Family finances can be tough sometimes. You want to provide the best life you can for your kids, and in many instances, that means spending money. From food and clothing to school and health, there are a lot of expenses to keep track of. Saving money in an HSA is one thing you can do to make finances easier if you have kids.
Emergency Room Trips
The reality of being a parent and having kids is that at some point in time you’re probably going to be taking a trip to the emergency room because someone got injured. A significant portion of the most common childhood injuries are preventable, but that often requires forethought on the part of the child, who may not have developed the mental capacity to do so yet. Regardless of how preventable the incident may have been, you can expect a pretty large bill to follow if you wind up in the emergency room. Having money saved up in an HSA can help you pay for those bills without trying to rework your entire budget to afford it.
Pay for Uncovered Expenses
Even expenses you plan for can be tough to pay for out of pocket. Your health insurance probably doesn’t cover everything 100%. Depending on what your dental coverage looks like, you may have some significant out of pocket costs for dental care too. That doesn’t mean the care isn’t a good idea though. Take braces, for example. There are many unexpected benefits of getting braces for your kids that can positively impact them long-term. Braces tend to be expensive, but they are just one of the things you can use your HSA funds to pay for.
Growing Your Family
Whether planned or not, you may find yourself expecting another child. The good news is that you have nine to ten months to prepare if everything goes as it should. With things like doctor appointments, tests, and labor and delivery, having a baby is expensive, even with that advanced notice. Virtually all of your medical expenses for having a baby can be paid for using HSA funds, though, which can take away some of the stress of figuring out how to pay all your bills.
Having an HSA can be an incredibly helpful asset for families with children. The HSA can help pay for emergency room trips, qualified expenses that aren’t covered by insurance, and growing your family by having another child. Having a family doesn’t come cheap, but having an HSA to dip into when you need it can make balancing your family budget a little easier.
Taking control of your finances can be tough. Check out our services to see how we can help you improve your financial situation.