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Health Savings Account (HSA) Contribution Calculator

This Health Savings Account (HSA) calculator determines the amount you are allowed to contribute to your HSA account for the current tax year. The maximum amount of money that can be deposited into an HSA depends on several factors including the account holder's age, and whether the person has single or family coverage. In general for 2014, if you have a qualifying High Deductible Health Plan (HDHP), you can contribute up to $3,300 if you have individual coverage or $6,550 if you have family coverage per year. Your total contribution can also be increased if you are age 55 to 65 by with a $1000 "catch-up" contribution.

 
HSA and HDHP Plan Information
What is your HDHP deductible amount?
What was the first full month your HDHP was in effect?
Will you be 55 or older this year? Check here
Will your spouse be 55 or older this year? ** Check here
What is your type of HDHP coverage?
Did you change your coverage type during the year? Check here
What is the first full month your new coverage was in effect?
What is your new HDHP deductible amount?
What is your new type of HDHP coverage?
What is your marginal income tax rate?***

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. 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 2014, for a HDHP, the minimum deductible amount is $1,250 for self-only coverage and $2,500 for family coverage. A HDHP must also have a maximum out-of-pocket expense per year. For 2014, this maximum is $6,350 for self only coverage and $12,700 for family coverage. This maximum does not include the cost of the insurance premiums.

Please note, you are no longer eligible to make HSA contributions starting in the first month that you are eligible for and enrolled in Medicare Part A or B.

For complete details on HSAs you may wish to visit the U.S. Treasury at http://www.treasury.gov/resource-center/faqs/Taxes/Pages/Health-Savings-Accounts.aspx

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 2014, for a HDHP, the minimum deductible amount is $1,250 for self-only coverage and $2,500 for family coverage.

What was the first full month your HDHP was in effect?
Select the first full month that your HDHP was in effect. If it was established in a prior year, choose "Prior to January of current year". Contributions are not prorated by your plan's start date. However, if your HDHP effective date was after January 1st, and within twelve months of the end of the first year you no longer have an eligible HSA, you will have to report the difference between the prorated amount and the actual amount as income and pay an additional 10% penalty on that amount. Please note that the prorated amount is based on when your HDHP plan took effect, not when your HSA account was established.

Will you be 55 or older this year?
Your age is used to determine if you are eligible to contribute additional catch-up contributions to your HSA. If you are 55 or older and your HDHP is in effect, you are eligible to deposit catch-up contributions. For 2014, the additional amount is $1000, which is unchanged from 2013. By checking the box you are indicating you are 55 or older this year and are still covered by an HDHP.

Catch-up contributions are not prorated. You can deposit the entire amount into your HSA as long are 55 or older at some point during the year.

Will your spouse be 55 or older this year?
Your spouse's age is used to determine what catch-up contribution amount they can deposit into their own HSA. By checking the box you are indicating your spouse is 55 or older this year and that they are eligible to contribute into an HSA. Please note, your spouse must have an HSA account established in their name and be eligible to make contributions into that account. For example, if your spouse is covered by your family HDHP and is over 55, but has enrolled in Medicare, they would be ineligible to make a catch-up contribution.

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

Did you change your coverage type during the year?
If coverage type changed during the current year, check this box. Your annual contribution will be calculated using the number of full months you were covered under each coverage type. For example, if you had single coverage for 6 full months and family coverage 6 full months, your annual contribution amount would be a combination of the two limits of $4,925 for the year.

What is the first full month your new coverage was in effect?
Select the first full month your new HDHP coverage type became effective.

What is your new HDHP deductible amount?
The new deductible you must meet before the HDHP will begin to cover medical expenses.

What is your new type of HDHP coverage?
Choose the insurance coverage type for your new HDHP. Your choices are "Family" or "Single".

What is your marginal income tax rate?
Your marginal tax rate is used to calculate your potential tax savings. We assume that all contributions receive a tax deduction at the tax rate you enter here. Use the table below to assist you in determining your marginal income tax rate.

Filing Status and Income Tax Rates 2014*
Tax rateMarried filing jointly
or qualified widow(er)
Single Head of household Married filing separately
10% $0 - $18,150 $0 - $9,075 $0 - $12,950 $0 - $9,075
15% $18,150 - $73,800 $9,075 - $36,900 $12,950 - $49,400 $9,075 - $36,900
25% $73,800 - $148,850 $36,900 - $89,350 $49,400 - $127,550 $36,900 - $74,425
28% $148,850 - $226,850 $89,350 - $186,350 $127,550 - $206,600 $74,425 - $113,425
33% $226,850 - $405,100 $186,350 - $405,100 $206,600 - $405,100 $113,425 - $202,550
35% $405,100 - $457,600 $405,100 - $406,750 $405,100 - $432,200 $202,550 - $228,800
39.6% over $457,600 over $406,750 over $432,200 over $228,800

*Source: 2014 tax brackets http://www.irs.gov

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