Month: October 2020

2020-10-01T07:01:01

(BPT) – If you currently have a flexible spending arrangement (FSA) or a health savings account (HSA) through your employer, you probably appreciate knowing that you have some pre-tax savings stashed away in case you need them for a healthcare expense. FSAs and HSAs aim to provide convenient, affordable spending options, allowing employees to create accounts where they can deposit pre-tax funds during each pay period to cover out-of-pocket healthcare expenses.

New this year, you can use those funds to help pay for over-the-counter (OTC) medicines (without a prescription) and menstrual or feminine care products. The expanded eligibility to include these expenses was part of the Coronavirus Aid, Relief, and Economic Securities (CARES) Act passed in March 2020.

FSAs and HSAs can help reduce costs — if you use them

Unexpected healthcare costs can put a serious dent in your budget. And if you have healthcare expenses — whether you anticipate them or not — having an FSA or HSA can save you a lot. Americans with employer-sponsored insurance are increasingly funding more of their own healthcare expenses. On average, workers paid $6,015 for family coverage and $1,242 for single coverage in 2019, according to the KFF Employer Health Benefits Survey.

However, chances are good that you still have funds in these accounts that you haven’t yet been able to use this year. In fact, most FSAs work on a “use it or lose it” basis, resulting in over $400 million per year going unspent by employees. This new eligibility for coverage of OTC medicines (not requiring a prescription) and menstrual care products (including tampons, pads, cups and other products) provides consumers with even more options to spend these tax-free funds, which is good news for anyone trying to save on costs.

The other good news is that the law is retroactive, so if you still have receipts for any purchases of OTC medicines or menstrual care products from as far back as Jan. 1, 2020, you may be eligible to receive reimbursement of those funds by submitting the necessary paperwork to your FSA/HSA administrator.

Newly eligible products

OTC medicines offer safe, effective relief for a wide variety of symptoms and conditions, providing the first line of defense for families’ healthcare needs. In previous years, a prescription was needed to use FSA or HSA funds for these everyday products. Keep in mind, however, that OTC medicines should not be considered a substitute for consulting your healthcare provider, especially if you or a family member has concerning symptoms, such as any known coronavirus symptoms.

Menstrual products also provide necessary comfort and care for women, and add up to a surprisingly large expense. U.S. women altogether spend $3 billion per year on menstrual care products, according to the National Center for Health Research. BenefitsPro.com also reports that women spend around $4,752 on tampons and pads throughout their lifetime, which doesn’t account for other menstrual health-related products they also use.

All of these products add up to a lot of additional costs. And during a time when more than 9 in 10 Americans feel anxious about finances amid the COVID-19 pandemic — with healthcare bills being one of the top 10 stressors, according to the National Endowment for Financial Education — finding new ways to save money helps relieve some of that stress.

Have questions, or don’t know if you or your particular expenses are eligible under your plan’s coverage? Contact your employer’s FSA/HSA administrator with questions about your eligibility and the eligibility of specific products, and visit TaxFreeOTC.org to learn more.

2020-10-01T07:01:01

(BPT) – October is National Financial Planning Month, a time when we traditionally slow down, check in and make some progress toward our long-term financial goals. Big-picture money objectives may feel difficult right now, while we grapple with the economic fallout from the pandemic and struggle to meet immediate financial needs. Nearly half of Americans are worried about their financial future, according to Prudential’s 2020 Financial Wellness Census, and most people perceive their financial mobility as fixed.

In this current climate, it’s important to take stock of our new reality, adjust our strategies and move toward practicing financial wellness, even if financial security feels temporarily out of reach. Amanda Clayman, financial therapist and Prudential’s Financial Wellness Advocate, is here to guide us through some steps for looking to the future with hope:

1) Make Time for Your Money: You cannot plan for the future if you do not know where you are now. Setting consistent times and days to sit down and look at your statements, bills and paychecks goes a long way in feeling confident about your financial ability — no matter how much is in the bank. The more you familiarize yourself with your situation, the less scary it all becomes.

2) Focus On What You Can Control: Uncertainty is more prevalent than ever during the pandemic. Variables like employment stability and stimulus checks can leave us feeling stressed. As much as you can, let go of what lies outside your control. Instead turn your energy toward the activities where your efforts make an impact, like reallocating your savings and reevaluating your expenses.

3) Tune In To Your Feelings: Emotions about money can be messy. Anxiety, insecurity or fear can cause us to react disproportionately to financial situations, often prompting us to extremely restrict or overspend. Begin Financial Planning Month by examining your emotional state these days and identifying how your feelings may influence your decision-making ability.

4) Look to Your Community: Those of us who formerly prided ourselves on being self-sufficient are turning to our communities, neighbors and families for support — emotionally and financially. This can be hard to come to terms with, but also has the power to draw us closer together and create a future in which we take care of each other. Now is the time to put shame on the shelf and learn about the community resources at our disposal.

5) Make an Adaptable Plan: Looking long-term might be daunting right now. Make the best plans you can with the information available to you now, and expect to change them as your situation evolves. Remember, you are adaptable and capable of responding to adversity. These plans do not need to be set in stone, but having them in place will help you feel proactive and hopeful about your financial future.

2020-10-01T08:01:00

(BPT) – Data breaches, identity theft, phishing attempts and malware literally “pop up” every day. October is National Cybersecurity Awareness Month, which each year reminds us why it is critical that we remain vigilant when it comes to you and your family’s digital activity, habits and overall cybersecurity.

