HSA Triple Tax Savings Calculator

Annual Income

Annual HSA Contribution

Annual HSA Expenses

Marital Status

Federal Tax Bracket

State

State Tax Bracket

Rate of Return

Years Until Retirement

Current Balance

Balance at Retirement

Triple Tax Savings

$0.00

Contribution Savings

$0.00

Growth Savings

$0.00

Withdrawal Savings

*Assuming an annual contribution of the same value as the initial amount, if contributing for more than 1 year.

*Withdrawal savings compares taxes incurred on 401(k) distributions at retirement (taxed as normal income) to distributions from an HSA for qualified medical expenses prior to and during retirement (no tax)

Quick Facts About an HSA

How much can I contribute?

The maximum amount you're allowed to contribute to an HSA in 2017 is $3,400 as an individual, or $6,750 as a family. If you are an HSA holder over 55 years old, you can contribute an extra $1,000, so that would be $4,400 as an individual and $7,750 as a family. Minimum annual deductibles are $1,300 for individuals or $2,600 as a family to qualify to make contributions to an HSA. Please note that HSA contributions are adjusted annually to reflect the cost of living.

Who can contribute to an HSA?

If you are enrolled in a qualified High Deductible Health Plan (HDHP) with no other first dollar coverage, you are eligible to contribute to an HSA. Family members or employers can contribute to your FSA, as well. You must ensure that any contributions made do not exceed the annual limit.

What can I use an HSA for?

You can use an HSA for various out-of-pocket expenses including those for your dependents, such as co-pays, deductibles, vision exams and dental care. For comprehensive details, visit our Eligibility List. You can also save the money in your HSA for future medical costs.

 


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