Navigating the Impact of Recent Real Estate Legislation

April 15, 2024

During March of this year, the National Association of Realtors (NAR) reached a settlement agreement to resolve a series of lawsuits that had to do with the practice of tying. Tying involves the home seller’s agent setting a commission rate for that homebuyer’s agent if they help facilitate a sale. According to the NAR, 90 percent of the homes on the market in the United States are sold this way as they are listed on the Multiple Listing Service (MLS).

Each year, Americans pay $100 billion in real estate agent commissions. If the settlement is accepted, the new terms may lower the amount agents can collect in home transactions. Since the proposed rules may change how U.S. homes are bought and sold, the new terms are important for realtors and potential homebuyers to understand.

The Problem With Tying

MLSs aren’t new, as the first MLS began in the late 1800s as a way for real estate agents to share information about the properties they were trying to sell. In exchange for the sharing of information, the agents agreed to compensate other brokers who helped them sell their properties. Today, more than 800 MLSs exist where agents list their properties. Sellers benefit from this arrangement because of increased exposure of their properties, while buyers benefit because they receive a database of nearly every home on the market.

The practice of tying, when the buyers’ agent is offered a commission for facilitating the sale of another agent’s property listing, has been shown to reduce competition and drive-up closing fees. Under tying, the commission the buyer’s agent will receive is determined before that agent can actually provide any services to the buyer. This can make it difficult for the home’s buyer to negotiate closing fees as well as require the home’s seller to offer higher commissions in order to sell their home.

Because real estate agents earn their income through these commissions, they are widely known to practice steering, which involves directing their clients toward homes that offer the best possible commissions for themselves. Since only one in 600 MLSs allow their agents to publish the commission they offer to buyers’ agents, buyers are generally unaware of these agreements between agents. The lack of transparent commission agreements makes it difficult for a buyer to know if their agent is steering them away from certain properties.

What the NAR Agreement Would Entail

If the proposed NAR settlement is approved, there will be two significant changes to prevent tying. First, MLSs will not be permitted to display commission rates. Commissions however can still be negotiated through real estate professionals off-MLS. Second, real estate agents will have to explicitly agree to the exact services they’ll provide their clients through written agreements, which will be known as a Buyer Representation Agreement and will include the agreed upon compensation for the realtor. If the changes are accepted, they will go into effect mid-July. Because of this, many realtors are suggesting those who are currently looking to buy to close by the end of June in order to avoid these proposed changes to the homebuying process.

Nearly every realtor who is a NAR member is covered in the agreement, and every member would have to abide by the proposed changes if the settlement is approved. Any members of HomeServices of America would not be covered due to ongoing court cases, as well as any brokerage firms with residential transaction volume above $2 billion in 2022. Any realtor who is unsure if they are involved in the changes or have questions moving forward are urged to get their information from the NAR’s facts.realtor.

What to Know About Traditional Commission Rates

The typical U.S. sales commission rate for real estate agents is five-to-six percent, which are among the highest in the world. But agents have been advertising low-to-zero percent commission rates to appeal to buyers for years. This isn’t because they’re foregoing their profit, but because they’re rewording their commission rate as “buyer credits.” Buyer credits can already be seen offered on many listings and are determined as the buyer sees fit at closing. In other words, commission rates and agent profits have already been negotiated outside of the MLSs for some time now. That’s why many futurists predict that these new guidelines will affect the future of real estate very little.

Because agent compensation will become a negotiation, many predict increased competition among agents, which the practice of tying had reduced for some time. “Fees have been a bit rigid,” said San Diego Real Estate Professor Dr. Norm Miller. “So it is about time we see more price competition on the fee side.” At the average U.S. home price $420,000, a six percent agent commission would be $25,200. If that six percent rate is reduced by half to three percent due to agent competition, then the price to sell or buy a home could be reduced to $12,600. Clearly, that could make buying a home more affordable for many.

The Future of Real Estate

If the settlement is approved, the practices of tying and steering will likely end. Hopefully, homebuyers will be able to better negotiate the amount of commission their agent will receive or choose alternative forms of payment, such as paying by the hour or a flat fee. Homebuyer’s should also be less pressured to list their home through MLSs or use an agent at all. All of this could result in lower costs of housing transactions, but the full extent isn’t clear.

The overall effect on the economy is difficult to predict. The NAR settlement agreement would benefit middle-class families who have a large share of their wealth invested in housing. Because consumers typically share a small amount of their gains in wealth, the benefit to middle-class homeowners who sell their property is unlikely to make an influence on consumer demand. Other economists predict that the process of buying a home could involve more upfront costs if real estate agents begin foregoing commission rates, which could potentially make it less feasible for lower-income and first-time buyers to acquire property.

Insureyouknow.org

If you’re in the market for buying a home, the expected changes due to the impending NAR settlement may end up affecting you very little. Besides being able to negotiate your agent’s fees and services upfront, very little is expected to change as a result of the new guidelines. At the end of the day, if you decide to use an agent when buying or selling a home, you’ll want to choose a professional you trust, regardless of these changes. Insureyouknow.org will prove to be a valuable tool in the homebuying process, as you can store all of your financial information and agreements in one easy to access place.  

2024 Changes that Would Impact Your Retirement Finances

April 1, 2024

Changes to retirement regulations are making 2024 out to be the perfect time to reexamine your retirement planning and make sure you’re getting the most out of your savings.

“The rules are constantly changing,” says director of Personal Retirement Product Management at Bank of America Debra Greenberg. “It’s always a good idea to familiarize yourself with what’s new to see whether it makes sense to take advantage of it.”

Here’s what you should know about several changes to retirement regulations in 2024.

It Pays to Plan for Retirement

While the changes to retirement regulations may seem small, Americans need all the help they can get right now. According to the National Council on Aging, up to 80% of older adults are at risk of dealing with economic insecurity as they age, while half of all Americans report being behind on their retirement savings goals.

“The IRS adjusts many things each year to reflect cost of living and inflation,” says Jackson Hewitt’s chief tax information officer Mark Steber. “It happens each year and taxpayers shouldn’t be alarmed — they might even have a bigger benefit.” Since retirement contributions are pre-tax, saving for retirement actually lowers your taxable income, which may even place you into a lower tax bracket. Plus, you may even be eligible for a tax credit of up to 50% of what you put into your retirement accounts.

Contribution Limits Will Increase

The contribution limits for a traditional or Roth IRA are increasing in 2024. The limit on annual contributions to an IRA will go up to $7,000, up from $6,500 last year.

Individuals will be able to contribute more to their 401(k) and employer-based plans as well. For those who have a 401(k), 403(b), most 457 plans, or the federal government’s Thrift Savings Plan, the contribution limit is increasing to $23,000 in 2024, which is $500 more than last year. Those who are 50 and older, can contribute up to $30,500 into the same accounts.

