Keep in mind you can only contribute to an HSA if you have a HDHP. If you don’t have an HDHP, it’s not an option.
Forgot about this part. I just saw it was an option through my bank and thought it might be a good idea. If the bank one does require being tied to an insurance account then that won’t work since my insurance has too low of a deductible to let me get an HSA
If pre-tax savings is what you’re looking for, FSA is it.
Also if you do day camp or preschool for your kid, there is also DCFSA. They can pay for certain dependent care expenses with pre-tax savings…daycamp, after/before school care, and preschool, are some of the big ones for kids.
Forgot about this part. I just saw it was an option through my bank and thought it might be a good idea. If the bank one does require being tied to an insurance account then that won’t work since my insurance has too low of a deductible to let me get an HSA
HSA only has four requirements for eligibility, but three of them are “you are covered by an HDHP, no other insurance, and not medicare”
https://apps.irs.gov/app/vita/content/17s/37_04_005.jsp?level=advanced
If pre-tax savings is what you’re looking for, FSA is it.
Also if you do day camp or preschool for your kid, there is also DCFSA. They can pay for certain dependent care expenses with pre-tax savings…daycamp, after/before school care, and preschool, are some of the big ones for kids.