Skip to main content
Advertiser Disclosure
We do receive compensation from some partners whose offers appear on this page. We have not reviewed all available products or offers. Compensation may impact the order in which offers appear on page, but our editorial opinions and ratings are not influenced by compensation.

Ascent-logo

  • Credit Cards
  • Banking
  • Brokerages
  • Loans
  • Mortgages
  • Knowledge
  • Latest Picks
  • Search Icon Click here to search

Credit Cards

Top Picks
  • Best of April 2021
  • Cash Back
  • Balance Transfer
  • Travel
  • 0% APR
  • Rewards
  • Bad Credit
Knowledge
  • Beginners Guide to Credit Cards
  • How to Rebuild Your Credit
  • Maximize Your Credit Card Rewards
  • Learn More About Credit Cards
Credit Card Tools
  • Compare Cards
Looking for a new credit card?

Explore the best credit cards in every category as of April 2021.

Get started!

Banking

Top Picks
  • Best Savings Accounts
  • Best Bank Accounts
  • Best Money Market Accounts
  • Best CDs
  • Best Checking Account Bonuses
Knowledge
  • Beginners Guide to Banking
  • Everything You Need to Know About Savings
  • Money Market Accounts Made Easy
  • Learn More About Banking
Looking for a place to park your cash?

Check out our top picks of the best online savings accounts for April 2021.

Get Started!

Brokerages

Top Picks
  • Best Brokers of April 2021
  • Best Online Brokers for Beginners
  • Best Options Brokers
  • Best IRA Accounts
  • Best Roth IRA Accounts
  • Best Robo Advisors
Knowledge
  • How to Open a Brokerage Account
  • Beginner's Guide to Brokerages
  • Learn More About Brokerage
Just getting started?

Explore our picks of the best brokerage accounts for beginners for April 2021.

Get Started!

Loans

Top Picks
  • Best Loans of April 2021
  • Best Personal Loans for Bad Credit
  • Best Loans for Debt Consolidation
  • Best Low-Interest Personal Loans
  • Best Personal Loans for Good Credit
  • Best Personal Loans for Fair Credit
Knowledge
  • Personal Loans Made Easy
  • Debt Consolidation Guide
  • How to Pay Off Debt
  • Learn More About Loans
Thinking about taking out a loan?

Before you apply for a personal loan, here's what you need to know.

Get Started!

Mortgages

Top Picks
  • Best Mortgage Lenders of April 2021
  • Best Mortgage Lenders for Poor Credit
  • Best Refinance Lenders
  • Best VA Mortgage Lenders
Knowledge
  • First Time Homebuyers Guide
  • Home Loans Made Easy
  • The Complete Guide to Refinancing
  • How to Get a Mortgage with Bad Credit
  • Learn More About Mortgages
Tools & Calculators
  • Mortgage Calculator
Compare Rates
  • Today's Mortgage Rates
  • Refinance Rates
  • 15-Year Mortgage Rates
  • 20-Year Mortgage Rates
  • 30-Year Mortgage Rates
  • Jumbo Mortgage Rates
  • VA Loan Rates
  • 5/1 ARM Rates
  • 7/1 ARM Rates
  • FHA Mortgage Rates

Knowledge

Knowledge Section
  • All Articles
  • Credit Card Articles
  • Banking Articles
  • Brokerage Articles
  • Personal Loan Articles
  • Mortgage Articles
  • Personal Finance Articles
Recent Articles
  • 5 Credit Cards That Are Perfect for Halloween Shopping

    Credit Cards

    5 Credit Cards That Are Perfect for Halloween Shopping
  • How to Check Your Credit in 6 Easy Steps

    Credit Cards

    How to Check Your Credit in 6 Easy Steps
  • Gas Prices Are Rising. Get One of These 5 Gas Cards to Save at the Pump

    Credit Cards

    Gas Prices Are Rising. Get One of These 5 Gas Cards to Save at the Pump
  • When It's Worth It to Pay Extra to Use Your Credit Card

    Credit Cards

    When It's Worth It to Pay Extra to Use Your Credit Card
  • The Ascent
  • Knowledge
  • Banking

Feeling Unprepared for COVID-19? Here Are Some Steps You Can Take

by Christy Bieber | March 18, 2020

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Take these six steps, including checking out your telehealth options.

