Summer 2013

Member Benefits E-Direct

Designed specifically to keep NYSUT members informed

Issue 7

An insurance reality check!

Inside this issue: Banking In The 21st Century ............pg 6 Tips On Leasing A Vehicle ................pg 7 Drivers Targeted At The Pump..........pg 9 Babyproofing Your Home................pg 10

800 Troy-Schenectady Road Latham, NY 12110 800-626-8101 M-F 9:00 a.m. - 5:00 p.m. memberbenefits.nysut.org

NYSUT Member Benefits Trust NYSUT Member Benefits Corporation ŠCopyright 2013

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Table of Contents

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From the Director........................................................................................................................................ 3

Director Lynette Metz discusses a number of new endorsed programs on the horizon.

An insurance reality check ........................................................................................................ 4 Why are so many Americans foregoing their insurance needs completely, underinsuring themselves or ignoring the type of coverage they do have?

Banking in the 21st century.........................................................................................................6 No longer is it necessary to wait behind the velvet rope at the bank in order to conduct your banking business.

Tips on leasing a vehicle..............................................................................................................7 Make sure to look at the pros and cons of leasing before making a decision on your next vehicle.

How’s your pet feeling? ...............................................................................................................8 Check out these simple tips to help maintain your pet’s well-being and promote a long and healthy life.

Consumer Alert: ‘Sliders’ targeting drivers at the pump .................................................9 Drivers are being targeted by thieves at everyday locations across the country such as gas stations, day care centers and gyms.

Kids Corner: Babyproofing your home .................................................................................10 Use these tips to help minimize the risk of danger to your child in your home.

Member Benefits E-Direct is a quarterly publication produced by NYSUT Member Benefits designed to educate NYSUT members about a variety of topics and issues of importance to them and their families. The goal of this e-newsletter is to serve as an educational and informative piece that helps our hardworking members to make better informed decisions in their lives. For information about any of our programs or about contractual endorsement arrangements with providers of endorsed programs, please contact NYSUT Member Benefits at 800-626-8101 or visit memberbenefits.nysut.org. Agency fee payers to NYSUT are eligible to participate in NYSUT Member Benefits-endorsed programs.

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From the Director As summer winds down, it’s easy to look slightly ahead to the cooler weather that fall brings and the excitement of the change of seasons. Here in Member Benefits, we’re also looking ahead to what’s on the horizon and are excited about some of the new offerings that will be made available to NYSUT members in the near future. We’re in the final stages of the development of our new website set to launch this fall. This site is going to allow NYSUT members and their families to quickly navigate and learn about what we have to offer. We are also in the process of finalizing a number of new Member Benefits Corporation endorsements to be announced later this year, including a variety of discount programs. In particular, the Directors of the Member Benefits Corporation have voted to fully endorse MyForce as a new program and endorsed both Travel Zoo and Grand Circle Travel as one-year pilot programs. MyForce is a new personal security service that can be activated through an app on your smartphone. After signing up for the monthly service, users fill out an online profile with their personal information and other details before downloading the app to their phone.

MyForce can then be activated through the push of a button anytime you’re walking alone, find yourself in a potentially dangerous situation or just feel unsafe in the environment you’re in. Live agents would respond accordingly based on your profile information, GPS location and an audio feed that relays the noise around you. In the event of an emergency situation, the police would be dispatched to your aid immediately. Travel Zoo is a global Internet media company offering a variety of travel, entertainment and local deals to users. Its team researches, evaluates and tests thousands of deals to find those with the greatest value. With more than 26 million subscribers, Travel Zoo is the largest publisher of deals on the Internet. More than 2,000 companies from around the world list their offers with Travel Zoo. Grand Circle Travel is a travel program specializing exclusively in foreign travel for groups and individuals over 50 years old. It offers both sea and land destinations throughout the world and is committed to providing discovery-rich vacations at an economical value. You’ll be hearing much more about these new endorsed programs in the near future. In the meantime, we encourage you to call us at 800-626-8101 or visit memberbenefits.nysut.org to learn about all of the endorsed programs & services that we offer!

-- Lynette A. Metz Director, NYSUT Member Benefits Trust CEO, NYSUT Member Benefits Corporation

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An insurance reality check!

Like it or not, insurance is an integral part of our everyday lives. When there’s a problem, it’s crucial for helping to cope with lost income for which to pay everyday expenses and household bills; repair damages to properties such as your home or vehicle; and cover future expenditures such as money for your family or long-term care needs. So why does it seem that many Americans are so quick to either forego their insurance needs completely, underinsure themselves or ignore the type of coverage they do have? Worse yet, many of us incorrectly assume that we are covered for various insurances through our employer (which may not be the case).

