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Gaming the HSA System
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As you understand, HSAs are only available in conjunction with a high deductible health plan. The term high deductible means any policy that exceeds $2,500 for a family plan. As you might not be aware, having kids is expensive. Expensive at birth, and it only gets worse- food, cars, house damage, college, etc. But the birth and post natal care is where you can get some HSA help.
Many people will pick a high deductible plan in their pre-children years. This is great. Max out your HSA each year that you can. When you are ready for a family, switch your insurance to a PPO or some other policy that is more robust and more expensive. This protects you during pregnancy, birth and the first 24 months where costs are the highest. Any out of pocket expenses can paid with your HSA funds. Beauty.
Then, when your family medical costs have stabilized, switch back to the high deductible plan.
Taxpayer’s Comprehensive Guide to LLCs and S Corps : 2019 Edition
This KB article is an excerpt from our book which is available in paperback from Amazon, as an eBook for Kindle and as a PDF from ClickBank. We used to publish with iTunes and Nook, but keeping up with two different formats was brutal. You can cruise through these KB articles, click on the fancy buttons below or visit our webpage which provides more information at-