COVID-19, the disease caused by the novel coronavirus, has resulted in drastic changes to life around the world. Millions have been caught off guard by these sudden, swift, and surprising changes. It's natural to feel frightened and unprepared for what's to come during these uncertain times. 

The good news is that there are some steps you can take to be ready for the challenges of the coming weeks as the world comes together to fight this new health threat. Here are six steps you can take now. 

A woman sitting with her feet up on a desk in her home office and writing a to-do list in a notebook.

Image source: Getty Images

1. Stock up on nonperishables

State and local governments have begun imposing strict restrictions on when and where you can go as social distancing measures are put into place to reduce the spread of COVID-19. While grocery stores are unlikely to close even in the event of a near-complete lockdown, it's still a good idea to stock up on non-perishables to minimize trips out of the house and prepare for interruptions in the supply chain.

Nonperishables to stock up on include:

  • Canned goods, including canned fruits and vegetables
  • Pasta and rice
  • Paper goods including toilet paper, paper towels, and tissues (look for flushable wipes if your local store is sold out of toilet paper, and remember you cannot flush tissues or paper towels)
  • Soaps and cleaning products (don't worry if you can't find hand sanitizer -- soap works just as well)
  • Prescription medications (aim for a 90-day supply, as most insurance companies are waiving restrictions, allowing you to get a three-month supply of medications instead of just 30 days -- and don't forget prescriptions for your pets, too!)
  • Non-prescription medications including cough medications and Tylenol or a generic acetaminophen (note that some reports indicate ibuprofen can worsen the symptoms of coronavirus).

If you can't find some of these items in your local big box store, consider checking smaller grocery stores, dollar or discount stores, drug stores, or home improvement stores that may have more items in stock. And you don't need to buy hundreds of rolls of toilet paper or canned goods -- a supply that will last you two weeks to one month should be more than sufficient.  

2. Get aggressive about building an emergency fund

The financial impacts of COVID-19 are likely to be far-reaching, and there's a very good chance a recession will result. With recessions come income cuts and job losses. You need to be prepared in case your income declines, or in case you or a loved one becomes ill and you can't work. 

Ideally, you'll have an emergency fund of three to six months of living expenses in a high-yield savings account. If you don't, you'll want to build as large a fund as possible, as quickly as possible. Steps to begin include:

  • Saving your tax refund: If you're part of the majority of Americans on schedule to receive a refund, aim to file your taxes ASAP (use electronic filing if you can, or talk to your accountant on the phone and send documents via email). Save your return for emergencies, even if you'd planned to do something else with it. 
  • Cutting expenses: With most options for entertainment curtailed due to restrictions to encourage social distancing, this should be simple for most people. All the money you aren't spending on going out should go directly into savings. 
  • Picking up extra work: This may be challenging as many companies institute cutbacks. But some companies that provide home deliveries are looking for extra workers. If you do take on a side gig that requires interaction with the public, be very cautious about maintaining hygiene practices. And if you're in a high-risk group, skip this one unless you can find something you're able to do entirely from home. 
  • Selling unneeded items: Aim to sell on eBay or another venue that doesn't require you to meet in person. If you need to meet someone in person to complete a sale, minimize contact, and wash your hands thoroughly after the meeting. 

3. Review your health insurance coverage

You want to be prepared if the worst happens and you need medical care. To do this:

  • Determine what your deductible is and aim to save enough to cover it.
  • Check coinsurance costs for hospitalization. If you have a high coinsurance cost, you'll need to look at your policy's maximum out-of-pocket limit and aim to save enough to cover the amount you may need to pay. 
  • Check which hospitals near you are in-network. Have a plan for where to go if you need care -- you don't want to scramble to find the right facility once someone has fallen ill. The difference between in-network and out-of-network hospitalization can be tens of thousands of dollars, especially if your policy doesn't provide coverage for out-of-network care. 

