Healthcare can be expensive. If you have an insurance plan with a high deductible, you’ll need to pay that amount before coverage kicks in. Opening a health savings account can help you prepare for medical costs and enjoy significant tax advantages.

How Does an HSA Work?
An HSA is similar to a personal savings account, but funds in it can only be used to pay for qualified health expenses. The Internal Revenue Service allows money in an HSA to be used for a wide range of medical, dental and mental health treatments.

To open a health savings account, you must be enrolled in an insurance plan with a high deductible. You can contribute money to an HSA yourself, and your employer and others can contribute on your behalf to help you save money for health expenses. The IRS limits the total amount of money that can be contributed to an HSA each calendar year.

In most cases, contributions to an HSA are deducted from an employee’s earnings each pay period. Since payroll contributions are made with pre-tax funds, they aren’t included in gross income, which means they’re not subject to federal income taxes, or to state taxes in most cases. You can also contribute to your HSA with after-tax dollars and deduct those contributions on your tax return. Interest and dividends earned on money in an HSA are tax-free.

HSAs typically provide account holders with a debit card that makes it easy to make purchases for qualified health expenses or to pay bills by phone. Some institutions that offer HSAs charge maintenance fees or a fee for each transaction, which can reduce the amount of money available for health expenses.

If you withdraw money from an HSA and use it for qualified medical expenses, you won’t have to pay federal taxes, or state taxes in most cases. If you withdraw money and use it for non-qualified expenses before you’re 65 years old, you’ll have to pay taxes and a penalty. Once you turn 65, you will be taxed but won’t have to pay a penalty on non-qualified expenses.

If you don’t use all the money in your HSA for health expenses by the end of the year, you can roll it over to cover expenses in future years. If you change jobs or insurance plans or retire, you can take your HSA with you. As a long-term strategy, you can let money in an HSA grow over time to help you prepare for higher healthcare costs you’ll likely face in retirement.

Enjoy Tax Benefits and Peace of Mind
An unexpected illness or injury can be financially devastating. With an HSA, you can set aside money to be prepared for unanticipated medical costs, while enjoying tax advantages and the flexibility to use your savings at any time for a wide range of expenses. If you have a high-deductible insurance plan, explore the benefits of opening an HSA.

This article is intended for informational purposes only and should not be construed as professional or legal advice.

#AnnapolisRealEstateMarket, #AnneArundelCountyLiving, #CroftonRealEstate, #DreamHome, #GambrillsRealtor, #MarylandRealEstate, #MoveWithKathie., #MoveWithKathie.#AnnapolisRealtor #AnnapolisHomes. #AnneArundelCountyLiving #AnnapolisRealEstateMarket., #OdentonHomes, #SeniorDownsizing

Many people reach the end of the month and wonder where their money went. Unplanned and unnecessary purchases can make it difficult to finance long-term goals and may even cause you to struggle to cover necessary expenses today. Creating and sticking to a budget can help you focus on your priorities and meet your goals.

Find out Where Your Money Is Going
By creating a budget, you can see where you’re spending money. It’s easy to make several small, seemingly insignificant purchases and then wind up without enough left over for essentials like housing and car payments. Accounting for each dollar will help you figure out if you’re spending more than you realize on things that aren’t really important.

Work Toward Your Goals
If you know that you’ll need money for an important purchase or retirement, or if you want to build up an emergency fund, budgeting can make it easier. A long-term goal can seem more achievable if you look at your budget and identify small changes that you can make on a regular basis that’ll add up to substantial savings over time. By paying close attention to how much you spend each month, you’ll know if you’re in danger of falling short and will be able to find areas where you can make adjustments to stay on track.

If you want to take out a loan to buy a car or a mortgage for a house, you’ll need to figure out what you can comfortably afford. Knowing how much you spend for other things each month can allow you to see how much you have left over to cover new debt. You’ll then be able to decide if you need to make changes so a loan will be more manageable.

