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Learn more: Reimbursement Accounts

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NOVEMBER 2023

More money in your pocket

For Mainland and Hawaii only.

Taking care of yourself and your family can have a big impact on your budget. There are the everyday expenses, including medications and first aid supplies and larger ones, like day care and orthodontia. But here’s some good news: You can set aside pretax money to help pay for these items with reimbursement accounts, administered by PayFlex®. Even better news: You’ll also spend less on taxes.

Costco offers two reimbursement accounts. You can choose to enroll in one or both of them. The Health Care Reimbursement Account (HCRA) is for health care expenses, and the Dependent Care Assistance Plan (DCAP) is for dependent care expenses. You must enroll or re-enroll in these accounts every year, so make your elections for 2024 during Annual Enrollment, November 1–21.

Watch the Reimbursement Accounts video below to learn more about the HCRA and DCAP.

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The smart way to pay for health care and dependent care expenses

The Health Care Reimbursement Account (HCRA) and Dependent Care Assistance Plan (DCAP) allow you to pay for qualified expenses with money automatically deducted from your paycheck before taxes are calculated, lowering your taxable income. Here are answers to some common questions about these accounts.

What do they cover?

You can use your HCRA for eligible health care expenses that are not covered by your medical plan for you and your covered spouse and dependents. These expenses can include your plan deductible and copays, and many health care items and services, for example:

  • Dental and vision expenses
  • LASIK laser eye surgery
  • Orthotics
  • Reading glasses
  • Sunscreen

See a complete list of eligible HCRA expenses.

Your DCAP can be used to reimburse yourself for eligible dependent care expenses necessary for you and your spouse to work. Funds can be used to pay for childcare for your dependents age 12 and under, or to care for another family member incapable of self-care who lives in your home, such as a spouse, a child age 13 or older or a parent. Here are a few examples of eligible expenses:

  • Before- and after-school care
  • Care for a disabled family member
  • Child daycare
  • In-home aide
  • Nanny
  • Preschool tuition

See a complete list of eligible DCAP expenses.

Note: Your DCAP cannot be used to pay for dependent health care expenses.

How do they work?

When you enroll in an HCRA or DCAP, you choose an amount of money to put aside for the year based on what you think you’ll need to cover your expenses. This money is automatically taken out of each paycheck and deposited into your reimbursement account before payroll taxes are calculated.

You don’t pay taxes on this money. That means you save an amount equal to the taxes you would have paid on the money you set aside.

With an HCRA, you can pay for certain expenses directly from your account with the AutoPay function if you’re enrolled in a Costco medical plan. You can also use the HCRA debit card for eligible expenses, or pay upfront and submit a claim for reimbursement. See below for more details.

Autopay

HCRA

The HCRA will automatically reimburse certain medical, dental and vision plan expenses, including copays, coinsurance and deductibles.

debit card

HCRA

Use for eligible expenses at Costco Pharmacy or Online Pharmacy, Costco Optical Department and Costco Hearing Aid Center.

Claim form

HCRA & DCAP

Use for other eligible expenses, such as prescription drugs or over-the-counter drugs or items.

With a DCAP, you’ll need to pay upfront for an eligible item or service, then you’ll submit your receipt and a claim form through PayFlex to get reimbursed from your account.

Each reimbursement account has different rules and restrictions, as follows:

HCRA

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Contribution amounts

You can contribute between $120 and $3,050 per year.

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Enrollment

To enroll or re-enroll in an HCRA for 2024, you must make your election during Annual Enrollment.

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Access

You can access the full amount of your annual HCRA election on January 1.

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Rollover

Only a small portion of your HCRA balance can roll over to the next plan year. If you are enrolled in an HCRA for 2023, your rollover amount to use in 2024 is $610. This amount is determined each year by the IRS.

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Use it or lose it

All expenses must occur during 2024. You forfeit any balance over the rollover limit that remains in your account after the claim filing deadline of April 30, 2025.

DCAP

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Contribution amounts

You can contribute up to $5,000 per year ($2,500 if married and filing separately).

