Hi All - hope all are doing well. DW and I are expecting a delivery next year and want to get more acquainted with financials/insurance around it as it is time for annual enrollment for 2025.
May inquire the community on the below?
1) Dependent Care Credit vs. DCFSA: We’re unsure if we’ll need daycare next year. Does it make sense to lean toward the Dependent Care Credit (up to $3,000) since it doesn’t require commitment upfront? That way, if we end up only using a couple of months of daycare, we’d still benefit from the credit. Is that a fair approach?
2) Qualifying Life Event: DW and I each have our own employer-sponsored health plans. After the baby arrives, will we have the flexibility to choose which plan to add our child to (either DW’s or mine)? Also, when adding a child, do deductibles and out-of-pocket (OOP) maximums reset to zero or increase to "family" coverage level i.e. how does it work when one adds a dependant (newborn) mid-year?
3) High Deductible Plan with HSA Maxed-Out (plus some employer match) vs. Low Deductible PPO: For those who’ve been through this, any advice? We’re considering what’s most financially sound for an expectant mother (due around May 2025). By year-end, we’ll be 4.5 months along, so we’re looking at prenatal care, delivery, and newborn checkups for 2025. Any guidance on choosing a high-deductible plan with an HSA vs. a low deductible PPO for a situation like ours?
May inquire the community on the below?
1) Dependent Care Credit vs. DCFSA: We’re unsure if we’ll need daycare next year. Does it make sense to lean toward the Dependent Care Credit (up to $3,000) since it doesn’t require commitment upfront? That way, if we end up only using a couple of months of daycare, we’d still benefit from the credit. Is that a fair approach?
2) Qualifying Life Event: DW and I each have our own employer-sponsored health plans. After the baby arrives, will we have the flexibility to choose which plan to add our child to (either DW’s or mine)? Also, when adding a child, do deductibles and out-of-pocket (OOP) maximums reset to zero or increase to "family" coverage level i.e. how does it work when one adds a dependant (newborn) mid-year?
3) High Deductible Plan with HSA Maxed-Out (plus some employer match) vs. Low Deductible PPO: For those who’ve been through this, any advice? We’re considering what’s most financially sound for an expectant mother (due around May 2025). By year-end, we’ll be 4.5 months along, so we’re looking at prenatal care, delivery, and newborn checkups for 2025. Any guidance on choosing a high-deductible plan with an HSA vs. a low deductible PPO for a situation like ours?
Statistics: Posted by mander75 — Mon Nov 04, 2024 5:26 pm — Replies 3 — Views 276