Encourage Family Members to Work Together
People approach the issue of money in a variety of ways. If you and your loved ones have different priorities and approaches to spending and don’t communicate, it can be difficult or impossible to achieve your goals. Creating a family budget can help you avoid conflicts and misunderstandings.

Focus on Financial Security
Budgeting is especially important if you have a limited income or if you’re trying to achieve a long-term goal. Creating a budget can provide you with helpful insight into your spending habits, but that information will only be beneficial if you use it to make sound decisions. Figure out what your priorities are, take a careful look at where your money is going each month, and figure out what changes you can make so that more of your money will go toward things that are truly important. Discuss your goals and plans with family members so you are all on the same page.

Slip-and-fall accidents are common and can cause injuries ranging from scrapes and bruises to broken bones, head trauma and even death. Most accidents occur at home. Although senior citizens have a heightened risk, any person of any age can experience a slip-and-fall accident in a fraction of a second.

Eliminate Tripping Hazards
Go through your house and look for things that could cause someone to trip, such as throw rugs, furniture arranged too close together and electrical cords. If any floorboards are loose or uneven, have them repaired. If you have young children, pick up their toys and teach them to clean up after themselves when they’re old enough.

Prevent Falls Caused by Water
On a rainy day, leave wet shoes, umbrellas and raincoats in the entryway or on the porch. Wipe up the floor or put down mats or towels to keep it dry. Use non-slip mats in areas where the floor may get wet, such as the kitchen and bathrooms. If anything is spilled on the floor, clean it up immediately.

Make Sure There’s Plenty of Light
Many slip-and-fall accidents occur because someone can’t see a step or an object on the floor or ground. Keep the house and yard well lit. Use bright lightbulbs, especially near stairs. If staircases don’t have light switches at the top and bottom, contact an electrician to have additional switches installed. Nightlights in bedrooms and hallways can make nighttime trips to the bathroom safer. Outdoor lights can help people see puddles, ice and other hazards that could cause falls.

Make It Easier to Get Around Safely
If your house has stairs inside or outside, make sure they have secure railings. If anyone in your household has trouble standing, rising from a seated position or walking, install aids, such as grab bars in the bathroom. If an older adult in your family has difficulty walking, talk to the individual and his or her doctor about using a walker or cane.

Walking barefoot or wearing slippers can increase the risk of falling. Encourage family members to wear shoes in the house to help with balance.

Review Medications and Side Effects
Many prescription and over-the-counter medications cause side effects such as dizziness and drowsiness, which can contribute to falls. If you’re concerned that a medicine may be causing side effects that could put you or a loved one at risk of a fall, talk to that individual’s doctor about adjusting the dosage or switching to a different medication.

Keep Your Loved Ones Safe
Slip-and-fall accidents are common and can have devastating consequences, but many of them are preventable. Look for hazards in your home and ways to eliminate them to protect yourself, your family and your guests.

Everything old is new again, and that goes for decorating with color. While the last decade in home décor has largely been defined by white and varying shades of beige and gray, today’s designers are harking back to yesteryear with paint colors, furniture and even kitchen appliances.

Part art deco, part ‘50s suburban and part ‘60s mod, these awesome retro colors are fresh and refreshed to fit today’s tastes, say the color mavens at Sherwin Williams, whose wall color faves this year include shades of pink, aqua and pale or mustard yellows with accents of slate or peppery coral—great ways to set off the stark white of baseboards, crown moldings and door frames.

Big Chill, a retro appliance company launched in 2001, is finding huge success with its growing line of refrigerators, stoves and dishwashers in pink, aqua, yellow and more that bring a spirit of nostalgia to today’s kitchens, along with their high-tech efficiency.

Small kitchen appliances from crockpots to mixers and toasters are now available in a wide range of bold and retro colors, and look for pink velvet, pale blue and teal sofas from a variety of furniture design companies as vintage furnishings make a huge comeback.