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Enrollment

To enroll or re-enroll in a DCAP for 2024, you must make your election during Annual Enrollment. You can unenroll or change your DCAP election at any time during the year if there is a change in your dependent care needs.

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Access

Access is limited to the amount currently in your account. You can get reimbursed up to the amount of your year-to-date contributions, not the entire annual amount you selected.

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Grace period

You can use the funds you contributed for any services through March 15, 2024.

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Use it or lose it

You can submit claims until April 30, 2025. Any funds remaining after the deadline will be forfeited.

How do I know how much to contribute?

Be very thoughtful when choosing how much money to contribute to your reimbursement accounts. Look at what you spent this year on health care and/or dependent care, and consider how that amount may change in 2024. Money left in reimbursement accounts (except for the allowed rollover amount for the HCRA and the grace period for the DCAP) will be forfeited after the claim filing deadlines.

How do I get started?

If you wish to participate in a reimbursement account for 2024, you must enroll during Annual Enrollment, which ends on November 21, 2023. Important note: If you enrolled in a reimbursement account for 2023, you will need to re-enroll in order to have a reimbursement account for 2024.

Visit the Enrollment Website located on Costcobenefits.com to make your reimbursement account elections. See the resources below for more information.

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OCTOBER 2023

Transform your smile — for less

Smile! Or would you rather not? With virtual visits, FaceTime, and selfie-friendly apps like Snapchat and Instagram, we’re all spending more time staring at our faces, and, in turn, our teeth. According to Dentistry Today, that behavior has intensified self-esteem issues regarding crooked teeth. And it’s driven more adults to seek orthodontic care.

Luckily, orthodontia is increasingly affordable. There are innovative orthodontic solutions to help you get the smile you want. And your Costco dental plans are here to help, with orthodontia benefits* for you and your covered family members.

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Braces or aligners?

Braces have been the traditional form of treatment used by orthodontists for decades. Today’s streamlined braces come in a variety of models — stainless steel, tooth-colored ceramic and those that attach behind the teeth.

Clear aligners are plastic replicas of your teeth. Wearing them puts gentle pressure on your teeth, ever so slightly repositioning them. Aligners are virtually invisible and can be removed when you eat, brush and floss. Invisalign® was the only clear aligner treatment available for years. But today, there are many options.

While braces are often better for kids and teens, especially if they have a severe crossbite, overbite or underbite, neither option is necessarily better than the other. The choice is based on your goals and your lifestyle. But some clear aligner options do present advantages, both in terms of their convenience and cost.

At-home treatment

These days, monthly appointments to adjust your braces aren’t a requirement to get a better smile. New online clear aligner services allow people to complete treatment in the comfort of their homes. These options work best for people with simpler corrections.

Some of these services supply you with materials to do at-home impressions of your bite. Once done, you send them in to be reviewed by a licensed dentist or orthodontist. Others work through a certified dentist who creates a 3D image of the inside of your mouth. After your impressions are reviewed, you’re sent a customized set of aligners that will gradually shift your teeth into place.

This do-it-yourself option is a huge advantage for many people, especially those living in the 60% of U.S. counties with limited access to an orthodontist’s offices. But there are other advantages, including:

  • Cost. Traditional teeth-straitening solutions typically cost between $5,000–$9,000. These new orthodontic options, on average, cost between $2,000 and $3,000.
  • Duration. Depending on complexity and your lifestyle choices, these treatments can last, on average, 4–5 months. Treatments using metal braces can take years.
  • Support. Licensed dentists and orthodontists provide virtual support and oversight from beginning to end through dedicated, user-friendly apps.
  • Convenience. Supplies are delivered directly to your home.

Contact your dental plan to find out which options are available to you.

Save more with an HCRA

Only available on the Mainland and in Hawaii

With your Costco benefits, you can open a Health Care Reimbursement Account, or HCRA. This account, administered by PayFlex®, allows you to set aside pre-tax dollars to reimburse yourself for expenses your plan doesn’t cover. You can use your HCRA to pay eligible orthodontic expenses for yourself and your covered dependents. You can also download the PayFlex Mobile® app to manage your expenses on the go.