Starter 401k Plans are Possible

In 2024, employers who don’t sponsor a retirement plan may offer a Starter 401(k) deferral-only arrangement. A starter 401(k) is a simplified employer-sponsored retirement plan with lower saving limits than a standard 401(k). Employers are not allowed to make contributions, and employee auto-enrollment is required. In 2024, the annual contribution limit to this plan will be $6,000. Beginning this year, employees with certain qualifiable emergencies may also make penalty-free withdrawals from their 401(k) of up to $1,000, though they would still have to pay the income tax on those withdrawals.

529 Plans Can Now be Converted Into Roths

For parents who will no longer need their 529 funds for their children, the Secure 2.0 Act will allow for a portion of the 529 to be rolled into a Roth IRA. Beginning January 1st, the funds can either be used for educational expenses or put toward retirement, as a Roth IRA rollover. You may rollover up to $35,000, free of income tax or any tax penalties. The only limitations are that the 529 must have been in place for at least 15 years, and certain states may not allow the rollover.

Changes to Social Security and RMDs

In January, Social Security checks will increase by 3.2% due to the latest COLA, or cost-of-living adjustment. On average, Social Security monthly benefits will increase by $59 a month, from $1,848 to $1,907. Those who receive survivors or spousal benefits will receive even more.

For 2024, the maximum benefit for a worker who claims Social Security at FRA (Full Retirement Age)is $3,822 a month, which is up from $3,627 in 2023. For 2024, the FRA is 66 years and 6 months for those born in 1957 and 66 years and 8 months for those born in 1958. That means that anyone born between July 2, 1957 through May 1, 1958 will reach FRA in 2024.

The IRS uses a calculation based on the amount in your retirement account and your life expectancy to determine the minimum amount you are required to take out each year, known as RMDs (required minimum distributions). Secure 2.0 increased the age for starting RMDs from 72 to 73, effective in 2023. If you are subject to RMDs, then you must make your withdrawal by the end of this year or by April 1st next year if it’s your first year being eligible. So if you turn 73 in 2024, you’ll have until April 1, 2025 to make your first RMD.

Rising Medicare Costs

Anyone receiving more Social Security but paying Medicare premiums may not feel much of a difference in their increased Social Security benefits since standard Medicare Part B premiums are rising by 6%. As many participants have their Medicare premium deducted right from their Social Security payment, the $9.80 increase will take a portion of the average $59 benefit increase. The annual deductible will also increase this year from $226 to $240.

Insureyouknow.org It will always be important to review your retirement savings every year, but this is  becoming even more important to do in the face of rising costs and changing regulations. With Insureyouknow.org, storing all of your financial information in one easy-to-review place can help you ensure that you are still on track to meet your retirement goals at the start of each annual review.

How 2024 Inflation Adjustment Will Affect Your Paycheck

March 15, 2024

This year may come with slightly larger paydays for some Americans. This is because of the new changes to taxable income and deductions that the IRS has put in place in order to help taxpayers with inflation. With the cost of living increasing without wages and salaries doing the same, the new tax adjustments are meant to help consumers deal with higher prices.

As federal income tax brackets are adjusted by 5.4% this year, the change could result in a small paycheck bump, depending on what your withholding is. Since the consumer price index only declined by .1% in November 2023, many Americans are struggling financially.

Here’s everything you need to know about the 2024 tax changes that might affect your bottom line.

Decoding Tax Bracket Creep

The new IRS tax brackets and increased standard deductions have been in effect since January 1st. These adjustments will apply to your next tax return in 2025. It’s standard for the IRS to make changes every year to account for inflation. This is done to help people with the rising costs of living and prevent “bracket creep,” which happens when inflation forces people into a higher income tax bracket without their real income having increased.

So even if you make more money this year, these changes may keep you from falling into a higher tax bracket. You may even find that you have fallen into a lower tax bracket and see an increase in your take-home pay. This becomes even more likely if your pay has stayed the same as in the previous year. For example, if you made $45,000 last year, you would have been in the 22% tax bracket. In 2024, the same $45,000 income places you in the 12% bracket, which means you’ll owe less federal taxes and have less money withdrawn from your checks.

Choose Your Deduction and Know Your Taxable Income

The federal income tax bracket that you fall into determines how much you’ll pay in taxes for the year. Your tax bracket excludes the standard deductions or any itemized tax deductions. Most people with simple taxes claim the standard deduction, which reduces their taxable income. If you receive wages from only one job and receive a W-2, then the standard deduction is usually the best way to maximize your tax refund. But if you are self-employed or have specific deductions you want to claim, then you may elect to itemize your deductions instead.

Once you calculate your taxable income by subtracting either the standard or itemized deductions from your adjusted gross income, then you’ll know which bracket you fall into and how much income tax you should owe. “You always want to keep a running total in your mind of how your income is changing,” says certified financial planner Roger Stinnett. “Because it’s complex.”

2024 Tax Brackets and Standard Deductions

For the 2024 tax year, both the federal income tax brackets and the standard deduction were raised. These amounts will apply to your 2024 taxes, which you won’t file until 2025.

For those married filing jointly with a combined income between $23, 201 and $94,300, the estimated taxes owed would be $2,320. For a single taxpayer with an income between $11,601 and $47,150, they would owe $1,160, plus ten percent of any amount over $11,600.

The standard tax deduction for 2024 for those who file single will be $14,600, which is a $750 increase from 2023. For those married and filing together, the standard deduction will be $29,200, which is a $1,500 increase from last year.

Watch Your Withholdings

The federal and state withholdings on your paycheck will determine whether or not you’ll owe taxes at the end of the year or receive a refund from overpaying throughout the year. Regardless of your changes to your income, you may be placed in a lower or higher tax bracket because of the new adjustments.

It will be important to keep track of any life changes that may affect your filing situation, such as marriage, divorce, the birth or adoption of a child, retirement, buying a home, having to file for bankruptcy, and more. If you know your situation has changed since the previous year, it will be important to adjust your withholding by filing a new W-4 with your employer. If you had a large refund or owed a large amount last year, then this is a sign to check your withholding.

Other 2024 Tax Changes to Know

The IRS also announced higher contribution limits for tax-deferred retirement plans for the 2024 tax year. Americans may now contribute up to $23,000 into their 401(k), 403(b) and most 457 plans, which is $500 more than in 2023. The limit on annual IRA contributions also increases to $7,000, up from $6,500 the previous year. For those that save for added healthcare costs, the FSA contribution limit has also increased to $3,200, which is up from $3,050 for 2023. And if you collect Social Security, then you’ll receive a 3.2% cost-of-living adjustment in 2024.

