So, I am just started a new HDHP that has an HSA with it this year. There is basically $0 in it now, and we just had a child and extended stay. Out of Pocket bills will be around $6,000.
I have the $6,000 in cash to pay the bills - but want to save the max I can. How is it best to do this? Please help me understand - I have done my homework, but still fuzzy:
-Can I just put the $6,000 cash into my HSA, pay the bills from the HSA, and get a tax benefit at tax filing next year? Does this $6,000 basically come off of your taxable income?
-I read at the linked article below, if you contribute from your payroll, you avoid the the FICA tax also. Another 8%. Given I have the liquid cash to pay the $6,000, could I just defer 100% of my checks into the HSA until it's maxed out?
https://www.madfientist.com/ultimate-retirement-account/"When you contribute to your HSA via an automatic payroll deduction, you are able to avoid paying FICA taxes (i.e. Social Security and Medicare) on your contributions."
If you know anything better, open to suggestions!
Thanks!