4. Look into telehealth options

Medicare has immediately moved to expand telehealth options so at-risk seniors can schedule virtual visits with their doctors and avoid potential exposure to the coronavirus. Your insurance may also cover telehealth, so you can avoid going to the doctor's office until your physician tells you to seek in-person care. 

To find out about your coverage, call your insurance company using the number on the back of your card. You'll also want to ask your doctor's office what options they're making available for telehealth. If your local physician isn't providing this service, your insurance company should refer you to someone who is. 

If your company offers an Employee Assistance Program (EAP) benefit, a free consultation with a telehealth provider may also be included. Some EAP programs also provide mental health counseling if you're experiencing fear or anxiety about coronavirus, or are struggling with social distancing. 

5. Learn where to get information on government assistance

The federal government is currently at work on multiple stimulus bills aimed at helping the American public through these challenging times. Benefits may include expanded unemployment, paid sick leave, and more options for food assistance, as well as low-interest loans and other provisions for small businesses. 

You can visit the White House news website or House.gov for updates, or check with your state's Department of Health and Human Services to find options you can take advantage of. 

6. Explore some resources to learn more about your finances 

When you're shut in the house, it's a great time to learn more about managing your finances. You can check out our complete guide to budgeting methods, our guide to balance transfers, our guide to brokerages, and our home-buying guide to brush up on some common financial issues. 

You can prepare for the COVID-19 pandemic

There is likely to be a lot of uncertainty in the weeks and months to come as the world learns to respond to a novel virus. But by taking these steps, you'll be as prepared as possible to cope with the impact of the COVID-19 pandemic on your own financial situation.

These savings accounts are FDIC insured and can earn you 12x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. The Ascent's picks of the best online savings accounts can earn you more than 12x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on The Ascent's shortlist of the best savings accounts for 2021.

Two top online savings account picks

Rates as of March 11, 2021 Ratings Methodology
Advertisement
Logo for CIT Bank Savings Builder
Logo for American Express® High Yield Savings Account
CIT Bank Savings Builder American Express® High Yield Savings Account
Member, FDIC Member, FDIC
Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
Open Account

On CIT's Secure Website.

Open Account

On American Express' Secure Website.

Read Review Read Review

APY: Up to 0.40%

APY: 0.40%

Best For: No monthly maintenance fee

Best For: High APY

Min. to earn APY: $25k or $100 monthly deposit for highest tier

Min. to earn APY: $0

About the Author

Christy Bieber
Christy Bieber icon-button-linkedin-2x

Christy Bieber is a personal finance and legal writer with more than a decade of experience. Her work has been featured on major outlets including MSN Money, CNBC, and USA Today.

Share This Page
Facebook Icon This icon shares the page you are on via Facebook
Blue Twitter Icon Share this website with Twitter
LinkedIn Icon This image links to share the page over LinkedIn.
Email Icon Share this website with email

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Featured Offer

AmexNatBankLockupDKBlue_226px.png

High APY and low fees

Open Account

Related Articles

Piggy bank surround by cash stacks image for Best Online Savings Accounts for 2021

Best Online Savings Accounts for 2021

Interest spelled out on a calculator image for Best CD Rates

Best CD Rates

Man holding credit card and looking at computer screen laughing with woman image for What is APY and What Does it Mean for Your Savings Account?

What is APY and What Does it Mean for Your Savings Account?

Couple looking at a paper bill together at a table worried image for Is it Time to Switch Banks?

Is it Time to Switch Banks?

Featured Articles

Best Online Savings Accounts for 2021

Best CD Rates

What is APY and What Does it Mean for Your Savings Account?

Is it Time to Switch Banks?


The Ascent Logo

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

btn_facebook-yellow btn_twitter-yellow btn_instagram-yellow

Copyright © 2018 - 2021 The Ascent. All rights reserved.

About The Ascent
About Us Contact Us Newsroom How We Make Money Editorial Integrity Ratings Methodology
Legal
Terms of Use Privacy Policy Accessibility Policy Terms and Conditions Copyright, Trademark and Patent Information
Learn
Credit Cards Banking Brokerage Loans Recent Articles

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

Back to The Motley Fool