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scholarship grants from UHS

If you’re a Credit Union member & a college-bound high school senior (or have a family member who is), you should know about this year’s College Scholarship Contest!



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Giving Tree Returns


The UHS Employees Federal Credit Union will again host a Giving Tree this year, to be located at all Credit Union branches during the upcoming holiday season. The Giving Tree is a great way for UHS People to help UHS People who have had an extra hardship this year that may have put holiday gifts out of reach for themselves and their families.

We are now gathering names of UHS employees and their families who are expecting a difficult holiday season due to a recent hardship that has put a heavy strain on family finances like job changes, a medical condition, accident, fire, flash flood, wind damage, etc.

If you know of a UHS person or family who could use a helping hand this coming holiday, please let us know by completing and printing a need request application. On this form you can give us a few details about the hardship, the family members, a wish list (clothes sizes, child’s interest, etc.), and we will put a card on the Giving Tree requesting the gift items that would make the holidays brighter & perhaps warmer, for that family.

Cards on the Giving Tree will be anonymous & only include ages & other necessary information, as we may ask you to help us deliver the collected gifts. The deadline for submitting a need request application to any Credit Union branch is Tuesday, November 10th. The Giving Tree will go up on November 20th for those who’d like to take a card off the tree and do some shopping to help co-workers who’ve had a rough year.

If you have any questions you can reach Business Development Officer Megan Gray at 763-6268, or megan.gray@nyuhs.org. You can also reach Community Outreach Committee Chair Toni Nash at 763-6896 or toni.nash@nyuhs.org.

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Dear Members,


We are pleased to inform you that all branches except Lewis Road will re-open with our normal business hours on Monday, June 15th. We appreciate your patience during this unprecedented time. The safety of our staff and members is our highest priority as we are committed to providing financial access, support, and guidance to our Members. 

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Saving At The Vet: How To Keep Your Furry Friends From Breaking The Bank


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Q: With all the economic uncertainty now, I’m wondering if it’s safe to keep my money in my UHS Employees FCU accounts. Should I be withdrawing my funds to keep them safe?


COVID-19 has pummeled the economy in an unprecedented way, and financial experts say the economic fallout of the pandemic is just beginning. But that doesn’t mean you need to start hoarding your money under your mattress.

The economic picture in the country is grim. Anyone following the stock market knows it’s been on a wild ride since the novel coronavirus reached American shores. In just over a month, the market dropped 10,000 points and was subject to its worst day since 1987. And that’s just the stock market. Small businesses are gasping for relief as they struggle to turn a profit and meet payroll in a nearly comatose economy.

Laid-off and furloughed workers are stressing over paying their bills and covering their most basic needs as they wonder when, and if, they’ll be back to work. The health care system is overtaxed and underfunded as it races to combat the pandemic and keep up with the overwhelming demand for medical equipment and supplies.

With all that, though, you don’t need to worry about the money you have at UHS Employees FCU. The country may be battling a raging pandemic and the economy might be barely limping along, but neither of these factors affect the security of your funds at UHS Employees FCU.

As always, UHS Employees FCU is federally insured up to $250,000 by the National Credit Union Administration. This means your money is protected here no matter what’s happening on Wall Street or to the global economy. There’s no need to withdraw the money you keep in your UHS Employees FCU accounts.

The economy might be unstable right now and the immediate future of the country still unknown, but there’s one thing you can count on: Your money is secure at UHS Employees FCU.

RETIREMENT AND INVESTMENT PLANNING RESOURCES FOR UHS EMPLOYEES AND STAFF



The markets have been both down and extremely volatile over the last month. There is a lot of fear and uncertainty swirling around in the news and in the world. You may be wondering what you should be doing (if anything) and how to make sense of what is going on in the stock market as it relates to your money and investments.

Financial Dos and Don’ts During the Coronavirus Outbreak


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Q: What steps should I be taking to protect my personal finances during the coronavirus outbreak?

