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two doors - option A and option B

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AUGUST 2022

Is surgery your best choice?

If you’re faced with the decision of whether or not to have surgery, think about the pros and cons. It may seem overwhelming, but with your doctor’s help, you can lay out the risks and benefits. If you’re still not sure whether surgery is the right answer, contact 2nd.MD for an expert second opinion from a medical specialist. 2nd.MD is offered at no cost to employees and their dependents enrolled in a Costco medical plan.

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two doors - option A and option B

Consider these 7 tips before making a decision

1. Learn what to expect.

Ask your surgeon to be specific about how an operation will help you. For instance, will it:

  • Ease your pain or get rid of it?
  • Improve how your body works?
  • Keep your condition from getting worse?

Decide how important it is to get relief. Look at the impact your condition has on you now. Then ask yourself: Does it bother you or limit your lifestyle? Think about how likely it is that the operation will work. Ask your surgeon about the success rate and the percentage chance it will take your pain away. Ask how long the results will last and if you’ll need more procedures later. And compare that with what will happen if you don’t have the operation.

2. Review other treatment options.

Sometimes there are ways to handle a problem without surgery. Your doctor can explain your choices. For instance, lifestyle changes may improve certain conditions. Ask your doctor if that’s possible for you and whether you should consider it before you decide to have surgery.

You may be able to do what’s called “watchful waiting.” That means you hold off on surgery while your doctor keeps an eye on your health to see if it gets better, worse or stays the same.

But that may not always be the best option. Be sure to get your doctor’s opinion.

3. Check the risks.

Ask your surgeon about possible complications and how likely they are. No surgery is 100% risk free. Find out about the most common complications, as well as the worst thing that can happen. Then ask about the likelihood of each. That can help you make up your mind about surgery.

4. Review your surgeon’s background.

Some simple questions can reveal a lot about their skills:

  • What’s your experience with this surgery?
  • Who else will be operating on me?
  • Are you board certified?
  • How many times have you done this operation?
  • What’s your success rate?

The quality of the hospital or medical facility also matters. Check its ratings and inspection history. Find out who will be on your team of caregivers and about their training and experience.

And remember, if you’re enrolled in Aetna’s medical plan, you can use the Aetna Smart Compare™ tool to find a provider who has earned the “Quality & Effective Care” designation.

5. Check your recovery period.

Ask your surgeon what to expect after the operation. Find out if you’ll need to stay in the hospital and how long it will take before you feel like yourself again. See if you need any supplies at home while you recover.

Look at how your recovery will affect your daily life. You might not be able to work at first, or you may need to wait for a bit until you’re allowed to lift your young child or drive to pick them up from day care or school.

6. Learn what costs are covered.

If you’re concerned about the costs associated with surgery, talk to your insurance company. They’ll be able to tell you which costs are covered and which aren’t covered. And, they will confirm whether or not you need pre-authorization for a procedure. Knowing what lies ahead financially can be very reassuring.

7. Get a second opinion.

2nd.MD is a team of health care professionals that can ensure you’re on the right path with your care. If you or a family member has an existing diagnosis or treatment plan, you can get a second opinion from a board-certified specialist. The 2nd.MD team will coordinate directly with your doctor’s office to obtain your medical records, scans and test results, so you don’t have to.

2nd.MD provides peace of mind:

quote mark

The doctor was absolutely perfect, explained everything exactly how my surgeon explained the surgery… [she] reassured me that this is completely normal and she has performed this surgery many times and the outcome is the best for my case.

Source: WebMD. 7 tips to help decide if surgery is right for you.

Learn more about 2nd.MD from the resource information listed below.

 

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Enhanced benefit

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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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Omada digital scale for personal weight indicates dollar signs instead of pounds

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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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Omada digital scale for personal weight indicates dollar signs instead of pounds

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.

 

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Learn the basics

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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

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.

 

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APRIL 2022

6 financial tips for the sandwich generation

It seems like only yesterday that your kids were toddlers. Now they’re heading to college — just as your aging parents need your help. Congratulations, you’ve joined the sandwich generation. Whether this is your current situation — or one you may face in the future — taking care of multiple generations of your family can be tough on your stress level and your wallet.

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Here are six tips to help you support your loved ones while safeguarding your own financial well-being.

1. Get your finances on track.

Whether you’re currently caring for your kids and aging parents, or you’re on your own, now’s the time to get rid of your debt. Need help? Sign up for SmartDollar® and follow the 7 Baby Steps to restore your financial health.

2. Talk about finances early and often.

If you’re caring for your parents, don’t be afraid to ask them tough questions. Are they in debt? Do they have life insurance or long-term care insurance? Do they understand their investments? Do they have a will?  Can they share its location with you? As for your grown children, ask them about their goals. Talk to them about lifestyle changes they need to make to get where they want to be.