It’s time for an insurance reality check! Consider the couple that purchased insurance when they were younger... but then never bothered to look at their policy over the years. If this example sounds like you, answer this question: Is your life the same as it was five or 10 years ago? Most likely, things have changed during that time. So why wouldn’t your insurance needs change as well? It is important to examine your coverage levels

Insurance Fact #1 Three out of 10 American households say they don’t have any life insurance at all.* Seven out of 10 have some, but half say they know they need more.* Of those with coverage, most Americans only have coverage equal to less than four times their annual salary; however, experts believe that coverage equal to 10 times one’s annual salary is more reasonable.** *Facts from LIMRA, Life Insurance Awareness Month, September 2012 **Life Insurance Reality Check: Do you have enough?, LIFE, 2012

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5 | Summer 2013 on a regular basis. It’s so easy to fall into the trap of purchasing an insurance policy, filing it away and paying for it annually, but then never looking to see what’s actually covered. Each year, insurance companies will keep sending you renewal bills for your policies and inform you of any changes to your policy, but it is your responsibility to stay current on what the policy covers. The time to dig out your insurance policy is NOT when there is a problem, which sadly is what most people do. You don’t want that sinking feeling that comes from realizing you don’t have the coverage amount you thought you did or not having any coverage at all. One widely misunderstood insurance plan is disability insurance, as many people incorrectly assume that their employer will cover them if they become unable to work. If you don’t have any current insurance information, make an appointment with your Human Resources Department to see what your employer will cover in the event of a disabling injury. And make sure to find out if you’re getting any coverage through your union local.

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Insurance Fact #2 Do you know what replacement value of your home means? It is not the price you paid for it, or the appraised value, or even the assessed value. It is the amount that it would cost to purchase the materials and labor to rebuild your home. This amount can vary depending on whether your home was damaged as a result of an isolated incident or a natural disaster that strikes your community... completely destroying your home along with all of your neighbors’ homes. Most homeowners insurance policies cap your replacement value at 120% with an option to purchase a rider to bring you up to 150% of your replacement value. Consider that the Member Benefits-endorsed MetLife Auto & Home insurance program provides you with full replacement of your home, including the cost of carting away debris. In either case, you will want to consider purchasing optional “Ordinance and Law” coverage on older homes, which will pay to bring them up to code.

Much the same as you would conduct a routine safety check in your home, make sure to do the following for your insurance coverage(s) on a regular basis: • Find out what your insurance policies currently cover • Determine if you have enough coverage to meet your needs today and in the future • Keep your policies in a secure, fire-proof location and share their whereabouts with family members so they can be easily found in the event of an emergency A financial advisor is a good resource for helping to determine the right amount of insurance for your specific needs. Consider enrolling in the NYSUT Member Benefits-endorsed Financial Counseling Program, which offers unbiased financial counseling for a variety of insurance programs. Call 800-626-8101 or visit memberbenefits.nysut.org for more information.

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Banking in the 21st Century For many years, the norm for banking was that you had to get in your car, drive to an actual “brick and mortar” branch, and then wait behind the velvet rope so you could meet with the bank employee to conduct your banking business.

have physical locations that require branches, tellers and ATMs – thereby passing these savings along to their customers.

Keep in mind that online-only banks can be cumbersome for Today, the banking industry has significantly reduced its grip regularly depositing or withdrawing money, though, so on being the main conduit for banking transactions. Most consider maintaining a checking or savings account at a banks now offer the convenience of online banking that traditional bank that can be used to transfer funds to the provides 24/7 access to your accounts online-only account. along with the ability to pay bills, of U.S. consumers now use online transfer funds and even scan checks FDIC for deposit. bill payment recommendations

73.5%

The benefits of online banking

70% of U.S. consumers are comfortable with

Utilizing online banking services allows you to: • Pay bills or quickly transfer monies from accounts

the increasing use of virtual communications in banking in addition to in-person conversations

• Conduct your banking from your home, office or even while traveling

36% of U.S. consumers would open an

• Easily access and monitor your accounts 24/7 • Save on gas by making fewer trips to the bank

account with a bank that is completely virtual if it offered the best and most secure services Source: factbrowser.com

The different meanings of online banking In addition to traditional banks offering online banking services, there are a number of online-only banks that have popped up in the past few years that do not utilize actual branches and instead offer services that are predominantly done online. Online-only banks are often able to offer superior rates and incentives for supplemental accounts such as certificates of deposit (CDs), savings accounts or IRAs since they don’t

Before considering using an online-only bank, the FDIC (Federal Deposit Insurance Corporation) recommends confirming that deposits to online-only banks are insured; checking the onlineonly bank’s website to see if it prominently states “FDICinsured” or “Member FDIC”; and verifying this information on the FDIC’s website.

