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December Check In

January 5th, 2023 at 07:20 pm

Debts

Mortgage −$115,832.60 (-$241.04)
Land Loan -$10,860.87 (-$184.25)
Hospital Bill - $1,263.02 (+$1,263.02)

Savings

Roth IRAs +$21,172 (-$825)
401K +$42,860 (-$1,108)
Emergency Fund +$7,325 (+$49)
Maternity Fund +$0 (-500)
Animal Fund +$1,686 (+$4)
Car Fund +$20 (-$0)
HSA +$1,199 (+$184)

Overall: -$3,033.73

Bad way to end the year. Received a large medical bill and several more hospital bills pending and more sure to come with our deductible starting over and our child’s continuing health problems. We made the decision to just do 0% monthly payments on it for now until our HSA builds back up. Once we are in better shape we will pay it off. But I have a feeling we are going to need every dollar for more medical stuff in the next few months.

I would love to be able to fill the HSA completely each year so it would 100% cover our OOP max, but on the weeks my husband doesn’t work overtime we would be short. So at this time we have to scrounge $2,500 each year from overtime to pay the entirety of our medical bills. Hopefully next year we can bump it up even a little, and hopefully eventually we will be healthy and stop having astronomical medical bills every year.

 Markets are down. Used up the last of the maternity fund I had saved. So happy I was able to put that back and then “pay myself” for over an entire year. I’m going to miss it for sure.

I will compare our end of year net worth in a separate post.

 

Posted in Monthly Check In | 3 Comments »

3 Responses to “December Check In”

  1. Lots of ideas Says:
    January 5th, 2023 at 11:15 pm 1672960533
    1672960533

    I might be missing something, but isn’t there a tax benefit to running all your medical expenses through your HSA?

    EVen if you are in the lowest bracket, wouldn’t you come out ahead by at least 10%?

    Is this a cash flow problem?

    If so, I would play with retirement contributions to front load the HSA at the beginning of the year and fund retirement at the end of the year.

    You don’t have to answer I am jus bringing it up so you think about it if you want to.

  2. klarose Says:
    January 7th, 2023 at 02:30 pm 1673101802
    1673101802

    Lots of ideas yes running the medical expenses all through the HSA would definitely be the best thing to do. Husband's paycheck is set up to direct deposit a set amount between several different accounts each week. On the weeks without overtime there wouldn't be enough money to split between the accounts. I wish I could just deposit a large chunk to the HSA at once, maybe I can? I need to look into it more for sure. Otherwise if we saved a little buffer in each account for the weeks when the paycheck was smaller that would work too.

    All things to work on this year. I was really hoping we would stop hitting our OOP max after the births of the kids but it looks like we probably will again this year.

    I don't want to mess with his retirement deposit because we currently put in 5% which is what his employer matches. I don't think they would do a big chunk match at the end but I could be wrong. From what I understand it has to be 5% on each paycheck.

  3. klarose Says:
    January 7th, 2023 at 02:39 pm 1673102383
    1673102383

    It looks like my HSA account does allow us to make direct contributions. Sweet! I was worried that it wouldn't be tax free then, but it looks like you can claim it on your taxes as a deduction. So I will be making that a goal this year. Thanks for the advice to look into it more. Smile

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