Budget for your dental costs

Costco offers additional financial well-being tools for all locations, such as SmartDollar®, a free digital program that can help you plan for major dental expenses. This program also offers one-on-one financial coaching to talk you through the process.

*Review your plan documents for benefit details.

Sources:
Dentistry Today. 2022 trends to watch in oral & orthodontic care.
American Association of Orthodontists. Braces vs. clear aligners?

Your Costco dental plan and HCRA (where available) can make orthodontic treatment accessible for you and your covered family members. For resources to help, see below.

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SEPTEMBER 2023

Save money with virtual physical therapy

According to Scientific American, “Joint disorders and low back pain consistently rate among the most common reasons U.S. adults visit their doctors.”1 Although physical therapy is an effective treatment for these conditions, many patients have difficulty getting the care they need.

The cost and inconvenience of multiple appointments over weeks and months can make in-office physical therapy challenging for people seeking treatment. So what’s the solution? Virtual physical therapy.

Not only is virtual physical therapy convenient. It’s a bargain for patients. You can save time, money on gas and parking and the cost of your care. There’s even better news for Costco employees. You and your family members (age 13+) who are enrolled in a Costco medical plan can get virtual physical therapy at no cost through Omada for Joint & Muscle Health.

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Is virtual as good as in-office physical therapy?

In a pioneering study, researchers at Duke Clinical Research Institute used virtual therapy with 143 patients who underwent total knee replacement at four different providers. A second group of 144 patients was prescribed traditional physical therapy.

The researchers found an average cost savings of $2,745 per patient treated using virtual physical therapy.*

Janet Bettger, Ph.D., associate professor with the Duke Department of Orthopedic Surgery and the study’s lead author, said the patient experience was also positive. Study participants who underwent a second knee replacement and who had virtual physical therapy the first time requested virtual physical therapy on their second surgery, she said.2 

Virtual therapy with Omada for Joint & Muscle Health

If you’re recovering from an injury, virtual physical therapy with Omada for Joint & Muscle Health could be right for you.

Here’s how it works:

  • Visit Omada Joint & Muscle Health on your phone or other digital device. Click “Apply today,” complete the application, then click on “Treating pain and injury,” and enroll. Within 48 hours, you’ll receive a call from your licensed physical therapist. You’ll have the same dedicated physical therapist throughout your treatment.
  • Your physical therapist will carefully assess your condition by guiding you through a series of movements and performing a full musculoskeletal evaluation.**
  • They’ll recommend your best care option — whether you choose Omada’s virtual physical therapy or prefer to see a local, in-person physical therapist.
  • Your virtual physical therapist will partner with you to provide:
    • A personalized recovery plan designed to treat the source of your pain
    • App-guided exercises with 3D animations and voice narration to ensure proper pacing and form
    • Step-by-step guidance with support, adjustments, education and more
    • An exercise kit, complete with elastic bands, door anchor and a phone stand

Concerned about preventing injury?

Omada also offers an injury prevention program for people who want to avoid joint or muscle pain in the future. Whether you’re starting new work responsibilities, taking up a new sport or just looking for an overall physical tune-up, it’s easy for your body to get out of balance. This program can be tailored to your changing needs, helping you focus on your flexibility and strength so you can guard against future pain and injury.

*Outcomes and costs were measured three months after the procedure, according to the study.

**This evaluation will not satisfy the requirement for spine surgery pre-authorization. This type of surgery generally requires the following: In-person physical therapy for at least 6 weeks within the last 12 months. Your plan offers access to an expert second opinion by 2nd.MD. If you would like to call them the contact number is 833-579-2509.  

1Scientific American. Virtual physical therapy could help fill gaps in treating all too real pain.

2Fierce Healthcare. Study: Virtual physical therapy could significantly reduce postsurgical costs.