Insureyouknow.org

The purpose of these tax changes is to help taxpayers feel the pain of inflation less. If you’ve noticed a higher paycheck, then different withholdings may be why. Figuring out whether or not you’ll be falling into a different tax bracket this year will help you determine if you’ll be benefiting from the new changes. Insureyouknow.org can help you store all of your financial information and tax preparation documents so that when it comes time to file, the process will be as painless as paying less taxes in 2025.

Looking after Elderly Parents Remotely

March 1, 2024

Taking care of loved ones without being close by is a challenge. Whether you live a long drive away from aging parents or in another state, long-distance caregiving can become emotionally exhausting. If that sounds like you, know that you are not alone. Nearly 15 percent of caregivers live an average of 450 miles away. If you have recently found yourself looking after your parents from a distance, then here are some simple strategies to help you along the way.

Evaluate Your Strengths and Outsource the Rest
Be honest with yourself about your strengths. Maybe you’re comfortable handling finances but not as comfortable determining medical needs. Pinpointing the areas of need that you’ll be most suitable for is the first step in delegating the rest. You may have siblings who live closer to your parents and are willing to accompany them to their doctor’s visits. Other helpful skills include organization and communication, which could be utilized to organize schedules and communicate with medical professionals and caregivers. Once you determine what you’ll be best at handling, then you can begin to make plans to fill in the gaps.

Create a Team for Support
Speak with the rest of your family and close friends about who can help with your parents’ care. Coordinating with everyone to determine what each person is willing to do will help everyone be on the same page and turn creating a care plan into a team effort. Even if you don’t have any other siblings or family members who are able to help, then you should still meet with your parents and include them in their own care planning. For instance, ask them what you can do that will be most helpful. It’s important to remember that you don’t have to handle everything alone and to try and outsource anything you need help with as much as possible.

Establish Access to Information
Once you determine who the primary caregivers will be and who needs to be in charge of what, then it’s time to make sure those people have access to the appropriate information. Make sure that the person designated to handle bill-paying and account management on behalf of your parents has the ability to do so. Establishing the rights to have medical information released to caregivers as well as decision-making rights is another imperative. This can also be a legal issue down the road, so making sure that you or another trusted party is the power of attorney, who is appointed to make financial and medical decisions, will need to be determined. 

Revisit Living Arrangements
Sometimes a loved one’s health requires them to be closer to you. If it’s possible to relocate to where they live or have them move in with you, then that may be something worth exploring. If it’s not possible to live together, then senior living communities have the upside of being able to provide 24/7 care. Many older people don’t require full-time care though, so if relocation isn’t feasible, then hiring a home care aide or personal care assistant is another option.

Schedule Regular In-Person Visits
If you cannot live close to your parents, then making plans to see them will accomplish several things. First, you’ll instantly alleviate some of the caregiver guilt you may be experiencing just by knowing when you’ll be able to visit them next. Second, you’ll be able to check on them in-person, as you may not have an accurate assessment of their condition and needs from a distance. “It’s hard keeping a handle on their health, how they’re doing, physically, mentally, psychologically and emotionally, when you’re not there,” says Amy Goyer, AARP’s family and caregiving expert. “Isolation is a big thing and they can tell you, oh, I’m doing fine and everything on the phone, but is that really what’s happening?”

Lastly, but most importantly, you’ll be able to spend some much-needed quality time with your parents when visiting. If you are not the primary caregiver, then coordinate with them on when the best time to visit is and offer them a break. Plan in advance what you can do when you’re there to help out. Then speak with your parents about what they would like to do with you during your visit. Since visits can go by quickly, especially when there is so much to do, set priorities ahead of time about what’s most important once you’re there.

Remain Connected When You’re Apart
Schedule regular phone calls with your parents and ask for updates from their caregivers. With their permission, you may even choose to attend their telehealth visits and doctor’s appointments virtually. “The frequency of contact is dependent on the type and level of care needed,” says Iris Waichler, author of Role Reversal, How to Take Care of Yourself and Your Aging Parents. “It should be a collaborative decision, if possible, rather than a unilateral mandate from the caregiver.”

Regular communication can keep your bond with your parents strong, as long as it remains an enjoyable experience for all of you.

Take Care of Yourself as Well
Caregiving can come with a heavy emotional load. It will become just as important to check in with yourself in your new role as caregiver. “Caregivers may often feel like they can do more and this can cause ruminating thoughts,” says Brittany Ferri, geriatric care occupational therapist. “In this instance, they may benefit from practicing positive self-care and self-talk along with their loved one to keep the lines of communication open while relieving stress.”

It’s hard to be a good caregiver, when you’re running on empty, so taking care of yourself as well is just as important as taking care of those depending on you. Show yourself compassion, make sure you’re recharging, and be kind to yourself.

Insureyouknow.org
While it can be a challenge to care for your parents from a distance, that doesn’t mean it’s not manageable. By planning ahead and creating a care team, you can make sure your parents are cared for even when you can’t be close at all times. Insureyouknow.org can help you compile care plans, schedules, financial information, and medical records all in one place. Then you can rest easy that you have a plan set in motion, ensuring that your parents will be well-taken care of.

How to Cut Down on the Cost of Owning a Car

February 15, 2024

In 2023, the average cost of owning a new car was $12,182 a year or $121 a month according to AAA. In addition to car payments, insurance, and maintenance costs, the price of gas is $5 a gallon,, which means that most U.S. households will spend $2,750 on gas per year. “If you are living paycheck to paycheck, it could put you over the edge,” says Ivan Drury, senior manager for Edmunds.com, a car shopping site. “But even if you are not, it’s very emotional. It’s in your face twice a week.”

The good news is that by cutting your expenses in other areas, such as with car insurance, you can save money and make up for the added charges at the pump. Besides simply driving less, which isn’t an option for many people, here are a few ways to make car ownership more affordable.

1. Shop Around For Car Insurance

According to J.D. Power, only 1 in 7 drivers changed auto insurers last year, but shopping around for lower premiums could save you a lot of money. In addition to your location and the type of car you own, other factors affect your rates, including your age and credit score. If you’ve improved your score within the last year, this one factor may lower your car insurance bill.

You can collect quotes through an insurance agent or use an online search engine, such as Experian, who claims to have saved drivers an average of $961 a year or $80 a month in 2021. Calling around or doing a quick search takes only fifteen minutes and could shave a lot of money off of your premium.

2. Check For Discounts and Adjust Your Existing Policy

Your existing carrier may offer discounts you don’t even know about, such as for paying your bill online and in advance. According to Zebra, paying your bill early online saves the average customer $170 a year. Bundling insurance policies, such as combining your homeowners and auto insurance, is another way insurance companies incentivize their policies through discounted rates.

