How Associated Healthcare Credit Union is helping healthcare workers navigate a changing economic landscape

For healthcare workers already navigating mentally and physically demanding jobs, that stress is only amplified. Faced with unique financial challenges, healthcare workers need a partner they can trust when it comes to their mortgages, loan needs and other major financial decisions.

Since 1953, Associated Healthcare Credit Union has helped healthcare workers in Minnesota find the financial solutions that work for them.

“Healthcare workers have a very different kind of lifestyle compared to the average 9-5 worker,” said Chia Her, AHCU’s Director of Lending. “They can experience high levels of burnout, and with that, financial planning and security often falls to the bottom of their list. Our mission is to help close that gap for them.”

What changes to rates might mean for healthcare workers

Recent rate cuts by the Federal Reserve may present opportunities for some potential borrowers who previously put their plans on hold.

The cuts may lead to better interest rates on home and auto loans, and those with existing mortgages may benefit from refinancing. Most members believe that refinancing would only be beneficial if their rates decrease, but it is also important to factor in the possibility of lower payments to strengthen monthly cash flow for other expenses. Other benefits include the ability to reassess the loan term for faster payoffs to save on interest or simply tapping into collateral equity that can be utilized for other expenses.

“In the last few years, increased costs have had a huge impact on affordability,” Her said.

As rates change, Her also pointed to Home Equity Line of Credit (HELOC) loans, which have variable rates automatically subject to cuts without a need to refinance.

Ultimately, Her said “AHCU can help members navigate changes in the borrowing world by working to find personalized solutions with products that are compatible for them.”

“It’s not a one-size-fits all kind of thing,” Her said. “Part of what we do is making sure we support our members by letting them know their options and by constantly reviewing if their current financial situation is still affordable for them.”

Why AHCU is a partner through it all

As a credit union explicitly dedicated to serving healthcare workers and their families, AHCU’s team understands the importance of tailoring services to what will fit into their already hectic lives.

“With AHCU being that financial partner for our members, it’s not too much to ask at all to have a conversation about finances, because that’s a very scary thing for people,” Her said.

Not only does this focus on relationships help members feel a sense of security in their finances, but it can actually lead to better rates too.

AHCU recently launched relationship-based pricing on some of its auto, signature and consumer loans, meaning members can be eligible for better rates.

“We want to see how much we can give back to our members who have built relationships with us. So, with that program, it really is the more you have with us, the more you can possibly save,” Her said.

AHCU also offers tools to accommodate healthcare workers and their often-irregular schedules. Members can shop for vehicles with AHCU’s 24/7 online market, and a concierge can even bring vehicles directly to them.