Source: Scientific American. Virtual physical therapy could help fill gaps in treating all too real pain.

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AUGUST 2023

Money 101: Kids’ edition

You teach your children about safety, physical health, good study and work habits, acceptable behavior, and more. You want to instill in them all the things they’ll need to function well once they leave the family nest.

So why not include lessons on how to earn and manage money? After all, it makes sense for everyone to learn to spend wisely, save and invest what they earn.

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The best way to start teaching your children about money is to show them how you handle it. As soon as your children are old enough to understand, include them in your family’s budgeting, planning and saving discussions. As a bonus, your kids will know what to expect in terms of what the family can afford. They’ll also learn how their own choices can help them get things they want.

Be a role model for your children

Make sure your own financial behavior is responsible. If they see you spending money on things you don’t need instead of paying your bills, they may grow up thinking that’s an acceptable way to handle finances. 

If you use credit cards, make sure your kids also see you checking your credit card statements and paying your bills on time. Show your children that those little plastic cards aren’t magical sources of free money. Let them see how much interest you pay, too.

Help them practice decision-making

Let your children manage their own funds. When they get old enough, help them open and maintain a bank account. Whether they earn an allowance or income from a part-time job, help your kids make good decisions with their funds. 

A lesson about saving on taxes

As every grown-up knows, taxes can be complicated. But it’s never too early to teach your children an important lesson: it pays to take advantage of the tax benefits you have.

For example, with a reimbursement account, administered by PayFlex®*, you can set aside pretax dollars and pay yourself back through a Health Care Reimbursement Account or a Dependent Care Assistance Plan.

The Health Care Reimbursement Account (HCRA) allows you to reimburse yourself for health care costs your medical plan doesn’t cover, such as out-of-pocket costs for medications and copays. The Dependent Care Assistance Plan (DCAP) lets you set aside pretax dollars to reimburse yourself for eligible child (under age 13) and elder care expenses necessary for you and your spouse to work, including child care and nursery/preschool costs.

Talk to your kids about how these accounts help your family save money on taxes. And remember to enroll in an HCRA or DCAP during Annual Enrollment.

*Available in Mainland and Hawaii.

Give your kids the tools to succeed

Encourage your children to save, and guide them in setting up a personal budget. Teach them how to compare prices before buying a pair of sunglasses, a skateboard or something else they want. Show them how much an investment account can grow over time by reviewing your retirement account’s growth together. That way, they can see the importance of saving even a small amount as soon as they start working as adults. 

If they make a money mistake, don’t be too quick to bail them out. Instead, help them learn from it so they’ll make a better decision next time. As they get older, you can even show them more details about your family’s finances. For example, you can explain how interest can add up when you don’t pay off your credit cards each month or why making dinner is easier on your budget than ordering take-out.

Your kids can learn from all sorts of activities, including:

  • Counting the coins in a piggy bank
  • Creating a budget on paper or online
  • Checking monthly statements for charges for apps and subscriptions
  • Buying a used car and shopping for insurance
  • Opening a savings account
  • Researching how to finance their education

You can find teachable moments just about every day. It’s never too early to start setting your children up for financial success. 

Source: Resources For Living. Teaching your kids about money.

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Take action

Live your best financial life
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TAKE ACTION

JULY 2023

Live your best financial life

It’s great to have money, but who wants to think about it? The short answer is: You do. Because the earlier you think about it, the better. If you’ve decided it’s time to learn more about money and get your financial life on track, congratulations. Getting control of your finances is the first step toward achieving the financial life you’ve always wanted.

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Live your best financial life

Get started now

If you’ve already decided to learn about money and create a financial plan, you’re one step ahead of most people. An important next step can be to share your journey with friends and family. That way, when they check back with you about your progress, you can be accountable to someone. Remember: Goals that aren’t written down are just wishes. So write your decision down, share it with loved ones and stay accountable.

After making your decision, you’ll want to know exactly where you stand. One way to do that is to look at your credit report so you know what information lenders are seeing about you. Check with any of the three credit score issuers: Transunion®, Equifax® and Experian®. Review your credit report carefully and be sure to challenge any mistakes or inaccuracies.

