Originally Posted by
Spartan1980
Sounds like your plan is good. Since you are already paying $700 a month I'd take a look at getting a marketplace plan and see if your wife and child can qualify for any subsidies. If so, get a high deductible plan and open an HSA account and keep putting the balance of that $700 a month into the HSA. IIRC, it only takes a $2100 deductible to qualify for the HSA which isn't a lot these days. As you currently sit you'd cover that with your HSA account in a few months. Then you'd have a bank account balance for expenses as they come up and you get to deduct it all from your income and not pay taxes on it. Unlike a cafeteria plan from employers, you also can roll it over year over year. I have the bulk of mine invested in a linked TD Ameritrade account which I get some good dividends on my investments.
I really don't understand why more people don't utilize the HSA program.