There are usually three types of coverage on any given insurance policy, including liability, collision, and comprehensive. While most states require drivers to carry some amount of liability coverage, eliminating collision and comprehensive coverage could save you up to $900 a year. You may also opt to lower your car insurance premium by raising your deductible from $500 to $1,000. This makes sense if you don’t have a new or expensive car and can afford to pay the deductible if anything were to happen.

3. Outside Financing And Refinancing

One of the smartest ways to avoid high interest rates on a car payment is by securing outside financing. Compared to what the dealership will offer you, this can save you a ton of money in interest alone. Your local bank or credit union can help you shop around for the best offer. If you already have a monthly car payment, the next best thing to do is to look into refinancing your loan. Drivers who benefit the most from refinancing are those who have improved their credit score since initially securing their loan.

Of course if you can purchase a car outright, avoiding any kind of financing is always the very best option. If it’s possible for you to stick to a budget and save up, you may even be able to negotiate a better deal on the purchase price of your desired vehicle. Forty percent of the cost of owning a car is actually depreciation, which can equal more than $3,000 annually. That means that buying a gently used car is a great deal, without the rapid decline in value.

4. Sell One of Your Cars or Trade it Out

If you have a luxury or oversized vehicle, then trading your vehicle or a more practical car is always an option. Once you have a simpler car, you’ll save money on gas, insurance, and even maintenance costs. “Less fancy cars are more reliable,” says editor of Autotrader Brian Moody. “They have fewer gadgets.”

If your family has more than one car, then you may be able to sell one of them and end up saving a lot of money every month. Many families find that they adjust to sharing a vehicle, and when you need your own car for some reason, using Uber or Lyft periodically may still cost less than owning a vehicle. 

5. Save on Gas

Nearly twenty percent of the cost of car ownership comes from fuelling up. Unless your vehicle requires premium fuel, save by filling up with regular gas. You may also choose to slow down as gas mileage increases at lower speeds. If you can, try driving less, such as by walking to close destinations or starting a carpool for work. If you are able to get your annual mileage below 7,500, then your insurance company might even give you a discount on your coverage for that too. 

6. Save up for Maintenance

The cost of vehicle maintenance is equal to fourteen percent of the total cost of owning a car. By keeping up on routine maintenance and using synthetic oil, you will avoid more expensive issues down the road. When a large repair does arise, always call around to get quotes and go with the best deal. Since emergencies happen, setting up a sinking fund for unplanned car expenses is always a good idea. By putting away only $83 a month, you’ll save up $1,000 a year, which could be used for an unforeseen mechanic bill. “You could set aside money every week,” suggests Lauren Fix of Car Smarts. “Then the money will be available rather than using a credit card at a high interest rate.”

Insureyouknow.org

The less money you spend on your car, the more you’ll have for other expenses in your life, from groceries to vacations. With Insureyouknow.org, you can store all of your vehicle and financial records in one place. That way when it’s time to refinance, shop around for better insurance, or sell your car, everything you need will already be at your fingertips. There’s never a good reason to throw away your hard-earned money on unnecessary expenses.

Which is Best: Health Savings Account or Flexible Spending Account?

February 1, 2024

While a health savings account (HSA) and a flexible savings account (FSA) both help you to set money aside for health care costs, they are not the same. Both accounts are often offered by employers, but it is possible to open an HSA independently as long as you have a HSA-eligible health plan in place. FSAs however are strictly employer-based and can only be contributed to if your employer offers them to you. Here are six key differences to know between HSAs and FSAs.

1. An HSA Belongs to You, Not Your Employer

Whether or not you opened up a HSA through your employer-offered insurance, the funds within your HSA belong to you forever. You may even use your HSA to cover health insurance costs if you leave your current job. On the other hand, FSA funds belong to your company, and when you leave them, you forfeit your FSA.

This is not to say a FSA can’t be advantageous, as long as you intend to stay with your current employer. “The FSA basically works with any kind of health insurance plan,” says Roy Ramthun, president of HSA Consulting Services. “So from that perspective, the ‘flexible’ in the name is pretty good.”

2. Both Accounts Have Contribution Limits

Each year, the IRS determines maximum annual amounts that can be contributed to both HSAs and FSAs. Employers may also apply their own limits to their employee FSAs. For 2024, the IRS individual contribution limits for HSAs will be $4,150, while the family limit will be twice that. In 2024, the maximum contribution for FSAs will be $3,200. While a HSA has a higher contribution limit, your employer may be contributing to your FSA for you, which may allow you to contribute more of your earnings into your own HSA.

3. HSA Funds Carry Over

With an HSA, you may carry over unused funds from year-to-year indefinitely. This is helpful when you have more in your account than you can use before the year’s end. With the HSA, your funds won’t go wasted. This is why it is a great way to save up for unexpected health costs down the road.

Alternatively, FSA funds must be used before the year is over, or you’ll forgo the existing funds when the calendar year starts over. Some employers may allow you to carry over part of the funds or provide you with a grace period to use your funds, which is generally two and a half months. Since FSAs are offered through your employer, it will be important to inform yourself of their policies around the account.

4. FSAs are More Accessible at the Beginning of Each Year

While your FSA funds don’t rollover, if you or your employer plan to contribute your entire limit at the beginning of the year, then that entire amount is available to you immediately. HSA funds accumulate over the year, which means that if you need access to more coverage midyear, you may not have enough money in your HSA to pay your medical bills. The upside to this is that you should be able to reimburse yourself for previous medical expenses from your HSA once those funds become available.

5. The HSA Can be an Investment Strategy

Unlike an FSA, the HSA can gain interest over time. Couple this with the fact that your funds carry over year to year, and the HSA offers the potential for growing quite a sizable nest egg for potential health care coverage. According to the Fidelity Retiree Health Care Cost Estimate, an average retired couple age 65 in 2023 may need up to $315,000 saved just to cover health care expenses in retirement, while a single individual will need approximately $157,500.

6. At 65, the HSA Can Act as a 401K or IRA

Before the age of 65, you will be subject to a 20% penalty if you use your HSA or FSA funds for anything other than medical expenses. But once you’re 65 or older, that fee is waived, which means that those HSA funds are only subject to income taxes no matter how you use them. While you avoid the 20% penalty over the age of 65 with a FSA as well, those funds can still only be used for health care coverage.

Insureyouknow.org

Both HSAs and FSAs can prove to be valuable parts of a health coverage plan. Whether or not your employer offers a FSA to you in addition to health insurance coverage for you and your dependents will of course factor into your decision making about whether or not an added HSA will be necessary. Insureyouknow.org can help you store all of your financial and medical information in one place so that you can stay organized and make the best decisions when planning for your family’s health coverage.

