Health Savings Account (HSA) Savings Calculator

Use this calculator to help you determine how much your Health Savings Account (HSA) will be worth over time. Fine tune your plan by seeing what happens if you reduce your expenditures or increase your allowable deductible.

*Catch-up contributions are not taken into account when calculating your potential savings.

Definitions

Health Savings Account (HSA)

An HSA is a tax-advantaged account established to pay for qualified medical expenses of an accountholder who is covered under a High Deductible Health Plan (HDHP). With money from this account, you pay for healthcare expenses until your deductible is met. Any unused funds are yours to retain in your HSA and accumulate towards your future healthcare expenses or your retirement.

In order to put money into an HSA you are required to have a High Deductible Health Plan (HDHP) in effect for either you or your family. A HDHP is simply health insurance that meets certain minimum deductible and maximum out-of-pocket expense requirements. In 2009, a HDHP has a minimum deductible of $1,150 for self-only coverage and $2,300 for family coverage. A HDHP must also have a maximum out-of-pocket expense per year, excluding the cost of premiums, of $5,800 for self only coverage and $11,600 for family coverage.

For complete details on HSAs you may wish to visit the U.S. Treasury at http://www.treas.gov/offices/public-affairs/hsa/

What is your HDHP deductible amount?

Your HDHP deductible amount is the amount you pay toward your own medical expenses, in a given year, before your insurance begins to cover any expenses. In 2009, for a HDHP, the minimum deductible amount is $1,150 for self-only coverage and $2,300 for family coverage.

What is your type of HDHP coverage?

Choose the insurance coverage type for your HDHP. Your choices are "Family" or "Single".

What is the balance in your HSA?

The total amount currently saved in your HSA.

How much will you put into the HSA per month?

The amount you will contribute each month to your HSA. This calculator assumes that you make your contribution at the beginning of each month. Your monthly contributions are limited by the annual maximum allowed. This calculator doesn't take catch-up contributions into account when calculating your maximum annual contribution.

How much do you expect to spend on healthcare per month?

The amount per month you expect to spend on qualifying medical expenses.

How many years do you have to save before retirement?

The number of years you will be able to save (contribute) into your HSA before you retire.

Annual rate of return

This is the annual rate of return you expect to receive on your HSA funds. The actual rate of return is dependant on the type of account you select.

Federal tax rate

Your marginal federal tax rate. Use the table below to help you choose the appropriate tax rate.

Filing Status and Income Tax Rates 2009 Caution: Do not use these tax rate schedules to figure 2008 taxes. Use only to figure 2009 estimates.
Tax rate	Married filing jointly or Qualified Widow(er)	Single	Head of household	Married filing separately
10%	$0 - 16,700	$0 - 8,350	$0 - $11,950	$0 - 8,350
15%	$16,701- 67,900	$8,351- 33,950	$11,951- 45,500	$8,351- 33,950
25%	$67,901- 137,050	$33,951- 82,250	$45,501- 117,450	$33,951- 68,525
28%	$137,051- 208,850	$82,251- 171,550	$117,451- 190,200	$68,526- 104,425
33%	$208,851- 372,950	$171,551- 372,950	$190,200- 372,950	$104,425- 186,475
35%	over $372,950	over $372,950	over $372,950	over $186,475

Source: http://www.irs.gov/pub/irs-drop/rp-08-66.pdf