3. Start planning for the right kind of elder care

If your parents need in-home care, an assisted living facility or a nursing home, you’ll need to discuss the financial impact with them. Decide what type of care fits their budget (or yours, if you’re the one supporting them). Visit Resources For Living® for adult and elder care referrals and to find out more about the 30-minute free legal consultations available to you.

4. Save and invest for your own retirement.

If you aren’t already doing it, start saving for retirement. By making your retirement savings a priority, you can save your kids from the same stress you might be going through now with your own parents. The sooner you take advantage of your Costco Retirement Plan, the more you’ll save.

5. Save for your children’s college.

It’s never too early to start exploring the best ways to save for your kid’s college education. If they’re still in high school, make sure their dream college is one you can afford. Help them look into scholarships, and encourage them to get a part-time job. This way, they can start saving before entering college. If you have kids who are already in college, talk to them about getting a part-time job during the school year and a full-time job for the summer to help them avoid accruing debt. Finally, talk with them about learning to live on a budget.

6. Set clear boundaries.

Balancing money and relationships can be complicated. The best thing to do is set healthy boundaries and talk about expectations. It’s hard to say no to parents or children when you’re trying to work on your finances. But don’t let anyone make you feel guilty for trying to take care of your own household first.

Source: RamseySolutions.com

The following resources are available to help you stay financially fit — whether you’re single or caring for aging parents or children. These resources are confidential and available to you at no extra cost.

 

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Take action

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TAKE ACTION

APRIL 2022

Start preparing for retirement

Take a moment to focus on your financial well-being and make the most of your Costco Retirement Plan,* administered by T. Rowe Price.

*For Mainland and Hawaii employees, the plan is called the Costco Retirement Plan. For employees in Puerto Rico, it’s called the Costco Puerto Rico Retirement Plan. 

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Make saving for retirement a priority

Whether your retirement is decades away, or just a few years down the road, use this list and your Costco Retirement Plan to get ready. Start by visiting RPS.TRowePrice.com to view your Costco Retirement Plan.

Add an extra layer of security for your plan account by setting up multi-factor authentication. Multi-factor authentication helps keep your financial information secure by requiring two or more forms of authentication to verify your identity.

Name your beneficiary, the person (or persons) you choose to inherit your assets if anything should happen to you. If it’s been a while, check to ensure your beneficiary information is up to date.

Update your email address to receive timely newsletters and valuable saving insights.

Contribute enough to get the full matching contribution. Review your contribution now.

See if you qualify for the Retirement Savings Contributions Credit (Saver’s Credit). For low- to moderate-income employees who qualify, the Saver’s Credit means you can get a tax credit based on your tax filing status, adjusted gross income and how much you contribute. 

Make sure your T. Rowe Price Automatic Increase is turned on, so your contribution will be increased by 1% each year.

Strive to save 15% of your annual pay — it’s OK to work your way up to the suggested target gradually.

If you’re age 50 or older, consider making catch-up contributions. This allows up to an additional $6,500 (for 2022) to help you move closer to your retirement goal.

Get your financial house in order

Learn to budget, free yourself from high-interest debt and aim for higher savings goals with help from SmartDollar®.

Build an emergency fund equal to three to six months’ expenses to help you in case there are unexpected changes in your income.

Make a budget that matches your lifestyle and gives you room to save.

Create a plan to pay down credit card debt; paying off small balances first can motivate you to keep going.

Use your emergency fund instead of credit cards to offset surprise costs.

The following resources are available to help you get started on your retirement plan. They are confidential and are available to you at no extra cost.

 

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EXPLORE MORE

MARCH 2022

Meals for a healthier wallet

The benefits of home cooking are well known. You can use healthier ingredients, control portion size, limit sugar and salt, and avoid food allergies. By cooking together, you can also teach your kids the basics of healthy living, while sharing a fun family activity. And you can demonstrate how to stretch your food dollars with careful planning and savvy shopping.

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Savor these 6 budget-friendly shopping tips.

1. Plan ahead

Before you head to the store, create a shopping list based on your weekly menu plan. Never shop when you’re hungry. Be sure to check your refrigerator and cupboards to see what you have on hand before you head to the store. And try to limit your shopping trips to once a week. 

2. Stock up on seasonal produce

Food in season is typically priced to sell. Corn on the cob, for example, can cost 10 times less in the summer than it does in the winter. So, think about buying produce in season and freezing what you don’t use. See what’s in season right now in your state by visiting SeasonalFoodGuide.org.