(AI)ding the Elderly with AI

January 24, 2024

Forget the golden age, artificial intelligence (AI) is bringing a new silver lining in healthcare. It is revolutionizing health services across the nation and improving patient care, specifically for the elderly population. According to the World Health Organization, AI technology is improving the fields of medicine and public health for older individuals by anticipating potential health risks, fueling drug development, and supporting the personalization of healthcare management.

“Though adoption of AI has been delayed in mental health research and clinical care relative to other fields, it could potentially enhance diagnostic, prognostic, and treatment approaches for the growing aging population,” said Dr. Helmet Karim, assistant professor of psychiatry and bioengineering at the University of Pittsburgh. “With ubiquitous usage of wearable sensors, advancements in explainable AI, and growing acceptance of AI in medicine, these approaches could support increasing clinical demands.”

Here are a few ways AI is helping seniors enter the digital age.

Daily Care & Wellness Monitoring

Scientifically validated AI in-home care solutions like People Power Family are revolutionizing home care, nursing facilities, and assisted living centers by helping older adults in their everyday tasks. This technology can track and collect the health data of individuals to ensure their well-being by detecting falls and changes in behavior that may indicate that an individual has a specific health condition.

AI devices are also being used to monitor patient health from cameras to motion sensors to wearables. Organizations such as SafelyYou are utilizing AI-based fall detection technology to continuously track patient movements and alert staff, effectively decreasing ER visits. On the other hand, CarePredict designs wearable wrist devices that can track an elderly patient’s daily activities including walking, bathing, eating, visits to the bathroom, and periods of sleep.

Managing Medication Schedules

Many elderly individuals face difficulties when it comes to adhering to their medication schedules. AI-powered medical reminder apps such as mPulse Mobile are game changers in that area. They ensure that elderly patients follow their medication regimen, which decreases the likelihood of potential hospital admissions and helps improve patient health outcomes.

Such technologies not only help patients in the short-term, but they also foster the creation of long-term health plans. AI utilizes patient data to predict an individual’s overall response to different forms of treatment and creates a beneficial medication schedule. This method helps increase patient-centered care within the medical field, establishing the welfare of patients.

Guidance During Medical Challenges

AI technologies can help empower patients by providing them with information, support, and guidance for managing specific health conditions. For example, a chatbot called “Vik” was created to help breast cancer patients navigate their diagnosis. This device provides patients with a variety of information through personalized text messages, ranging from comprehensive medical statistics and treatments regarding breast cancer to lifestyle and diet to patients’ rights.

Additionally, AI-powered systems can also detect conditions that go untreated like dementia and late-life depression. Such systems can potentially identify patients with symptoms of certain mental health conditions and provide them with timely information on treatment plans as well as tips on managing their health.

Companionship and Personal Interaction

According to the PEW Research Center, 27% of adults ages 60 and older live alone in the U.S., which indicates that many elderly individuals are in need of social interaction or companionship. AI technologies like ChatGPT can actually be trained to provide emotional and social support to the aging population. For instance, loved ones can set up and customize ChatGPT, ensuring that conversations are targeted to a person’s needs such as news updates, story sharing, light-hearted banter, and more.

But that is not all. Researchers have bigger plans for AI when it comes to the seniors. Dr. Lillian Hung, a researcher at The University of British Columbia and founder of IDEA lab (Innovation in Dementia & Aging) recently introduced AI-powered social robots to West Vancouver’s Amica senior living facility as part of her study. She found that AI-powered social robots have the potential to engage with elderly patients, mitigating their feelings of social isolation and loneliness. This daily interaction can alleviate psychological distress, decrease feelings of anxiety and depression, lower agitation, promote positive facial expressions, and enhance an individual’s overall mood on an everyday basis.

“It [AI robot] sings with you, plays with you, dances with you, follows you – just makes sure you feel that you’re loved,” said Dr. Hung about the adorable robots that have helped some shy residents come out of their rooms. There have been talks of making such robots permanent residents of the facility.

Increased Independence

As more seniors age in place, smart home devices enhanced with AI-powered features are revolutionizing households into spaces that address the needs of every resident. These devices offer support in various ways, including turning lights on and off, adjusting temperature, detecting smoke, monitoring behavior and health, reminding about medications, detecting falls, and even initiating emergency calls.

“AI and sensor data can derive patterns and alerts that inform care, for example, combining sensors with data about individuals that have a history of falls, AI tools can detect bed, chair, and room exits which require immediate response,” said Laurie M. Orlov, principal analyst, Aging and Health Technology Watch.

A few other AI apps listed below can also help seniors live healthier, safer lives:

• Caspar.ai: identifies 10+ health conditions even before symptoms are noticed
• CareDaily.ai: is a fully integrated home health
• CareSmartz360: helps seniors with activities of daily living and communication
• Inspiren: is a healthcare technology company specializing in AI-powered solutions to improve outcomes
• VirtuSense.ai: is a proactive AI that makes healthcare simple, affordable, and accessible
• KamiCare: is an easy-to-install fall management solution
• Sagely: assists with engagement programs in senior living communities
  

InsureYouKnow.org

Artificial intelligence is playing an increasingly important role in the healthcare industry by giving older individuals the chance at a new life. This revolutionary technology helps monitor health, creates efficient medication schedules, bolsters social interaction and personal care, and allows elderly patients to be more independent. With insureyouknow.org, you can keep track of the data AI helps collect to improve your health outcomes. With the assistance of AI, seniors are experiencing a digital revival and upgrading to a new level of well-being.

The Pros and Cons of Modern Diets: Part 2

January 15, 2024

There are definitely enough diets out there to make your head spin. But once you start putting in the research, there are commonalities to almost every diet, including the lifestyle recommendation to exercise more and stress less. When it comes to food, if there is any one thing everyone can agree on avoiding, it is processed foods. A few days ago we explored ten modern diet trends. Today we will cover facts around ten additional diets:

11. The Flexitarian Diet

The Flexitarian Diet is a flexible vegetarian diet. While you’re focused on plant-based foods, you may still occasionally eat meat. In this way, it is quite similar to a Mediterranean diet and is ranked just behind it as the #2 Best Diet Overall according to the U.S. News Best Diet Rankings. While the diet is flexible, there are guidelines. On a flexitarian diet, you should choose high-quality animal products, such as organic, free-range, and grass-fed choices. Lean meats are best, and any meat that you eat should be limited to just a few times a week. The benefits of the diet include weight loss, a decreased risk of both heart disease and type 2 diabetes, and cancer prevention. The risk of eating less meat is that you suffer from nutrient deficiencies, such as not getting adequate amounts of B12 in your diet.