If you decide an online-only bank may work well with your traditional bank, consider the GE Capital Retail Bank Deposit Program endorsed by the Member Benefits Corporation. This online banking service allows NYSUT members and their families to enjoy some of today’s most competitive interest rates. For more information about the GE Capital Retail Bank Deposit Program, please call 800-626-8101 or visit memberbenefits.nysut.org.

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Tips on leasing a vehicle Have you ever wondered why people choose to lease a vehicle instead of purchasing one outright? Choosing whether to buy or lease requires asking yourself some important questions to better understand what each option offers. It’s important to look at the pros and cons of leasing before you make a decision on your next vehicle. Check out the following tips from Buyer’s Edge, Inc. to help guide you in your research:

Tip #1: Negotiate the price – Some people may not realize when you lease a vehicle that you should still negotiate the price (just as you would if you were purchasing it). The Manufacturer’s Suggested Retail Price (MSRP) is just a starting point, and many people don’t realize you can negotiate the purchase price even if you are planning to lease.

Tip #2: Pay for only what you use – With a lease payment, you’re only paying for the use of the car for a specified period (the term of your lease). By negotiating the purchase price of the vehicle, you are reducing your monthly payments.

Tip #3: Determine how much you plan to drive – Be sure you have an

as a lease will have an annual mileage cap. The norm is between 10,00012,000 miles per year, and once you go over the specified mileage on your leasing contract, you will incur mileage charges of as much as 10 to 20 cents per mile.

Tip #4: Learn about your vehicle maintenance plan – Most leased vehicles remain under the manufacturer’s warranty for the duration of the lease, so repair costs should be minimal. Keep in mind that manufacturer warranties differ in length and coverage, though, so make sure to check with your dealer to confirm.

Tip #5: Understand what “wear and tear” means – It’s important to

Tip #6: No guaranteed trade-in value – Keep in mind that you’ll have no defined trade-in value to apply towards another vehicle when the lease ends (unlike when you purchase a vehicle).

Tip #7: Compare the numbers – It’s also important to note that the larger the down payment you put down on the vehicle, the smaller the monthly lease payment (similar to if you were purchasing a vehicle). Make sure to compare the numbers for leasing vs. buying the vehicle and determine what makes the most sense for you. Whether you’re planning to buy or lease your next vehicle, make sure to do your research before visiting the dealership.

understand what constitutes reasonable “wear and tear” when you lease a vehicle. If you return your leased vehicle with scratches, dents, worn tires, or any other extensive damages, you will be billed for those repairs.

idea of how much you expect to drive You’ll find a variety of free research tools at buyersedgeinc.com; make sure to use Username: 215 and Password: NYSUT to access this information. For more information, call 973-660-1001 or visit memberbenefits.nysut.org.

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How’s your pet feeling? Our pets tend to give us the silent treatment when it comes to their health. Since they are unable to tell us when they have an ache or a pain, it’s up to us to look for tell-tale signs that may indicate an issue. Simple routine care measures can help maintain your companion’s well-being and promote a long and healthy life. These include the following: 1. Schedule bi-annual exams – During a bi-annual exam, your veterinarian will conduct a complete physical exam to check your pet’s condition from nose to tail. They will evaluate everything from your pet’s heart and breathing to their ears, mouth and skin during this process.

2. Maintain dental health – Research indicates that proper dental health can extend the life of your pet by two to five years; this includes brushing at home, edible dental chews and an annual oral exam.

3. Keep your pet on a healthy diet – Your pet’s dietary needs change over the course of their life, from birth to adolescence to adulthood and then to old age. A life stage diet is one that is tailored to meet the different nutritional needs as your pet ages. The nutritional requirements of dogs and cats are quite different from one another, so it’s best to discuss your pet’s diet with your veterinarian at each stage of their life.

4. Make sure your pet gets daily exercise – According to a Purina study, 60 percent of pets are overweight. Diabetes, heart and lung diseases, bone and joint diseases, skin conditions, and different types of cancer are more common in overweight animals, as is a shorter life expectancy. Many of these health problems can be alleviated with regular exercise and proper dietary management.

5. Keep up with parasite control – It’s crucial to be diligent when it comes to parasite control in order to maintain the health of our four-legged friends. Fleas, ticks, heartworms, and intestinal parasites can cause everything from discomfort to life-threatening illnesses in pets. Make sure to consult with your veterinarian to determine the best method and products for your pet.