A: The coronavirus outbreak has already generated consequences for the national and global economies — and experts say this is only the beginning. The virus ended one of the longest bull markets in history, as the stock market plunged by a full 25 percent in one month. Businesses have also been adversely affected by the outbreak in many ways: production lines have been put on hold as the delivery chain is disrupted while countless industries have been negatively impacted by a dearth of supplies, decreased spending and a shortage of personnel.

With all this uncertainty, it’s easy to fall into a panic and wonder if there are some concrete steps you should be taking to save your personal finances from impending ruin. Here are some practical dos and don’ts to help maintain financial stability and peace of mind during this time.

Don’t: Panic by selling all of your investments 

Both seasoned investors and those simply worried about their retirement accounts can find it nerve-racking to see their investments continuously drop in value. It can seem like a smart idea to sell out just to spare further loss, but financial experts say otherwise. According to The Motley Fool, most sectors of the economy will recover quickly as soon as the outbreak clears.

Do: Trim your spending

As the economy heads toward a probable recession, this can be a good time to get lifestyle inflation in check. Work bonuses, raises and promotions are not handed out as freely during a recession. Some people may even find themselves without a job. Trimming your discretionary spending now can be good practice for getting through the month on a smaller income.

Don’t: Put your money before your health 

Physical health should always take priority. If you’re feeling unwell, and especially if you’re exhibiting any of the symptoms of the coronavirus — such as fever, coughing and shortness of breath — call in sick. Do the same if you’ve been exposed to someone who has tested positive for COVID-19 in the past 14 days. As part of the government’s relief efforts, you’re entitled to two weeks of paid leave if you are unable to work because of the coronavirus.

Do: Consider a refinance

As of March 17, the average interest rate on a 30-year fixed-rate mortgage is 3.3%, down from approximately 4.5% of a year ago. Refinancing an existing mortgage at this lower rate can potentially save homeowners several hundreds of dollars a month. That extra breathing room in a budget can be a real boon in case of salary cuts or even a layoff during a recession.

You can speak to a Member Service Representative at 607-763-6565 at to learn about your options.

Coronavirus vs. the Flu


The Coronavirus has slowed its spread in China, but is now picking up speed in Europe and the U.S. As of March 3, 2020, the virus has spread to more than 89,700 people in at least 67 countries around the world, 3,000 of whom have died.

Those numbers may sound alarming, but when held up against influenza, or the flu, they don’t seem so frightening. According to the Centers for Disease Control and Prevention (CDC), in the U.S. alone, the flu has caused an estimated 32 million illnesses and 18,000 deaths this season.

Does that mean the flu is actually worse than the coronavirus?

While it may seem that way at first glance, it’s not so simple. Scientists have been studying seasonal flu, its symptoms and possible cures for decades. In contrast, there is very little known about the novel coronavirus, or COVID-19. Scientists and medical professionals are doing all they can to learn about this virus, but they are still months away from developing effective medication and vaccines.

Unfortunately, the first coronavirus death in the U.S. was recorded on Saturday, Feb. 29, 2020. Many Americans are beginning to wonder if there is any truth to the claim that the coronavirus is milder than the flu.

Let’s take a closer look at the known differences between influenza and COVID-19.

Fatality rate

It’s difficult to give an accurate fatality rate to a virus that is still spreading, but the coronavirus seems to be more deadly than the flu. On average, seasonal flu kills approximately 0.10 percent of infected individuals. Researchers initially found the death rate for the COVID-19 virus to be 2.30 percent in mainland China, but a later study of hospitalized patients, published Feb. 28 in the New England Journal of Medicine, found that the overall death rate was lower, at roughly 1.40 percent.

Researchers have also found that the death rate for the coronavirus seems to vary by location, the infected individual’s age and the general state of their health. Many also claim the death rate is actually lower than it is believed to be, thanks to many unreported or symptom-free cases of the virus. There have also been no known coronavirus deaths of children under the age of 9.

