If I were looking to have a kid in the next 3-6 years, what (if any) tax-advantaged plans exist to help saving for future, related expenses?
To be more specific, there are numerous types of savings plans that offer pre-tax contribution, reduced taxes on growth, or no income tax on disbursements that are affiliated with specific, major lifetime events (such as 529 plans for college, or 401ks/IRAs for retirement). What I have not been able to find are plans that generally allow for future child-rearing expenses, including:
- Hospital visits for pregnancy care
- Formula, diapers, clothing, other consumables
Of these significant, relatively predictable expenses, only the first has any related plans that I know of (specifically HSAs and FSAs), and it isn't limited to having kids. Do any plans specifically for future parents exist to help offset the costs of having a baby?
To be specific, I am not asking about major expenses later on in the child's life (like this question). I am asking about major expenses that the parents will face in the first few years of (and the months leading up to) parenthood.