You might also find bright orange and sage green shantung side chairs, shabby-chic and pastel-colored buffets and bookshelves and other accessories, and don’t miss the lighting display in most home stores, where Tiffany lamps and vintage shades are gaining ground in sales.

A roomful of these vintage colors can make you feel a little nostalgic, a little happier and a little more optimistic. What more could anyone ask for?

When couples move in together, conflicts and disagreements frequently arise around the issue of sharing a bathroom. Spouses and partners need to search for space to store their toiletries, makeup, razors and other hygiene items. If each person has a similar schedule, couples may find themselves competing for time in the bathroom each morning and rushing to get to work on time. If kids are also fighting for space and time in the bathroom, things can get even more complicated.

Sharing a bathroom leads to headaches for many families, but it doesn’t have to be that way. Conflicts can be largely avoided by communicating and by respecting the needs and feelings of others.

Keep It Organized
If several people share a bathroom and each uses makeup, shampoo, conditioner, face cream, hair gel and other beauty products, the shower, counter and drawers can become a cluttered mess. One way to avoid this pain point is to designate a clearly defined space for each person. Another option is to have each person keep his or her toiletries in a container in a bedroom, carry everything into the bathroom when needed, and then return the items to the bedroom.

Clean Up After Yourself
Each member of the family should be expected to clean up after him or herself. Even young kids can learn to clean up toothpaste in the sink and to not leave wet towels on the floor. As they get older, children can take on more responsibility. They’ll be much more inclined to clean up after themselves if they’re taught to do so from the beginning—and if they consistently see their parents do so.

Make a Schedule
One of the best ways to avoid problems and make sure everyone gets to work or school on time is to create a bathroom schedule. While the person who needs to leave first should have first dibs on the bathroom, they should also understand that they need to be finished by a specific time to make room for the next family member. If some people prefer to bathe in the evening, that can make things less stressful for everyone in the morning. If someone’s schedule changes for any reason, that person should tell other family members in advance so any necessary adjustments to the bathroom schedule can be made.

Communicate and Respect Each Other
Sharing a bathroom with family members doesn’t need to be stressful. Disagreements and misunderstandings can be avoided by talking to each other and by making needs and expectations clear. Parents should lead by example. If adults make a habit of keeping the bathroom organized and respecting each other’s time and schedules, children will grow up believing that it’s the norm. This can help the whole family get along better while sharing a bathroom.

According to leading home designers, bathrooms today should be more than utilitarian spaces. They are increasingly treated as cozy oases intended to comfort and pamper.

If that’s your goal, here are a few good ideas for transforming your bathroom:

Enlarge it if you can. A good contractor can steal space you didn’t know you had, taking it from an adjoining room or a seldom-used closet and adding it to your bathroom space.

Use reclaimed materials. Old is new again as homeowners choose recycled materials. Incorporate reclaimed timber into vanities or opt for recycled glass countertops for a sustainable bathroom style.

Choose clean lines. Modernize the look with the clean lines of a vessel sink and a freestanding European tub. If the budget allows, make it a spa tub to make the most of your idle hours.

Add a rainfall showerhead. Relax your back and soothe your senses in the spray of a rainfall showerhead. It’s all the joy of a trip to the tropics without leaving home.

Hang mirrors and art. Any mirror will make a room look larger, and a round, oval or irregularly shaped mirror will add a stylish note, as will a well-chosen print, framed and artfully placed.

Look up. Why settle for ordinary lighting when you can have the luxury of a crystal chandelier? Check your local home store for lighting options that add opulence with a small price tag.

Select spa-like accents. Candles should be a given, but not in any ordinary way. Try bubble glass votive holders along with rose gold towel holders and glass shelving options. A clear glass shower door is another way to add a spacious look to your bath.

Go for lush linens and more. Sink your tootsies into a lush, deep shower mat. Choose thick Turkish towels and plush robes, and a basket full of face and body-pampering soaps, masks and lotions.