The Pulse of SchoolCare, May 2023

Stressed About Finances? You Aren’t Alone, But There is Help

news-Financial-stress-2023Published May 12, 2023

When you consider your overall health and wellness, how much thought do you give to your financial wellness and the impact it is having on your mental and physical health?  

According to a study done last year by the Harris Poll on behalf the American Psychological Association, inflation was a reported source of stress by a vast majority (83%) of adults. And a majority of adults polled reported the economy (69%) and money in general (66%) are sources of significant stress.  

Excess stress, for any reason, can lead to a host of health-related issues, such as depression and anxiety, sleep loss, weight gain, unhealthy coping mechanisms and more. And studies have shown stress about finances often leads to people putting off seeing a doctor for health problems out of fear of incurring additional expenses.  This can lead to more serious health concerns that often become extra costly to address.  

If you are dealing with money problems, or feeling stressed about your finances, here are some tips to take control.  

There are also ways your SchoolCare Health Benefits can help.  

Get support and advice 

Take advantage of the Employee Assistance Program that’s part of your SchoolCare medical plan. Reach out to a counselor for support with budgeting, getting debt under control and other concerns. Your EAP provides three (3) free consultations per issue and can help connect you with further support to manage your stress and finances. 

To get started login to your myCigna account and click on “Employee Assistance Program” under the “Coverage” tab. Your EAP is available to you and anyone living at your address, even if they are not a SchoolCare participant. 

Check out finance-related webinars 

Cigna’s EAP Wellness Webcast library includes on-demand replays of “It’s My Budget and I’m Sticking to It” and “Managing Financial Stress”, as well as a webinar on how to raise money-savvy kids. Coming on August 9th, “Your Debt-Free Game Plan” will be held live at 2 p.m. This webinar goes over debt-reduction strategies and how to create a sustainable plan. Register for it at the Wellness Webcast link. 

Save on your healthcare and earn some cash 

There are ways you can save and earn money with your healthcare, too.  

  • Open enrollment is live. If you have a choice between plans, review which plan you are on and if it is the most cost-effective for your family. This is the one time of year you can change your plan without a qualifying event.  
  • Enroll in a Flexible Spending Account, if offered by your employer. By earmarking pre-tax dollars for your healthcare expenses, you could save up to 30% on your health-related costs. Read more. 
  • Complete your annual preventive care by taking advantage of no-cost services that include your annual physical, recommended cancer screenings and vaccinations. Not only are these services at no additional cost to you, but you can earn Good For You! Well-Being Program incentives automatically when you complete preventive care visits. 
  • Participate in the Good For You! Well-Being Program and earn cash incentives for doing things that improve your health. Self-report healthy activities that range from listening to a financial wellness webinar or talking to an EAP counselor, taking control of stress through meditation, exercise or healthy eating and more. Connect with a health coach to act on improving a chronic condition or making progress toward a wellness goal. There is still time left to earn this year, and new opportunities to earn begin again on July 1.  

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