2023 Newsletter — Volume 2

Sun, sand… and travel insurance

Summer is here! When it comes to planning your next vacation, travel insurance is often the furthest thing from your mind. Though in some cases insurance might be the only thing standing between you and a financial loss due to unexpected trip cancellation.

To help protect yourself, here are some insights of what you need to know about travel insurance.

First, what exactly is travel insurance?

Travel insurance protects policyholders from financial loss resulting from incidents during their travels. These incidents can be anything from canceling a cruise at the last minute due to an illness or missing your flight because your passport was lost or stolen. Note: travel insurance varies per provider.

Next, what are the various policy coverages within travel insurance?¹

• Trip cancellation. Coverage protection from financial loss due to an unexpected cancellation or interruption during travel.
• Baggage and personal item loss. Coverage of lost, stolen, or damaged baggage and other personal items. Note: the coverage is typically in place for the duration of your trip, not just while flying.
• Travel life insurance. Coverage designed to pay out a specific death benefit if you pass away on your trip. Typically, it comes in two options: accidental death or an air flight accident. Note: these policies are typically rare and not offered by every provider.
• Medical travel insurance. Coverage designed to cover medical costs while traveling. Note: it can be wise to check with your current health insurance provider first to see if they offer global coverage before choosing to purchase medical travel insurance.
• Evacuation insurance. Coverage designed to cover the costs of transporting you from one location to another to receive necessary medical treatment in the case of an accident or illness.

Lastly, why buy travel insurance?

When deciding whether to purchase travel insurance, it comes down to knowing your situation and travel requirements. Consider these items:

• If you’ve put a significant amount of money towards non-refundable travel costs, it may make sense to purchase travel insurance.
• Travel insurance might be a good idea if you are traveling with expensive luggage or personal items.
• Does your trip put you at a high risk of medical emergencies or accidents? If so, you may be wise to purchase coverage.

6 tips for using a HSA as a tool for saving

Health Savings Accounts (HSA) are often offered as part of an employee benefits package to help pay for qualified medical expenses like co-payments, prescription drugs, and other doctor visits. Though did you know the funds can be flexible? Note: Health Savings Accounts and High Deductible Health Plans (HDHP) are not offered by all employers.

Here are 6 tips to make the most of your HSA²

1. Secure the HSA and HDHP combo within your employee benefits.

   HSAs are only available to help defray the higher costs of healthcare that may come with your HDHP.

2. Ensure your HSA is interest-bearing and/or has an investment option.

   This will allow you to invest your HSA funds — it can look like an investment account or more like a savings account.

3. Learn the rules of your HSA.

   You are eligible to contribute to an HSA only if certain conditions are met.

4. Contribute the maximum amount each year.

   The funds in HSAs do not expire at the end of the year — you can contribute the maximum allowed by law and carry any unused funds from year to year.

5. Take it with you.

   HSAs are portable, meaning you can take the account with you no matter what, regardless of job changes, health insurance plan changes, or even retirement.

6. Make the most out of the HSA triple tax-exempt status.

   Deposit, interest and dividends, and withdrawals are all tax-free as long as the funds are used to pay for healthcare-related expenses.

Reaching your financial goals with clarity

Did you know mindfulness is a proven way of reducing stress, and it's completely free?

The way it works is that you focus on your thoughts, feelings, and the sensations in your body in the present moment. You can do it while sitting still or in the middle of an activity. What's important is that you let your feelings come as they are, without judgment. As you build this awareness, you may find that your stress no longer has a silent hold over you.

It's not easy to change your habits. But when it comes to your finances, small shifts can make all the difference. Using mindfulness to connect with your feelings can give you the boost you need to improve your financial health. Like everything else in life, the journey to reach your financial goals will have ups and downs. Every time you reach a goal or have a setback, take some time to pause and reflect. As your financial stress ebbs and flows, your mindfulness practice can help you to identify your triggers and reactions when it comes to managing your money.

Practicing mindfulness not only reduces the negative impacts of stress, but also helps you to recognize and understand the decisions you make with your money.

Watch this short video to see how mindfulness can help you reach your financial goals with clarity³

• Sign in to BenefitsForYou to access your financial wellness program.
• Click on Education/Tools in the left navigation.
• Click on Videos under the Topics tab.
• Search for "How mindfulness can help you reach your financial goals with clarity".