12. A Volumetrics Diet

With a volumetrics diet, the promise is that you may still eat a large amount of food and still lose weight. The concept was created by PhD Barbara Rolls so that people could find healthy foods they enjoy without depriving themselves. With volumetrics, the focus is on feeling full. Food is separated into high energy density and low energy density categories. People should eat mainly low energy density foods, which have fewer calories and more volume. The diet relies heavily on water-based foods, or fruits and vegetables. In short, the diet is effective in helping people lose weight and doesn’t come with any risks. People are simply learning how to make smarter food choices, focusing on eating nutrient-dense foods that won’t add unhealthy calories to their diets.

13. Intermittent Fasting

While most diets focus on what to eat, intermittent fasting is based on when to eat. When intermittent fasting, you only eat during a specific window of time. “Our bodies have evolved to be able to go without food for many hours, or even several days or longer,” says neuroscientist Mark Mattson. “In prehistoric times, before humans learned to farm, they were hunters and gatherers who evolved to survive — and thrive — for long periods without eating.” In the age of screen time, people stay up later, eat more, and exercise less. Adopting a lifestyle of intermittent fasting may help curtail the negative side effects of our modern world. “Many things happen during intermittent fasting that can protect organs against chronic diseases like type 2 diabetes, heart disease, age-related neurodegenerative disorders,” Mattson says. “Even inflammatory bowel disease and many cancers.” One study showed, however, that intermittent fasting was not proven to be an effective solution in both short term weight loss and long term weight management. Going too long without eating can actually cause the body to start storing fat in response to being starved. Fasting also isn’t safe for everyone; children, pregnant women, people with type 1 diabetes, and anyone with an eating disorder are strongly advised against intermittent fasting.

14. A Pescatarian Diet

With a pescatarian diet, people focus on eating a vegetarian diet while allowing fish and seafood as additional sources of protein. The omega-3 fatty acids found in fish are believed to reduce the risk of heart attacks, high blood pressure, and strokes, as well as regulate inflammation in the body. In addition to the fat found in fish, a diet high in vegetables is also associated with a reduced risk of heart disease. One study even showed that a pescatarian diet protected against colorectal cancer, which is the second leading cause of U.S. cancer deaths. The biggest disadvantage to eating a lot of seafood is the consumption of mercury because of polluted waters. The risk can be minimized by avoiding fish known to be high in mercury and focusing on fish low in mercury, including canned light tuna, salmon, pollock, shrimp, and catfish.

15. An Ornish Diet 

The Ornish diet was created by Dr. Dean Ornish to help people reverse heart disease, high blood pressure, and type 2 diabetes. In addition to dietary changes, the Ornish diet is a lifestyle that incorporates moderate exercise, stress reduction techniques, and social support. It is a vegetarian diet that limits fat to ten percent of one’s daily calorie intake, as well as allowing only ten milligrams of cholesterol a day. On an Ornish diet, people may eat any fruit and vegetable, whole grains, legumes, soy products, and herbs and spices. Small amounts of egg whites, nuts and seeds may be eaten, but meat, fish, and egg yolks are eliminated. The plan also recommends taking a multivitamin and B12 and fish oil supplements. While vegetarian diets can lower the risks of heart disease, diabetes, and cancer, the Ornish diet is shown to reduce coronary artery disease after just one year. Because of how many foods are eliminated, nutrient deficiencies are a risk and people with a history of eating disorders are advised against the diet.

16. The TLC Diet

The TLC diet is an acronym for Therapeutic Lifestyle Changes and was created by the National Heart, Lung, and Blood Institute with an aim to improve cholesterol levels. The program combines diet and physical activity to lower high cholesterol and improve heart health. The diet limits saturated fats and cholesterol from foods, and increases plant stanols and sterols that can be found in whole grains, nuts, legumes, olive oil, and avocado oil. It also urges increases in soluble fiber from fruit, beans, and oats. Both soluble fiber and plant stanols and sterols block the body’s absorption of cholesterol and fats. Similar to the DASH diet, the TLC diet also limits salt to 2,300 milligrams a day. Increasing physical activity is a key part of the diet, as a lack of physical activity is a major risk factor for heart disease.

17. An Anti-Inflammatory Diet

An anti-inflammatory diet focuses on what you should eat and what you shouldn’t eat in order to reduce inflammation in the body. In this way, it is a simple plan for people to follow. On an anti-inflammatory diet, people stay away from ultra-processed foods, which have little to no nutritional value and are often high in fat, sugar, and salt. Research shows that sugars, grains, and salt from these highly processed foods can alter the bacteria in the gut, damage intestinal lining, and switch on inflammatory genes in cells. These processed foods are also linked to shorter life spans, cancer, heart disease, and diabetes. To combat inflammation, aim for whole foods, like fruits, vegetables, whole grains, legumes, fish, poultry, nuts, seeds, olive oil, and small amounts of low-fat dairy. You may add spices to these foods to increase both flavor and the health benefits. The evidence in minimizing inflammation in the body is strongest against arthritis, gastrointestinal and heart health, and autoimmune diseases.

18. The Noom Diet

The Noom Diet is an anti-inflammatory diet that comes with a costly app, $50 a month to be exact. While it encourages more of certain foods, it doesn’t ban anything. Noom uses colors to label food, so green labeled foods like produce are encouraged and orange labeled foods like pizza should be minimized. Noom labels do contradict U.S. Dietary Guidelines which support healthy fats like olive oil; on a Noom diet, olive oil is an orange-labeled food. The main benefit of the app is guided support for people who struggle to make big lifestyle changes on their own. Otherwise, simply following an anti-inflammatory diet as described above will be far easier to navigate and afford.

19. The Pritikin Diet

The Pritikin Program for Diet and Exercise written by engineer Nathan Pritikin in 1979 recommended a low-fat, high-fiber diet paired with regular exercise to avoid heart disease and maintain a healthy weight, protocols that have become standard today. He suggested starting meals with a soup or salad, limiting high-calorie drinks and foods, avoiding snacking, eating whole foods, limiting salt and red meat, exercising, and controlling stress. The Pritikin diet is proven to help people lose weight and is approved as being heart-healthy.

20. The Zone Diet 

Similar to the Noom diet, Dr. Barry Sears developed the Zone diet to reduce inflammation. It involves rules, which include eating within one hour of waking, starting each meal with protein followed by healthy carbs and fats, eating every 4-6 hours, eating lots of omega-3 fats and polyphenols, and drinking at least 64 ounces of water a day. Before every meal, a person should assess their hunger level, and if they are not hungry, then they are in the zone, hence the diet’s name. The Zone diet aims to control hormone levels through diet in order to reduce inflammation. Because of this, the diet is popular with people who have diabetes. There is no evidence, however, that supports Sears’ claims that the diet reduces inflammation. Experts recommend simply staying away from processed foods if inflammation is a concern.