Make a plan — and a budget

Looking through your credit report can give you an idea of the existing debt and expenses you have. Write down all your monthly expenses and your monthly income. Capturing your total income and expenses is the first step in making a budget. Depending on your history with money, you may have a negative association with the word budget, but it’s important to remember that a budget is just a tool. It can help you stop spending money on things that aren’t important to you, so that you still have money to spend on the things that are important to you.

Cut your expenses

Again, you’ll want to make sure your budget is written down and tracked. Once you’ve been budgeting for a few months, you’ll start to notice patterns in where and how you spend your money. Decide which expenses align with what’s important to you, and cut the things that don’t. Use any extra money each month to create an emergency fund and reduce your debt. 

Grow your income

While many budgeting guides talk about eliminating that daily coffee purchase or unused gym membership, that’s only one side of the story. There’s only so much you can cut out of your budget, while in theory at least, you have unlimited income potential. Look for more ways to save in your spending when you go shopping, or out to dinner. Wait for larger items to go on sale before you pay the full price. And also look for ways to bump up your income — perhaps selling items you don’t need or doing small jobs in your spare time.

It’s a marathon — not a sprint

Finally, remember that financial health is a marathon, not a sprint. Depending on where you’re starting, you may not completely eliminate your debt in a few months or even a few years. It will take time. So it’s important to remember to be steady and patient. And not all months will be the same. There will be times when you slip up and make poor financial choices. This is another reason why writing down and tracking your progress can be useful. It helps you see that if you have a bad financial day, you’ve also had many good days. You’ll get there. 

Need help?

As a Costco employee, you have access to SmartDollar®, a financial well-being program, as well as one-on-one financial coaching, that’s included in your Costco benefits — at no cost to you. In addition to educational content from financial experts, it offers a full suite of budgeting, tracking and financial tools, plus Dave Ramsey’s 7 Baby Steps program. This proven program is designed to help you learn how to stick to a budget, get out of debt, save for the future and retire with confidence — no matter where you start.

The bottom line

Deciding to manage your financial situation, track your expenses, learn to budget and get control of your money is one of the best financial decisions you can make. Building on a sound financial foundation can provide peace of mind and help you lead a more stable life. Decide to start, write it down and share it with trusted friends and family. Gather information on your monthly income and expenses and start a budget.

Remember, sharing your decision and your progress with others helps keep you accountable, even when the inevitable slip-ups happen. When you do slip up and make a poor financial decision, the most important thing you can do is acknowledge that it happened and plan to do better tomorrow. One day at a time, you’ll find your path to a brighter financial future.

Source: Intuit MintLife. Getting my finances together: Where do I even start?

*With more than 90 days of service.

If you’re ready to live your best financial life, the following resources can provide the support you need.

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JULY 2023

Video: Setting financial goals you can reach

Is your credit card debt keeping you up at night? Are you putting money into a retirement plan? Is your dream vacation just that — a dream? Is buying a house out of the question? Maybe now is the perfect time to stop worrying about money and start taking control of it.

As this informative three-minute video suggests, you can learn how to set reasonable financial goals and accomplish them.

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Source: Resources For Living. Setting financial goals you can reach.

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JUNE 2023

How to have a fearless financial life

Few people are completely rational when it comes to money. Most of us don’t create and follow a budget or save something every paycheck, though we think we should. We know we need a financial plan, but somehow it doesn’t happen. We often spend too much money because it’s more fun to buy a higher-priced item today than to put the money in savings and wait twenty years to reap the rewards. Often we spend too little because we feel guilty. And sometimes our behavior with money brings on uncomfortable feelings.

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Many of us have a complex relationship with money. We make decisions about money that impact our financial situation, and those impacts in turn affect our feelings and future behaviors. And it’s a relationship that evolves over a lifetime.