For more information about the Member Benefits-endorsed pet insurance program, please call 800-626-8101 or visit memberbenefits.nysut.org. Special thanks to VPI Pet Insurance for providing the content for this article.

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Consumer Alert: ‘Sliders’ targeting drivers at the pump Are you guilty of the following? You pull your vehicle up to a gas station, get out of the car (leaving the doors unlocked) and begin pumping gas while lost in thought. Be honest... are you really paying attention to the car that has pulled up right next to yours? A report that aired on the August 7, 2013 broadcast of “Good Morning America” indicated that you definitely should be! Drivers are being targeted by thieves at everyday locations across the country such as gas stations, day care centers and gyms. The report indicated that this type of crime is on the rise and women in particular are being targeted while they go about their daily activities.

“Thieves will

In just seconds, the thieves have made off with purses, cell phones or other valuables. In many cases, the crime happens so quickly that the victim is not even aware that their belongings have been stolen. At gas stations, thieves will often lie in wait while unsuspecting victims are preoccupied pumping gas or paying inside the station. Authorities recommend that drivers keep their doors locked, windows rolled up and valuables out of sight when stopping at any location (even when parking at your home) to often lie in avoid being victimized by this crime.

wait while unsuspecting

victims are preoccupied pumping gas or paying inside the station.”

Since one of our goals with this electronic newsletter is to help protect our readers against fraud and theft, we wanted to ensure that NYSUT members and their families are taking the necessary steps to safeguard against this type of crime. These criminals – called “sliders” by police because they tend to slide up to a vehicle below the eye level of the car door – are so brazen that they will open unlocked doors or reach through open windows often with their victim just a few feet away from them.

Although these tips may seem obvious, thieves are continually taking advantage of people not adhering to these simple measures.

If you should find yourself or someone you know victimized by this crime, contact the authorities immediately. You may also want to consider enrolling in the Member Benefits-endorsed Equifax Credit Watch Gold program for added credit and identity theft protection. For more information about Equifax, please contact Member Benefits at 800-626-8101 or visit memberbenefits.nysut.org.

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Kids Corner: Babyproofing your home

Do you remember that time not long ago when your child or grandchild first came into your life? Looking back on that wonderful moment, it’s amazing to think about how tiny and fragile your little bundle of joy seemed. Now, your baby is approaching the period in their life where he or she is getting more curious and wanting to become more independent... and life will never be the same for either of you. Perhaps he or she is at that stage where they are rolling, crawling on all fours, standing up, or possibly even taking their first steps. How do you ensure that your little one is safe and secure in the house? For starters, it’s helpful to get down on your hands and knees so you can view the world from their perspective. This will help to alert you to any potentially dangerous situations that your baby could encounter while moving throughout your home. You’ll also want to consider the following information gathered from Babycenter.com, Parenting.com, Babble.com, Parenthood.com, and Babyzone.com to help minimize the risk of danger to your child in your home:

1. Pets – Young children often form close bonds with dogs, cats and other pets, but you should still always closely supervise any interactions between them. It may be cute when your child pulls on your cat’s tail, but don’t forget that you’re dealing with the unpredictable nature of an animal. Why take the chance?

2. Small Objects – It’s a fair assumption that your baby will put everything he can find into his mouth, so keep anything unsafe away from them (pet food, change, screws, nails, pens, batteries, etc.).

3. Plastic Bags/Balloons – NEVER leave plastic bags anywhere

that your baby can reach as she could easily accidentally suffocate or choke from putting them over her head or in her mouth. Balloons can also be a major choking hazard so never leave your baby unattended around them.

4. Electrical outlets/Cords for Appliances – Cover all outlets within reach of your little one. In addition, unplug appliances when not in use and keep cords away from little ones to avoid unnecessary risks.

5. Furniture – Large furniture should be anchored down and smaller furniture moved out of reach of little ones. Babies can very easily pull dressers or end tables unto

themselves – risking injury or worse. While you’re at it, remove any vases, picture frames or other items that could come tumbling down as well.

6. Toxic Items – NEVER leave any cleaning products, medications or other poisons within reach of a child. Instead, keep them in high cabinets out of reach.

7. Safety Gates – You’ll want to put up gates in any areas you don’t want your baby to reach. Block their access to all stairways by installing hardware-mounted safety gates at the top and bottom of stairways with two or more steps.

Accidents can happen even when you take precautions so make sure to post phone numbers for your pediatrician, poison control and the nearest medical facility on your refrigerator. Finally, always keep an eye on your child. Distractions inevitably occur throughout the day and accidents can happen in an instant, so watch that little one!