Insureyouknow.org

While there is a plethora of diets out there to try, there are factors that nearly every diet has in common, such as a focus on whole foods, especially fruits and vegetables. Insureyouknow.org can help you keep track of your lifestyle changes, including physical activity monitoring, meal plans, diet changes, and medical records. While you put in the hard work to find which methods will help you most, Insureyouknow.org will take one chore off your plate by keeping all of your information in one organized place.

The Pros and Cons of Modern Diets: Part 1

January 1, 2024

Wherever you get your information, whether it’s watching TV or scrolling through your phone, it’s likely you’ve been inundated with wellness trends that promise to solve all of your health problems. With so many different diets swirling around in the sphere of information, it can become difficult to decide which one is the right fit for you. Here are the facts around ten modern diets:

1. The Mediterranean Diet

The Mediterranean Diet Pyramid, introduced by Harvard in 1993, is not limited to foods and includes daily exercise and the social benefits of sharing meals. It is also one of the few diets that recommends a daily dose of wine. The diet is primarily plant-based with an emphasis on healthy fats, such as from olive oil and oily fish, which is the preferred source of animal protein. Poultry, eggs, and dairy can be eaten in small amounts daily, but red meat is limited to only a few times a month. Research supports the benefits of a Mediterranean diet, which include a 25% reduced risk of developing heart disease, a 30% reduced rate of death from stroke, and 46% likelihood to live 70 years or more. Since the diet does not include serving sizes or a recommended overall calorie intake, some people may find that they gain weight because of the increased intake in healthy fats, which often comprise nearly half of your overall calories on a Mediterranean diet. This issue can be avoided though by keeping track of your overall calorie consumption.

2. The Keto Diet

Though recently popular, the Keto diet was first put in place during the 1920’s as a treatment for people with epilepsy after research showed that the diet reduced seizures. The diet consists mainly of fats (75 percent of daily calorie intake), a small amount of protein (20 percent of daily calorie intake), and very little carbohydrates (only five percent of daily calorie intake). The aim of the diet is to put the body into ketosis, where the body’s main source of energy comes from ketones instead of glucose. While the keto diet can kickstart weight loss, it may not be feasible to stick to this diet for a long amount of time. Even if the keto diet may help people with obesity and diabetes, these benefits wane after a year, and the diet often leads to higher levels of LDL cholesterol. The main concern with the keto diet according to the Dietary Guidelines for Americans is that it cuts out too many food groups, including adequate sources of fiber in addition to a dramatically low carbohydrate intake.

3. The Paleo Diet

A Paleo diet is based on foods that humans may have eaten during the Paleolithic Era, about 2.5 million to 10,000 years ago. The diet includes fruits, vegetables, lean meats, fish, eggs, nuts, and seeds. These are thought of as the foods that people would have hunted and gathered. It is quite similar to the Mediterranean diet, but it does not include foods that came from small farms, such as grains, legumes and dairy products. The idea behind the diet is that our genes are not well adjusted for the modern diet that grew out of these farm foods, which changed what our primary food sources were before our bodies could adapt to the change. Believers in the Paleo diet think that chronic illness is a modern problem and is therefore rooted in our modern diets, which include sugar and highly-processed foods. Objections to this include archeological evidence of 30,000 year old tools found for grinding grain, as well as evidence of the expression of genes related to the digestion of starches and lactose. Short-term studies show that the Paleo diet might help with weight loss and improved blood pressure, cholesterol, and triglyceride levels. One study in Spain found that the diet was linked to lower levels of heart disease, but that link was attributed to avoiding processed foods and eating plenty of fruits and vegetables.

4. The Atkins Diet

The Atkins diet was developed in the 1960’s by cardiologist Robert C. Atkins. The purpose of the diet is to lose weight, while Atkins claimed that the diet was a healthy lifelong approach to eating. The diet limits carbs with a focus on avoiding sugar, white flour and refined carbs. Instead of simply limiting carbs, the diet teaches participants to calculate net carbs which deduct a meal’s fiber content from the carbohydrate content. In addition to weight loss, the diet can improve triglyceride levels at least in the short term, but there are no studies that prove any long term benefits. The diet can cause nutritional deficiencies such as fiber, which are often found in complex carbs like fruits. Because the diet can cause ketosis, it is not recommended for anyone with kidney disease or who is pregnant or breastfeeding.

5. A Low Carb Diet

A low carb diet simply limits carbs and places importance on protein and fat. The diet is generally used for weight loss but may lower the risk of type 2 diabetes. Most low carb diets recommend 20 to 57 grams of carbohydrates a day, while the Dietary Guidelines for Americans say that carbohydrates should be 45% to 65% of your total daily calorie intake. The problems with a low carb diet include constipation, headaches, and muscle cramps while the long term health risks are still unknown.

6. The Vegan Alkaline Diet

The Vegan Alkaline diet is based on the premise promoted by Robert O. Young that everything we eat affects our pH balance. According to Young, an acidic environment in the body leads to diseases, like cancer, and that by promoting an alkaline environment with food, these diseases can be avoided. Alkaline foods include fruits, nuts, legumes, and vegetables, while acidic foods to be avoided include animal products, like meat, fish, dairy, and eggs. Science doesn’t support Young’s claims though, and in 2017, he was jailed for practicing medicine without a license. While the diet has become controversial, the foods that the diet focuses on have health benefits outside of pH balance. In short, a diet rich in plant-based whole foods is beneficial, while an excess of processed foods is not.

7. The Dukan Diet

The Dukan diet was developed in the 1970’s by Pierre Dukan, a French doctor that specializes in weight loss. In 2000, Dukan published The Dukan Diet, which outlines a four-phase weight loss plan that includes a high-protein and low-carb diet. A study that followed women on the diet found that weight loss was caused by a calorie deficit and that because the diet lacked important nutrients, it would be harmful to health in the long run.

8. The DASH Diet

DASH is an acronym that stands for Dietary Approaches to Stop Hypertension. The diet is designed to treat hypertension, or high blood pressure, and may also help to lower levels of LDL cholesterol, both of which are factors that may lead to heart disease and stroke. The DASH diet is rich in potassium, calcium, magnesium, fiber, and protein through vegetables, fruits, and whole grains. The diet limits salt to 2,300 milligrams a day, as well as sugar and saturated fats.

9. A Low FODMAP Diet

FODMAP are certain sugars that might cause intestinal distress, so on a low FODMAP diet, participants avoid foods high in FODMAP, such as dairy, wheat, beans, and certain vegetables and fruits like asparagus and apples. Foods low in FODMAP include meat, eggs, grains like rice, quinoa, and oats, and certain vegetables and fruits like cucumbers and strawberries. The low FODMAP diet is meant to help people with Irritable Bowel Syndrome and Small Intestine Bacterial Overgrowth. “It’s not a diet anyone should follow for long,” says gastroenterologist Hazel Galon Veloso. “It’s a short discovery process to determine what foods are troublesome for you.” The diet is only meant to be followed for two to six weeks before slowly reintroducing high FODMAP foods. Research has shown that the diet reduces symptoms in up to 86% of people but should not be followed by anyone who is underweight as it may cause unwanted weight loss.

