Health Savings Account (HSA) Contribution Calculator
- Health Savings Account (HSA)
- If you have registered for High Deductible Health Plan (HDHP) and if you pay taxes in the United States, you will be given tax advantage under the Health Savings Account (HAS). You can use the funds of this account to pay your current medical expenses or accumulate the funds to meet your upcoming medical expenditures.
You can invest into a Health Savings Account (HAS) immediately after registering for a HDHP. The HDHP provides a minimum deductible amount with a maximum out-of-pocket allowance every year. The minimum and maximum amount is adjusted every year and so, it’s better you visit the U.S. treasury site for up-to-date information with details.
- High Deductible Health Plan (HDHP) was in effect
- What was the first full month the plan was effective? This is the place you must mention the time your HDHP plan was in effect, not the time you established the HSA account. Select the ‘Prior to January of current year’ if the plan was established in the previous year. Your HSA account will be considered ineffective if the effective date for the HDHP is within 12 months of after the end of first year.
- High Deductible Health Plan (HDHP) coverage type
- Pick the appropriate type of insurance coverage for your HDHP.
- High Deductible Health Plan (HDHP) deductible amount
- The medical expenses you incur before your medical insurance starts to cover your healthcare expenses. In 2013, the minimum deductible amount was $1,250 for individual and $2,500 for family.
- Marginal income tax rate
- The marginal rate of federal tax applicable for you. Following chart shows category wise tax rate as on 2013. Contact your tax advisor for better understanding.
Filing Status and Income Tax Rates 2013* Tax Rate Married Filing Jointly or Qualified Widow(er) Single Head of Household Married Filing Separately 10% $0 - $17,850 $0 - $8,925 $0 - $12,750 $0 - $8,925 15% $17,850 - $72,500 $8,925 - $36,250 $12,750 - $48,600 $8,925 - $36,250 25% $72,500 - $146,400 $36,250 - $87,850 $48,600 - $125,450 $36,250 - $73,200 28% $146,400 - $223,050 $87,850 - $183,250 $125,450 - $203,150 $73,200 - $111,525 33% $223,050 - $398,350 $183,250 - $398,350 $203,150 - $398,350 $111,525 - $199,175 35% $398,350 - $450,000 $398,350 - $400,000 $398,350 - $425,000 $199,175 - $225,000 39.6% over $450,000 over $400,000 over $425,000 over $225,000
- You are 55+
- If your age will be 55 or more after this year, check this box. You are considered eligible to make catch-up contributions if you are 55+. But to do so, you must have an effective HDHP. The catch-up amount is not fixed as it is recalculated each year.
- Spouse is 55+
- Check this box if your spouse will be 55 years old or more during this year. This is used to determine whether your spouse is eligible to add catch-up contributions or not. Before checking this box, be sure that your spouse has a separate HSA account and an effective High Deductible Health Plan (HDHP).
- Coverage change
- If you have changed the coverage structure during this year, check this box. Checking this box will let you insert the new type of HDHP coverage, first full month your change was in effect, and the new HDHP deductible amount.
- First full month of change
- Choose the month when the new HDHP coverage was in effect.
- New High Deductible Health Plan (HDHP) deductible amount
- The medical expenses you incur before your new medical insurance starts to cover your healthcare expenses.
- New High Deductible Health Plan (HDHP) coverage began
- Choose the type of insurance coverage for the new HDHP coverage.
- Loss of coverage
- Check this box only if you have lost your HDHP during the ongoing year. This affects directly the allowable contributions of current year. The allowable contribution amount is prorated for the total time the plan was in force. This calculator ignores any due amount of penalties or taxes from the previous year.
- Last month of High Deductible Health Plan (HDHP)
- Choose the month when the last time your insurance coverage was effective.