?
NIH National Library of Medicine Medline Plus. Basic metabolic panel (BMP).

For more information on how you can use your Costco benefits to support your physical well-being, see the resources below.

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6 ways to save on health care

When you stop smoking, drop those last stubborn pounds or get your yearly exam, it feels good. You’ve done something important for your physical well-being. But did you ever think those healthy changes might also be doing something for your financial well-being?

Taking care of your body can have a positive effect on your wallet. Here are just six ways you can save while taking better care of your health.

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1. Quit smoking.

The national average cost of a pack of cigarettes in the U.S. is $8.99, which (including federal and average state excise taxes) is around $273 per month or $3,281 annually for someone who smokes one pack per day.1

2. Enroll in a DCAP or HCRA.

With a Dependent Care Assistance Plan (DCAP), you can set aside pretax dollars to reimburse yourself for qualified child and elder care expenses. A Health Care Reimbursement Account (HCRA) lets you do the same with eligible health care expenses, such as copays and premiums. Save money on your taxes by enrolling in a DCAP and/or HCRA administered by PayFlex®* during Annual Enrollment.

3. Choose in-network doctors.

When you choose an in-network doctor, you’re choosing someone whose rates are in line with your Costco medical plan.

Want to save even more? 98point6®* offers on-demand, text-based access to board-certified doctors who can diagnose and treat a variety of conditions. You and your family members age 1+ have access to 98point6 on-demand care as part of your Costco benefits package for up to $5 per visit. 

4. Know before you go.

Only go to the emergency room when it’s medically necessary. This includes when:

  • Your condition appears to be life threatening
  • Your condition could worsen and become life threatening on the way to the hospital
  • Moving could cause you further harm or injury

If you’re not having an emergency, but need medical care right away, use 98point6 or go to your nearest in-network urgent care. Either of these options can provide the appropriate level of care and are far less expensive.

5. Use Costco Health Solutions* for your pharmacy needs.

If you’re enrolled in a Costco medical plan, you and your enrolled family members automatically receive prescription drug coverage, administered by Costco Health Solutions (CHS). Fill your prescriptions at any Costco pharmacy or through Costco Home Delivery Pharmacy and save.

6. Get a second opinion.

Whether you’re facing a cancer diagnosis, considering surgery or dealing with another serious medical condition, getting a second opinion from a board-certified specialist is often the smartest thing you can do. If you and your family are covered by a Costco medical plan, you can get an expert second opinion at no cost through 2nd.MD.*

*Not available in Puerto Rico.
1Numbeo. Price Rankings by Country of Cigarettes 20 Pack (Marlboro) (Markets)

Want to do even more to improve your physical well-being and save money? Your Costco benefits can help.

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Video: Understanding prediabetes and diabetes

Diabetes is a chronic (long-lasting) disease that affects the way your body turns food into energy. There are three main types of diabetes: type 1, type 2 and gestational diabetes (diabetes that occurs when you’re pregnant). Around 90% to 95% of those who have been diagnosed with diabetes have type 2 diabetes.

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Do you have diabetes or prediabetes?

Diabetes is the seventh leading cause of death in the U.S. But the good news is that it can be managed. The first step is to determine whether you have it or are at risk of developing it. More than 37 million Americans have diabetes, and 1 in 5 Americans don’t know it. 96 million U.S. adults have prediabetes, and 8 in 10 don’t know they have it. Concerned that you might be at risk? Take a moment to watch this informative seven-minute video from Omada.

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Sources: Omada Health. Understanding prediabetes and diabetes — Costco.
Centers for Disease Control and Prevention (CDC). Diabetes fast facts.

For more information on how you can use your Costco benefits to support your physical well-being, check out the resources below.

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The most important things in life are health, family and friends, and the time to spend on them.

Kenneth Branagh, Irish actor