FoxEd Newsletter January - March 2023 Is a Health Savings Account (HSA) Right for You? An HSA allows those with high deductible health plans to set aside money tax-free to pay for qualified medical expenses, like copays and deductibles, as well as items and procedures that may not be covered by your insurance. Things like eyeglasses, hearing aids, or dental work. When you withdraw HSA funds to pay for these qualified expenses, the withdrawals are tax-free, too. Plus, the interest or other earnings on your HSA are tax-free. For these reasons, HSAs are sometimes referred to as “triple tax-advantaged” accounts.
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Who Can Benefit Most From an HSA? If you’re one of the millions of Americans who are generally healthy and never even come close to meeting their annual health insurance deductible, an HSA could be a great way for you to save funds for health-related expenses you may have in the future. Some New and Unexpected Items Your HSA Can Pay For: The CARES Act expanded the items eligible for HSA reimbursement and can include: • Over-the-Counter medications • Menstrual products • Guide dogs • Travel for health care • Much more!
Whether you're interested in creating a workable spending or savings plan, getting out of debt, or taking a look at your credit report, BALANCE can help. Pick up free money management information at any of our locations. View the BALANCE website by going to foxcu.org/balance and selecting "Visit Balance Website."
Fox Communities Credit Union (Fox) offers HSAs for those who qualify. To find out if your insurance plan qualifies, check with your insurance provider, and then come speak with one of our HSA specialists!
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The Difference Between a Line of Credit and a Credit Card Depending on your goals, both a line of credit and a credit card can bridge the gap in your finances. When deciding which one to go with, one may cost you more than the other, so it’s important to consider any fees and limitations that may apply to them. A line of credit is a flexible loan that can be used however you wish, as opposed to a fixed loan where you borrow a specific amount to pay back with interest over time. With a line of credit, you borrow cash, while credit cards are meant to fund your purchases without the need for cash. While you can often take out a cash advance with a credit card, these generally come with fees and interest rates that make them more expensive than a line of credit. Credit cards are ideal for making everyday purchases but could be used for larger purchases. They are useful when you want to have a way to make payments while on vacation, shopping online, or if you just want to make purchases without having to carry cash. A line of credit is typically used for large purchases, which pairs well with their generally lower interest rates. Find out which option could be best for you by speaking with a Fox team member! Financial education tips are provided by BALANCE and CNET. Services offered through BALANCE are separate and distinct from any business conducted with Fox Communities Credit Union and are not guaranteed by or obligations of the Credit Union. For more information visit foxcu.org/balance.
You're just a click away from a powerful resource for getting a handle on your debt. With SavvyMoney Checkup, you will learn how to pay down debt, create a personalized budget, monitor your spending, and more. Visit foxcu.org/savvymoney.
M3 Money Club features information and resources for children 12 and under. Train to be financially knowledgeable with games, podcasts, comics, and more. Elements of Money helps teens make smart financial decisions on things like summer jobs, saving for college, and more. Visit foxcu.org/youth-financial-literacy. Fox Communities Credit Union (Fox) is not an affiliate of BALANCE, SavvyMoney, M3 Money Club, or Elements of Money. Third-party sites are not operated or under the control of Fox. Fox is not responsible for the content and does not represent those who enter into a transaction. Fox deposit products are
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Get to Know Share Certificates When it comes to share certificates, time really is money. Share certificates require you to decide a specific length of time for the financial institution to hold your money. In return, you tend to earn more in dividends than an everyday savings account. When picking a share certificate, here are some things you should understand: dividend rate, term, opening minimum deposit, maturity date, and early withdrawal penalties. Dividend Rate The dividend rate of your certificate determines how much money you earn on the funds in the certificate. A financial institution will often provide a few certificates with different dividend rates, so compare carefully. Terms The term of your certificate is the length of time the account is opened for. They could range from 3 months to 5 years so compare these, too, to pick one that fits with your savings goals.
Stop This Scam Cold in Its Tracks The Scam: Refugee Plea With humanitarian crises ongoing around the globe, heart-wrenching images fill the news and social media. Unfortunately, criminals see these images, too. Their response is to craft appeals to help refugees fleeing war, famine, and climate catastrophes. The fraudsters may pose as either an individual or a charity. Common themes in their messaging are sorrowful backstories and an urgent need for money. The Plan: Slow Down and Research Helping those in need is a beautiful thing, but taking the time to research about nonprofits and Non-Governmental Organizations working in that area is important. Charity Navigator and GuideStar are great sites for determining which organizations are worth your while. Financial education tips are provided by BALANCE and Nerdwallet. Services offered through BALANCE are separate and distinct from any business conducted with Fox Communities Credit Union and are not guaranteed by or obligations of the Credit Union. For more information visit foxcu.org/balance.
Opening Minimum Deposit The opening minimum deposit is the minimum amount of money you need to open the certificate. This amount is usually your one chance to add money to your certificate, so decide if you want to put in more than the minimum before you open the account.
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Early Withdrawal Penalty The early withdrawal penalty is charged if you cash out your certificate before its term ends. This penalty will vary depending on the length of the term of your certificate.
The goal of our webinars and radio shows is to help you build a stronger financial future for you and your family. You'll find a variety of topics each month.
Maturity Date The maturity date is the day that the certificate ends. Financial institutions may have a limited window after the maturity date for you to withdraw your money. They may also automatically renew the certificate for the same term if you make no other election. If a share certificate could help you with your savings goals, Fox is here to help! View the rates and terms of all certificates Fox offers at foxcu.org/rates. Our helpful Fox team members are here to answer any additional questions you may have.
Visit foxcu.org/calendar for a full listing of upcoming sessions. Webinars require registration. Financial education webinars are provided by BALANCE. Services offered through BALANCE are separate and distinct from any business conducted with Fox Communities Credit Union and are not guaranteed by or obligations of the Credit Union. Radio shows are brought to you by Fox Communities Credit Union and are intended for educational purposes only and does not replace independent professional advice. Statements and opinions are those of the presenter individually. Fox Communities Credit Union deposit products are
Federally Insured by the NCUA.
Federally Insured by NCUA.
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