10. The MIND Protocol

MIND is another acronym that stands for Mediterranean-DASH Diet Intervention for Neurodegenerative Delay. The MIND protocol was created by Dr. Martha Clare Morris in 2015 because of research that had shown both the Mediterranean and DASH diets had been associated with the preservation of cognitive functioning. The combination of both diets showed less cognitive decline than when just one of the diets was followed by study participants. While both diets focus on eating plant-based foods and limiting high saturated fat foods, the MIND diet recommends specific brain healthy foods, including three servings of whole grains and one vegetable a day and six servings of leafy greens, five servings of nuts, and four servings of beans a week. The main challenge to the diet is that if participants do not cook, then they may find it difficult to include all of the diet’s recommended components.

Insureyouknow.org

While you do the research in finding which diet and lifestyle will suit you best, Insureyouknow.org can help you keep  track of your grocery bills, meal planning, exercise logs, and food journals. That way, you can focus on enjoying the rewards of your improved lifestyle.

Dealing with Mental Stress During the Holidays

November 22, 2023

For most people, the best parts of the holidays, extravagant decor, rich foods, gift-giving, and additional time with friends and family, can also be the most stress inducing. While the holidays are thought of as the most wonderful time of the year, it is in fact viewed by many as the most stressful time of the year.

Neverending to-do lists, added expenses, and the desire to achieve a perfect holiday are just a few of the ways that the season brings on an overwhelming amount of stress. Plus, if you have an existing mental health condition, the holidays may accentuate it. “There are a lot of stressors in life without the holiday season,” says event planner Courtney Lutkus. “The holidays can be triggering and make it worse.”

In order to have a more relaxing holiday season, it’s important to choose some strategies ahead of time that will help you combat seasonal stress.

Exercise is Often the Best Medicine

During the holidays, prioritizing regular exercise can mitigate stress before it happens. Whichever exercise you choose, taking the time to move your body will guarantee a healthy dose of holiday cheer.

If you tend to feel restricted during the holidays from being spread too thin both physically and mentally, dance therapist Erica Hornthal recommends what she calls joy workouts. Take a break from the festivities, find an open space, and spend eight minutes moving through six expanding moves, including reaching, swaying, and jumping, that are designed to boost happiness. “Shake your hands, shake your head — kind of like an animal after it gets wet,” she says. “You can make a game out of it if you have kids.”

Alternatively, if you feel the need to slow things down, then yoga might work best for you. Even a fifteen minute session can lower levels of stress and anxiety. With a focus on breathwork and mindfulness, yoga can be especially effective for alleviating the feelings of nonstop commotion that often come with the holidays.

If you find yourself wanting to get away, a walk or run around the neighborhood may be just what you need to reset. You could even plan a “microadventure,” which could be as simple as a bike ride in the dark or a daytime hike at a nearby nature reserve. Viewing things in a new light and admiring your surroundings can create a sense of awe, which has been proven to lower stress levels. Plus, spending time outside, even if it’s just a walk around the block, can lower cortisol levels, blood pressure, and muscle tension.

Schedule Breaks

If you’re having difficulty finding time for yourself  during busy days, then reclaiming your mornings might be the best way to fit in a break. “I encourage everyone to develop a daily habit of starting their day with their own voice as the primary driver for how they want to engage the day,” says therapist Chanel Dokun. “This is an easy way to pre-schedule ‘me-time’ amid a busy holiday season where you can check in with your own needs, set your own priorities, and move into your day feeling centered and in control.” Plus, research shows that waking up just one hour earlier lowers an individual’s risk for depression by 23 percent.

In addition to making time for yourself in the mornings, simply saying no to yet another social obligation could help you avoid the burnout that comes from overdoing it. The sheer volume of things to do during the holidays can make it difficult to prioritize what’s most important. Sometimes, taking care of your mental health can be more important than attending yet another event, so give yourself permission to choose your festivities wisely. Not only will saying no to some things ease your stress, but it can also reinforce healthy relationship boundaries, which will leave you feeling empowered rather than burnt out.

Honor Your Routine 

With all of the added hustle and bustle, it will be easy to fall out of your usual routine, but sticking to your routine might be the simplest solution to seasonal stress. Dr. David Spiegel, director of the Center on Stress and Health at Stanford University, says that our stress responses are far more flexible when we are resting and nourishing our bodies. “Mitigate stress by taking care of your body first,” says Spiegel. Give your body something to depend on during the holiday rush by getting enough sleep, eating well, and exercising regularly.

Ditch Perfectionism

It would be impossible for every part of the holiday to be perfect, so why place that standard upon yourself? Think about what traditions matter most to you, such as cooking a specific meal for your children or visiting family. When you take the time to think about what matters most, you can either ditch the items that fall down on your to-do list, or you can ask other family members to take some tasks off of your plate.

“You have a lot going on,” reminds psychologist David Rakofsky. “You can’t possibly do it all. Instead of lamenting your ‘losses,’ congratulate yourself on the everyday victories, like leaving the bed, smiling, and putting on pants.”

Whether you’re counting on your travels to go just as planned, finding the perfect gifts, or hosting the event of the season, having an idealized approach can set you up for disappointment. When you let go of your vision for the perfect holiday, you may find that you have far more joy this season, as well as far less stress. 

Stick to a Holiday Budget

The best way to manage financial stress is to set a realistic budget. Since nearly 1 in 4 people feel financially burdened by the holidays, there may be no better time to employ a budget than this time of year. “Be realistic when creating a budget by using real prices, not ballpark figures,”  says Family and Community Health specialist Joyce Cavanagh. “Don’t forget to include travel, food and entertaining costs in your holiday budget. And remember to jot down what you’ve bought so you don’t lose track of how much you’ve spent.”

Due to inflation, lower-income households may experience more financial stress this year. 29 percent of consumers say they’re stressed about the cost of holiday shopping, and 14 percent feel pressured to spend more than they’re comfortable with. Talking with your loved ones about minimizing holiday spending and gift-giving could take the pressure off of everyone and put the focus back on celebrating with loved ones. “Try managing your anxiety through transparency and planning,” says psychiatrist Dr. Georgia Gaveras. “You may end up being a hero this holiday season if you propose limiting the number of gifts everyone buys.”

Insureyouknow.org

While you concentrate on the most wonderful time of the year, Insureyouknow.org can help you keep track of everything from financial records to travel itineraries and schedules. This season, stay organized when things get chaotic, and give yourself space to be present for all of what the holidays offer.