I found out something new today. Many on here probably take advantage of the tax benefits a Health Savings Account (HSA) offers. But I found out something new today. Everyone’s situation is different so this may or may not be beneficial in every situation.

Anyway, let’s say you and your spouse are each offered different health plans. One plan is a high deductible plan which qualifies for HSA contributions. The other plan is not high deductible and doesn’t qualify for HSA contributions. If it makes financial sense for each of you to be on your own separate plan, put the dependent(s) on the high deductible plan (assuming everyone on the high deductible plan is relatively healthy). This allows you to still take advantage of the full HSA maximum family contribution amount even though only one spouse is on a qualified plan.

Just something I learned today and thought I’d share.

you actually only need one dependent on the plan to make it "family"

so if you have a sick kid and a healthy kid , put the healthy one on high deductible

watch your prescriptions every one of them before going to high deductible

I checked all but one , the most important one my blood thinner and all the others for the family being generic were no charge or 10-15 dollars a month.

that blood thinner I forgot to check 500 a month.

8300 a year tax free - you bet I know about it. Max it out every year because I know I will need health care in the future and it likely won't go down. It is the only method I observed that one can save and make money that is NEVER taxed.

As well, with my HSA we have choice to invest the money and that growth as well is never taxed when used for healthcare etc......
I doubt the govt continues the HSA much longer.

it should be hugely encouraged.

you shouldn't need to have high deductible insurance to qualify for it

you saved 8300 every year you use some of it of course but a lot of people can manage to pay a regular year out of pocket before hitting the deductible

say you have a nest egg of this HSA money saved up like a 401k , when you do have a stroke or something and wind up in a long term nursing facility they deplete your HSA first then Medicare pays