Here are three key things to know about our relationship with money:

  • Emotion plays a huge role.
  • Anxiety and avoidance create a vicious cycle.
  • Our family dynamics and past experiences affect our behavior.

Emotion and money

The emotions you connect to money, including fear, envy, shame and guilt, tend to drive your actions.

What’s there to be afraid of? You might be afraid of looking foolish, for example, when it’s your turn to pick up the check and you’re short on cash. Perhaps you’re afraid that you’ll never have as much money as the people you see on TikTok and Instagram. If you’re making more money than your friends, you might be worried that they secretly envy and resent you. Or you might fear being exposed or humiliated if you experience a sudden drop in income.

Shame is one of the most common and powerful emotions associated with money and personal finance. It’s one of the main reasons people avoid doing what they know they should. 

Here are just some of the possible versions of shameful feelings related to money:

  • I don’t have enough money.
  • I’ve avoided thinking about finances.
  • I’ve avoided doing what I’m supposed to do about finances (creating a safety net, planning for retirement, sensible budgeting).
  • I’m really ignorant about all of this.
  • I spend too much.
  • I buy stuff when I’m unhappy.

Shame interacts with avoidance to create a vicious cycle. When you’re filled with shame, the natural tendency is to avoid facing whatever is making you uncomfortable. That avoidance itself leads to additional shame and more avoidance. Next thing you know, your taxes are overdue, and it’s six years since you decided to finally make an appointment to see a financial planner – and it still hasn’t happened.

People who avoid tackling financial necessities often label themselves procrastinators and assume they’re just lazy or undisciplined. That’s not helpful. The fact is, we’re hardwired to try to avoid things that make us feel anxious or uncomfortable. The tricky thing is that in the very short run, avoidance works to reduce anxiety. Because it works, you’re inclined to do it again in the same circumstance.

The vicious cycle of anxiety and avoidance

Here’s how it unfolds. You’re thinking about sitting down, taking a hard look at your financial situation and creating a realistic financial plan. But just thinking about it increases your anxiety, because you’re afraid you won’t be able to face the reality that, for example, you have nowhere near enough saved for your kids’ education. That anxiety leads to avoidance. You postpone the task and distract yourself. At that moment, your anxiety level immediately drops, giving you positive reinforcement for avoidance.

You repeat this cycle over and over. But each immediate drop in anxiety doesn’t quite bring you back to the previous baseline level of distress. And over time, your overall level of anxiety increases and increases.

So, what happens when you confront this unpleasant task? As you face the facts, your anxiety temporarily increases. If you stay with it, however, the overall level of anxiety will steadily decline. You have to tolerate that short-term increase in distress to benefit from the long-term decrease in anxiety. In the end, the lesson is that reality makes a better friend than avoidance.

Other emotions that come into play with money include envy, greed, over excitement and a social-psychological phenomenon known as “jumping on the bandwagon.” Some of these are more relevant in the realm of professional investing as opposed to personal finance.

Family and childhood influences never end

Every family has its own particular psychology of money. What can be talked about, who should be in control, what money responsibilities are assigned to what gender, how important money is or isn’t.

Additionally, there are always stories about money that are part of a family’s identity. Maybe a serial entrepreneur grandfather lost the family fortune, prompting later generations to be very conservative with money.

You may have experienced subtle pressures to right the wrongs experienced by previous generations. Or you may feel internal pressure to oppose the family money mentality. If you’re the first in your family to succeed, you might want to give back to the rest of the family and neglect your own financial needs.

How to harness money emotions

Emotion isn’t all bad. It tells you what you’re passionate about, what really matters to you. It makes you feel alive. Anxiety isn’t all bad either. A little anxiety can motivate you to make much-needed changes that improve your situation. Harness it to tackle what you need to face and know that you’ll feel better when you’ve done so.

The key is self-awareness. Much of our emotional world is unconscious. But it’s not that hard to access. You just need to know what to look for and have a blueprint for the kinds of emotions and family stories that can influence your personal relationship with money.

Source: Forbes. The psychology of money: what you need to know to have a (relatively) fearless financial life.