Symptoms

According to the CDC, common flu symptoms include fever, cough, sore throat, muscle aches, headaches, runny or stuffy nose, fatigue and, occasionally, vomiting and diarrhea as well. Flu is characterized by the sudden onset of symptoms. Recovery generally happens within two weeks of contracting the virus. Sometimes, the flu causes medical complications and necessitates hospitalization.

Symptoms of the coronavirus are still being studied. According to the CDC, reported symptoms have ranged from mild to severe, and typically include fever, cough and shortness of breath. Fatigue and muscle aches have been present in 11 to 44 percent of patients as well. Other, less-common symptoms include headache, sore throat, abdominal pain and diarrhea.

Rate of contagion

To date, the coronavirus seems to be more contagious than most strains of the flu, and about as contagious as strains that appear in pandemic flu seasons.

Each person with the coronavirus appears to infect 2.2 other people, on average. Many experts claim this data is skewed since the epidemic was mismanaged at its outset and the rate of infection consequently soared.

By comparison, each person with the seasonal flu infects approximately 1.3 other people.

As with most viral diseases, infected individuals can be contagious before the onset of any symptoms. Both viruses also spread easily through the air and contaminated surfaces, especially in homes, hospitals and other confined spaces.

At-risk populations

Both COVID-19 and influenza are most dangerous to people who are older than 65, or have chronic illnesses or a compromised immune system.

The flu appears to be more dangerous to children, especially very young ones, while the coronavirus only triggers very mild symptoms in children or none at all. The flu is also a known danger to pregnant women. The coronavirus may pose a similar threat to expectant women, though it is still too early to know this with any certainty.

The coronavirus seems to be more deadly for older men. Death rates among men over 40 who have contracted the virus have exceeded those among women in the same age group. The higher rate of smokers among men, and by extension compromised lung function, may be the reason for this discrepancy.

Severity of the virus

As of Feb. 22, there were a minimum of 310,000 hospitalizations and 18,000 flu deaths among the 32 million cases of flu in the United States, according to the CDC.

By contrast, as of March 3, approximately 100 people in the United States have been infected with the novel coronavirus, and there have been six deaths, all in Washington State.

Most cases of coronavirus infection are not severe, but some people do become quite sick. Data from the largest study of patients in China to date found that of coronavirus patients receiving medical attention, 80 percent had mild infections, approximately 15 percent had severe illnesses and 5 percent were in critical condition.

Available treatment

Antibiotics are ineffective against the coronavirus and the flu. However, there are four antiviral prescription drugs available to help mitigate the severity of flu symptoms and shorten its duration. Unfortunately, there are no approved antiviral medications available for the coronavirus just yet, though several are in the testing stages. Doctors recommend that infected individuals follow the general remedies for viral illnesses, including rest, increased fluid intake and painkillers.

Prevention

Flu vaccines are widely available, and are 40-60 percent effective in protecting against the virus.

In contrast, there is no vaccine available for the coronavirus. An experimental vaccine is currently being developed, but it will likely be a year or two before it is ready for widespread use.

In the wake of the arrival of COVID-19 on American shores, experts are urging all people who are not vaccinated against the flu to get their shot now. The flu vaccine will not protect against the coronavirus, but it will free up more hospital personnel, beds and equipment for treatment in case of a coronavirus outbreak in the U.S.

As always, proper hygiene is vital to help stop the spread of the coronavirus. The following guidelines can help keep you healthy:

  • Wash your hands with antibacterial soap for at least 20 seconds after being out in public and before touching food.
  • Keep unwashed hands away from your eyes and face.
  • If you’re feeling unwell, stay home.
  • Cough and sneeze into your elbows and not into your hands.

What are Market Indexes and How Do They Affect Your Retirement Accounts and Investments?


This is a great article from our Partner S.E.E.D. Planning Group. S.E.E.D. Planning Group offers great financial planning resources to our Members at a discounted rate.