lifehack.guide

Estimated Health Costs for a Child:

1. Routine Pediatric Visits

• Frequency: 1st year 6 visits at $100 each (decrease every year)

• Total: $600

2. Vaccinations

• One-Time Cost: Includes various vaccinations (e.g., hepatitis, DTaP, MMR, varicella)

• Total: $300

3. Unexpected Illness/Injury

• Average Cost: Could include visits to urgent care or the emergency room

• Total: $1,500

4. Other Costs

• Medications: Prescriptions for common ailments (e.g., antibiotics, allergy medication)

• Total: $200

5. Minor Procedures

• Examples: Minor surgeries (e.g., removing warts), stitches for cuts

• Total: $400

6. Specialist Visits

• Frequency: 2 visits to specialists (e.g., allergist, dermatologist) at $150 each

• Total: $300

7. Diagnostic Tests

• Examples: Blood tests, X-rays, or other imaging studies

• Total: $500

8. Dental Visits

• Frequency: 1 dental checkup and cleaning (recommended for young children) at $150

• Total: $150

9. Vision Check-Up

• Frequency: 1 eye exam, including possible glasses if needed

• Total: $200

10. Emergency Room Visits

• Frequency: Potentially 1 visit due to severe illness or injury

• Total: $1,000 (can vary significantly)

11. Preventive Care (Well-Child Visits)

• Frequency: Typically included in the routine visits, but extra consultations may occur.

• Total: $150 (for additional consultations, if any)

12. Hospitalization

• Potential Costs: In case of severe illness, such as pneumonia or other conditions requiring hospitalization.

• Total: $2,500 (estimated average, could be higher or lower)

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Tax Implications:

1. The death benefit from a life insurance policy is not subject to income tax.
2. Heirs dont have to pay taxes on the money.
3. The money policy goes directly to the beneficiaries you have named on the policy, not to your estate.
4. Funds do not have to go through probate or pay off any outstanding debts before reaching your beneficiaries.

THINGS to REMEMBER before you PROCEED:

Common/Generic IRS-Qualified Medical Expenses (QME's):

Common/Generic Over-the-Counter (OTC) Medicines:

Expenses Eligible if a Letter of Medical Necessity is Provided:

Eligible Child/Dependent Care Expenses:

Ineligible Expenses (not qualified under HSA):

Listed below are some services and expenses that are not eligible for reimbursement. This list is not all-inclusive:

Ineligible Child/Dependent Care Expenses (not qualified under HSA):

References -

 STEPS:

1. Your yearly income before paying taxes is called "gross" or "total" income.
2. From this amount, you can contribute a maximum of $3.65k/yr = $0.3k/month into your HSA (Health Savings Account).
   
3. Good HSA account providers allow investments in crypto/stocks/bonds/ETFs, etc.
   
4. Choose the investment of your choice and start making monthly or yearly contributions.
5. It is recommended that you pay for your health expenses out-of-pocket instead of HSA so that your PRETAX investment in your HSA account can grow without withdrawls.
6. It is recommended that you keep all your health expenses receipts with you for later withdrawls in life when you need liquid cash from your HSA account.
7. Remember, you're saving money because no federal (and most state/local) taxes are taken out of your contributions initially or ever (for qualified health expenses).