3. Make the most of leftovers

Using leftover vegetables, poultry or meat in soups, stews, salads and casseroles can help stretch your food dollars. For example, enjoy roast chicken one night, use the leftovers for chicken enchiladas the next night and make chicken stock from what’s left. For more tasty leftover tips, visit Chowhound.com.

4. Choose store brands

Whenever possible, buy store brands, such as our own Kirkland Signature™ brand, which are typically higher in quality and lower in price than national brands. They’re all required to meet the same grocery industry standards, but store brands cost less.

5. Try frozen, dried or canned

Produce is typically frozen, canned or dried at the peak of ripeness when nutrients are plentiful. With frozen foods, you can use only the amount you need, carefully reseal the package and return it to the freezer. Canned foods are often sitting in a bath of juice, syrup or salty water, so just rinse them before using. And dried fruits are concentrated in flavor and a great substitute for fresh fruit.

6. Shop at Costco

As you know, at Costco, we sell high-quality food in bulk at low costs per unit and pass the savings along to members. Whether you’re single or have a large family, you can save money by buying grocery items in bulk, including perishable items like fresh produce, meat, poultry, fish and more. Just divide up and freeze what you don’t use.

Sources:

NerdWallet. How to Save Money on Groceries.
WebMD. 10 ways to save money on food shopping.

Thinking about making some positive changes in your eating and spending habits? You’ll find the help you need for your journey with your Costco benefits.

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Learn the basics

LEARN THE BASICS

FEBRUARY 2022

Managing cancer’s financial challenges

There’s a lot to think about when you’re diagnosed with cancer — and your worries don’t end with physical and emotional issues. You may need to keep working throughout your illness in order to pay your bills, including medical expenses. Now’s the time to explore your options and learn how your Costco benefits can help.

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Tips to help you stay financially healthy during cancer treatment

Breathe, but think ahead.

Give yourself time to deal with your diagnosis and prepare for the road ahead. Whenever you talk to your doctor or their office staff about what to expect, timing and other concerns, have your questions ready and take notes.

Get support with financial planning.

Talk to a financial consultant. Through Resources For Living® (RFL®), you can get a free 30-minute consultation for each issue you’d like to ask about, including:  

  • Creating a budget and managing expenses  
  • Understanding bankruptcy options and requirements  
  • Avoiding foreclosure and handling creditors  
  • Making the most of your insurance coverage 
  • Keeping your retirement plan on track through tough times 
  • Estate planning 
  • Medicare/Social Security information and more 
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Learn the basics

LEARN THE BASICS

OCTOBER 2021

Saving for retirement made easy

Retirement may be years away, but the sooner you start planning for it, the better. By taking advantage of your Costco Retirement Plan now, you can help make sure you enjoy a worry-free retirement in the future.

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Get to know the Costco Retirement Plan

What does your retirement look like? Your plans for the future may include more travel, more time with family or more time to do the things you enjoy without worrying so much about money. It’s all possible with the right planning — and saving.

A more secure retirement depends on what you do today. Your Costco benefits are here to help, with the Retirement Plan,* administered by T. Rowe Price.

Here are the basics:

You’re eligible to participate in the plan once you’ve completed 90 days of service with Costco. You can start making contributions, and receiving Costco’s matching contributions, on the first pay date after the first day of the following month.

Here’s an example: If your 90th day of employment is July 15, you can start contributing on the first pay date after August 1.

You make contributions. With the Retirement Plan, you save part of your paycheck through automatic payroll deductions. When you enroll, you’ll choose a percentage of your pay to contribute. You’ll also choose whether you want to make pretax or after-tax (Roth) contributions, or a combination of the two.

If you don’t make an election within 30 days of the first of the month you’re eligible to participate in the plan, deductions will automatically be taken from your paycheck. You’ll be enrolled to contribute 3 percent of your compensation pretax.

Costco makes contributions. Costco matches your contributions in an amount that’s set each year. This amount is a percentage of your own contribution amount for the year, up to a maximum amount.

Your account grows. When you enroll, you choose how you’d like to invest your account funds. T. Rowe Price offers a variety of mutual funds and information on how to make the right choice(s) for you.

To get started, log in at Costcobenefits.com and select Financial Wellbeing > Retirement Plan Details. Or call T. Rowe Price at 800-922-9945. You’ll set a percentage of your pay to contribute and choose investments to grow your retirement nest egg.

*For Mainland and Hawaii employees, the plan is called the Costco 401(k) Retirement Plan. For employees in Puerto Rico, it’s called the Costco Puerto Rico Retirement Plan.

 

The following resources are available to help you be more in control of your financial well-being. These resources are confidential and available to you at no cost through your Costco benefits.