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Learn the basics

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LEARN THE BASICS

MAY 2023

How to find affordable therapy

When searching for a counselor or therapist, it’s easy to become discouraged by the choices, costs and lack of availability. Out-of-pocket therapy typically costs anywhere from $100 to $200, with higher costs in more expensive urban areas.

You may be tempted to end the hunt and find other ways to cope with life’s challenges. And while lifestyle changes, such as getting enough sleep and regular exercise, can be enormously beneficial for your mental health, meeting regularly with a mental health professional can be an invaluable resource.

But don’t give up on connecting with a counselor before taking a closer look at what’s available — some of it for free — through your Costco benefits.

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Make Resources For Living your first stop

Costco is committed to the well-being of employees and their dependents. Resources For Living® (RFL®) is just one example of that commitment. RFL, Costco’s employee assistance program (EAP), gives you access to a wide range of mental health support services as well as assistance in finding the resources that best meet your needs. And it’s free to you, your household members and your dependent children up to age 26, whether or not you’re covered by a Costco medical plan.

Find support every step of the way

The front door to RFL services and support is your RFL Care Partner. They are your single point of contact throughout your mental health journey. Not only can they help you understand your benefits, they can also guide you through your options, help create a plan and connect you to care that meets your preferences.

For example, if you’d prefer a therapist who bills on a sliding scale (based on your ability to pay), offers evening hours and is your same gender and ethnicity, your Care Partner will do the leg work for you and find an in-network provider who is accepting new patients and checks all those boxes.

They will also refer you to resources in your community and connect you with the many work-life support services that are available through Resources for Living.

Care Partners are available 24/7:

  • Connect with a Care Partner by calling 833-721-2320 (TTY: 711)
  • Visit RFL to access Live Chat

Take advantage of six free counseling sessions

Through Costco, you and every member of your household have access to six free counseling sessions, with in-person, televideo and chat options. You decide what works best for you. Counselors can help you with such issues as:

  • Relationship support
  • Stress management
  • Work/life balance
  • Family issues
  • Grief and loss
  • Depression
  • Anxiety
  • Substance misuse
  • Self-esteem and personal development

All RFL counselors are qualified mental health professionals. But, if for any reason you’d prefer to talk to a different counselor, just contact RFL and they’ll help you get scheduled with someone else.

Explore other RFL mental health resources

RFL also provides the following mental health resources.

  • Talkspace offers virtual therapy for teens 13+ and adults. Send text messages to your therapist via web browser or the Talkspace mobile app. Your therapist will typically respond once per day, five days per week. You also have the option to meet with your therapist online for 30-minute televideo sessions. Each meeting counts as one of your free sessions. If you are enrolled in an Aetna Medical plan, you can continue to access Talkspace services after you’ve completed your free sessions, with a $15 copay.
  • Digital self-paced support: Access to evidence-based support tools to help manage depression, anxiety, work/life balance, stress, substance misuse and more.

Get mental health support through your Costco medical plan

If you’re enrolled in a Costco medical plan, mental health benefits are covered through your plan, including counseling and substance-misuse treatment. If you want to continue counseling after your six free sessions, you can continue with your therapist under your Costco medical plan, with deductible and co-pays. Your Care Partner can also help you find another in-network therapist, if that’s your preference.

Before you pay out of pocket for therapy, turn to your Costco medical plan for local therapists who are in your network. You can find a counselor, therapist or psychiatrist, just as you would any medical provider, by going to Costcobenefits.com and clicking Find a Provider under What if I. You can even narrow your search by specialty, such as anxiety disorders, child specialist, marriage/family focus and many more. You’ll pay the same copay for a therapist that you would for a medical doctor.

Money got you stressed?

Americans say money is their number one stressor. To learn how to deal with money stress and improve your financial management skills, visit SmartDollar and create your free account. Key word: costco.

Source: Resources For Living

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LEARN THE BASICS

APRIL 2023

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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LEARN MORE

APRIL 2023

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.