As much as we don’t want to think about dying, it’s important to plan for it and have your financial affairs in order. Naming beneficiaries for all of your accounts and keeping that information up-to-date is vital to avoid disputes among those you’ve left behind.

Keep it Current

The joint owner has equal ownership with the primary owner, so if one of them passes away, the funds default to the other. If your account has a single owner, you can still elect who receives your America First resources by submitting this payable-on-death beneficiary form to any branch.

There are many life changes that can affect who your beneficiary is, such as marriage, divorce, the birth of a child, or the death of someone in your immediate family. It’s therefore essential to keep your designations current. These apply to personal savings, checking & money market accounts, as well as certificates and IRAs.

You can also elect more than one recipient. In fact, additional coverage from the National Credit Union Administration is available when you have multiple beneficiaries. Details are at NCUA.gov or contact an America First representative.

Disbursement

The credit union is required by law to disperse the funds to the named beneficiary, unless otherwise determined by the courts. This means if you remarry, but forget to change your information and your former spouse is still your designee when you die, your assets will go to him or her.

If you don’t choose a beneficiary and your account doesn’t have a joint owner, your money could be subject to probate, a process that administers a deceased person’s assets in a court of law. It costs to file the case, may require an attorney, and can take a long time if your estate is contested, so you want to avoid this if possible.

Another way to protect against probate is by opening a trust account. You’ll need a lawyer to draft the trust document, then we will set up your account that you will fund. America First also offers free professional consultations regarding trusts, wills and estate settlements. For specifics, call (801) 827-7130.

Staying current with your beneficiaries will help your family avoid unnecessary entanglements and stress. If you don’t know who is named on your account or want to check or change your status, please call 1-800-999-3961 or visit a nearby America First office.

Health savings accounts (HSAs) are dividend-earning accounts specifically designated to pay the costs of managing your healthcare. If you’re generally healthy and don’t need to visit the doctor very often, an HSA is a great way to limit your upfront expenses and save some money in the long run.

HSA vs. PPO

Many people have preferred provider organization (PPO) coverage because that’s the most traditional way. With a PPO, you are billed larger premiums by an insurance company whether you use the program or not.

Health savings accounts are relatively new and this unfamiliarity makes some people hesitant about them. However, they offer more control when it comes to health expenditures. Plus, the funds in your account are tax-deductible—or you can set up pre-tax contributions with your employer—and the dividends you accrue are also tax-free.

How do I open one?

To qualify, you must have a high-deductible health plan (HDHP). This may seem intimidating, but if you don’t normally spend a lot of money on medical care anyway, you’ll benefit from the lower premiums. After that, opening an HSA with America First is as easy as getting a regular savings account.

How do I utilize it?

Once it’s open, you’re responsible for the funding and making sure the money is used correctly. You’ll receive a debit card to pay for qualified medical expenses, which includes everything from doctor’s visits, eye exams and dental work, to insulin, wheelchairs and guide dogs. You’ll additionally need to track all your expenses and keep the receipts in case you’re ever audited.

Ownership

Unlike PPOs and flexible spending accounts, the money you put into an HSA is yours to keep. If you quit your job, retire or otherwise lose your HDHP coverage, you can still spend these funds on eligible medical costs. And, when you turn 65, you can do what you want with the account balance, which means it can eventually become part of your retirement fund.

America First health savings accounts come with no fees and no minimum-balance requirements. We also offer custom products to fit your needs, such as HSA checking and certificate options. You’ll get 24/7 access with free online & mobile banking, and, as always, you’ll benefit from the assistance and expertise of our member service team. Contact your employer or insurance provider today to see if they offer HSA-qualified high deductible plans.

When you ride your bike instead of driving to work, school or the store, you gain a lot of benefits. Biking is both aerobic and anaerobic exercise, improves cardiovascular fitness, strengthens bones and prevents disease. Bike riding is also good for the environment as pollution-free transportation–and it’s great for your wallet.

According to AAA, the average yearly cost for owning and operating a personal vehicle is $8,558, approximately 15% of the median household income. This equates to over $700 a month or 57 cents per mile. And while regularly riding a bicycle won’t cut out all auto-related expenses, it can significantly decrease the amount you spend annually on your car or truck.

Less gasoline

First and foremost, you’ll save on fuel. Gasoline’s average cost has decreased significantly in the last five years (from $3.87 per gallon to $2.34 a gallon), but it’s still more expensive than a breakfast smoothie or granola bar—the fuel of a cyclist. And when gas prices start to rise again, which they probably will, you won’t have as much anxiety.

Less maintenance

It costs a lot less to maintain a bike than a car. By not driving as often, you’ll decreased maintenance expenses, which average almost $800 annually. You won’t have to change your oil as frequently or replace your tires as quickly. Plus, with less wear and tear on your vehicle, it will be on the road longer.

Other advantages

Some companies will reimburse employees who bike to work $20 per month, tax-free, because of the Bicycle Commuter Act. This is intended to cover related expenses, such as accessories, repairs, improvements & storage. Check with your employer to see if it’s offered. Additionally, select insurance companies will lower your premiums if they learn you’re no longer driving to work each day.

Finally, there are incidentals such as parking. Most bike racks are free of charge and, as an added perk, are usually close to the building. Plus, you won’t pay as much for the gym. After all, when you ride your bike, you’re getting plenty of exercise. And all that physical activity can mean less trips to the doctor.

As you can see, there are many benefits to commuting via bicycle. Besides becoming healthier and environmentally friendly, you’ll also be spending less on fuel, maintenance and insurance. In fact, when you ride your bike regularly, the only thing you may miss is the morning traffic.