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The Water Cooler
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2022 Health insurance vent
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<blockquote data-quote="Newbie" data-source="post: 3687306" data-attributes="member: 5512"><p>This is right, but not right.</p><p></p><p>I'm going to get in the weeds here a just little, so skip this post if you don't have a business making active income. (landlords I don't think qualify because it's passive income).</p><p></p><p>First, your health insurance premiums should never, ever, ever be paid by yourself. They should be paid for by your business. If you pay for them yourself out of your pocket you cannot, by law, deduct the premiums. Let me say it plainly: <strong><em>THE GOVERNMENT SHOULD BE PAYING YOUR PREMIUMS. </em></strong>You made this money, don't lose it by giving it to the government.</p><p></p><p>Second, if you have a simple LLC and make more than 40k/year you're doing it wrong. You should convert to an S-Corp or just shoot yourself because you're losing a ton of money. That S Corp will pay your premiums.</p><p></p><p>Third, don't look on healthcare.gov for your HDHP (High deductible health plan, $2800 or more). Check out a site like <a href="https://www.healthsherpa.com" target="_blank">Health Sherpa</a></p><p>Many plans offer FREE doctor visits etc, even with a high deductible for hospital work.</p><p>Once you find your high deductible health plan and get all the subsidies you qualify for, you can start your HSA. I think it's $7k you can put in per year for families. You cal also wait until something medical pops up, then put money in your HSA and immediately write a check to the doctor before the money gets cold. Poof! tax deduction.</p><p>Once it's funded, if you don't spend it right away, invest it. If you let it sit in an account that's dumb. You're losing money off of inflation. Invest every penny so you'll grow it while you sleep.</p><p>You can also pay out of pocket for HSA qualified expenses and just get reimbursed from your HSA account if you have the funds so you don't have to sell investments to pay for your doctor expenses.</p><p></p><p>HSAs are funded before tax, they grow tax free, you can invest them in anything (almost) that you want, and they pay out at any time for medical crap you don't want to pay for anyway.</p><p></p><p>Some stupid things you can buy with your HSA:</p><p>Tylenol and Advil</p><p>Heartburn pills</p><p>Allergy meds</p><p>Tampons and pads</p><p>Dental work and braces</p><p>Contact lenses</p><p>Over the counter meds</p><p>Heating pads</p><p>House smelly devices (like a diffuser)</p><p>Baby monitors (that you can use for security cameras.....)</p><p>First aid kits (we loves those here, don't we?)</p><p>and so much other stuff you wouldn't imagine.</p><p></p><p>Another thing about HSAs, if you turn 59 1/2 you get to pull all the money out if you want for any reason, you just have to pay tax on it. By that age you should have enough in your deduction bucket you're carrying over every year that the taxes should be near zero.</p><p></p><p>And if you die, it goes to your wife's HSA. If she dies? It turns into an IRA for your kids. This money never, ever disappears and it just follows your family around forever for them to use as they see fit.</p><p></p><p></p><p></p><p>Hope that helps. It's what we do and honestly we've got more in there than we'll use in the next 10 years unless something catastrophic happens, all growing tax free.</p></blockquote><p></p>
[QUOTE="Newbie, post: 3687306, member: 5512"] This is right, but not right. I'm going to get in the weeds here a just little, so skip this post if you don't have a business making active income. (landlords I don't think qualify because it's passive income). First, your health insurance premiums should never, ever, ever be paid by yourself. They should be paid for by your business. If you pay for them yourself out of your pocket you cannot, by law, deduct the premiums. Let me say it plainly: [B][I]THE GOVERNMENT SHOULD BE PAYING YOUR PREMIUMS. [/I][/B]You made this money, don't lose it by giving it to the government. Second, if you have a simple LLC and make more than 40k/year you're doing it wrong. You should convert to an S-Corp or just shoot yourself because you're losing a ton of money. That S Corp will pay your premiums. Third, don't look on healthcare.gov for your HDHP (High deductible health plan, $2800 or more). Check out a site like [URL='https://www.healthsherpa.com']Health Sherpa[/URL] Many plans offer FREE doctor visits etc, even with a high deductible for hospital work. Once you find your high deductible health plan and get all the subsidies you qualify for, you can start your HSA. I think it's $7k you can put in per year for families. You cal also wait until something medical pops up, then put money in your HSA and immediately write a check to the doctor before the money gets cold. Poof! tax deduction. Once it's funded, if you don't spend it right away, invest it. If you let it sit in an account that's dumb. You're losing money off of inflation. Invest every penny so you'll grow it while you sleep. You can also pay out of pocket for HSA qualified expenses and just get reimbursed from your HSA account if you have the funds so you don't have to sell investments to pay for your doctor expenses. HSAs are funded before tax, they grow tax free, you can invest them in anything (almost) that you want, and they pay out at any time for medical crap you don't want to pay for anyway. Some stupid things you can buy with your HSA: Tylenol and Advil Heartburn pills Allergy meds Tampons and pads Dental work and braces Contact lenses Over the counter meds Heating pads House smelly devices (like a diffuser) Baby monitors (that you can use for security cameras.....) First aid kits (we loves those here, don't we?) and so much other stuff you wouldn't imagine. Another thing about HSAs, if you turn 59 1/2 you get to pull all the money out if you want for any reason, you just have to pay tax on it. By that age you should have enough in your deduction bucket you're carrying over every year that the taxes should be near zero. And if you die, it goes to your wife's HSA. If she dies? It turns into an IRA for your kids. This money never, ever disappears and it just follows your family around forever for them to use as they see fit. Hope that helps. It's what we do and honestly we've got more in there than we'll use in the next 10 years unless something catastrophic happens, all growing tax free. [/QUOTE]
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