Cybercrimes have skyrocketed in 2020 — Barracuda Networks reported in March that COVID-19-themed spear phishing emails skyrocketed 667% between March 1 and 23. As fraudsters seek to take advantage, Schwab reaffirms our commitment to our clients to keep their data safe and secure.

“The spike in cyber-attacks during the pandemic underscores the importance of National Cybersecurity Awareness Month, and acts as a critical reminder to remain vigilant against fraudsters and cyber theft,” said DJ Johnson, senior vice president of Corporate Risk Management at Schwab. “We have a team of approximately 350 full-time and 200 contracted cybersecurity experts and employees dedicated to information security. Each day they are committed to ensuring we have the critical policies and tools in place to best secure and protect our clients’ data and sensitive financial information. In addition, we strive to ensure our clients are updated with the latest tips, best practices and ‘red flags’ they need to be prepared to prevent fraud attempts and cyberbreaches.”

Protection you can see, and protection you can’t see

When combatting fraudsters and scammers who look to exploit vulnerabilities, we focus our protection activities on three key areas: our clients and employees, our systems, and the information we are entrusted with.

Some of these activities are visible to our clients:

• Authentication process — Our approach to security and fraud protection is anchored by multiple levels of physical and digital safeguards. We require secure identification and authentication before initiating transactions and maintain strict rules for the creation of secure user IDs and passwords to stop others from obtaining user login information.
• Protecting vital passwords — Passwords are stored in the database as ”hashed” values, which are one-way mathematical functions that convert an original string of data into a seemingly random string of characters that is not useable by fraudsters.

Other activities are not visible, but are equally important:

• Connections process — We provide a secure transmission connection to our Schwab websites through security technologies and encrypted cookies to establish and maintain a secure transmission connection designed to prevent unwanted visibility or interception.
• Ongoing security evolution — We implement policies to fight against new and changing security challenges through constant assessments of our email security and login standards. Transaction monitoring, employer oversight and access control provide additional oversight to help identify unusual account behavior. We also have internal transaction monitoring systems in place to identify potentially suspicious and fraudulent activity.

This year, with cyber-attacks on the rise during the pandemic, as well as our increasingly digital and remote working network environments, cybersecurity awareness and preparedness is more critical than ever. We will continue to proactively pursue and invest in new ways to combat cyber-criminals, which we hope provides our clients with much-needed peace of mind and confidence that their data and information is safeguarded during these uncertain times.

For information on more ways to educate and protect yourself and your family members from cybercrimes, visit schwab.com/schwabsafe/security-knowledge-center.

2020-10-01T08:25:30

(BPT) – Car maintenance is often a scheduled chore when you’re regularly driving. However, if you’re driving less due to the current environment, maintenance can easily become a lesser priority or even completely forgotten. Hankook Tire’s latest Gauge Index found that as daily driving decreased as a result of the coronavirus pandemic, nearly one-third (30%) of Americans have done less car cleaning and maintenance too.

But car maintenance is always important, especially as drivers around the country gradually resume their travels and hit the road. Hankook Tire found that 60% of Americans expect to take more car trips moving forward. With that in mind, the following are five reasons it’s important to keep up with regular car maintenance:

1. Safety

First and foremost: Regular car maintenance helps increase safety when driving. This is especially important if your car has been parked for a while. Be sure to check your fluids (oil, washer, coolant, etc.) and inspect the tires to make sure that they haven’t lost their pressure. After all, the Gauge revealed 70% of Americans have not regularly been checking tire pressure during the pandemic. Low tire pressure can lead to several issues such as poor performance, premature wear and higher rolling resistance, which can impact fuel efficiency.

2. Save time and money

Consistent car maintenance also helps extend the overall life of not only your tires, but the systems that drive them, including the engine, suspension, brakes and transmission. With the median price of a set of four tires ranging from $300 to $600, investing in regular tire upkeep such as rotations and alignment when necessary, helps deter more costly repairs down the road — making both your car, and your money, go further. And, you’ll save time. Regularly scheduled basic maintenance appointments traditionally don’t take too long — and some dealerships even offer special pick-up and drop-off appointments so you never have to leave the comfort of your home.

3. First place performance

Just like a regular gym routine helps keep your muscle groups firing on all cylinders, regular trips to the mechanic can provide the same benefit to your car. Whether it’s a crushing leg day (suspension) or a cardio workout (engine), routine inspection of your shoes (tires) will help you maximize your workout traction so you’re ready for the next round and running at peak performance.

4. Cleanliness

While cleaning the vehicle’s interior and exterior was the primary maintenance measure (40%) Americans took at the height of quarantine, the idea of clean cars goes beyond just dust on the dashboard and sanitized seatbelts. It keeps the environment clean, too. Little maintenance checks add up to a big environmental impact. For example, regular oil changes contribute to a cleaner engine and lower vehicle emissions, while properly inflated tires can contribute to better fuel efficiency.

5. Vehicle value

When the time comes to upgrade your vehicle, one of the first points of inspection is on the inside. A vehicle’s internal condition is one of the key factors in determining its worth, so it’s best to keep everything well-oiled and running smoothly, even if you don’t have any immediate plans to trade it in.

While it is recommended to adhere to your vehicle’s outlined maintenance schedule, there are a few things that drivers can do on a regular basis to provide added value. Every month, double-check to make sure headlights and taillights are working, fluids are topped off, and your belt and hose systems are running smoothly. Use the penny test to check your tire’s tread. In addition, keeping a vehicle maintenance log helps you stay organized and ensure good habits that can have a real impact when it comes time to trade in.

If any issues do arise, Hankook recommends getting your vehicle checked out by a certified mechanic before getting back behind the wheel.