HSA Triple Tax Savings Calculator

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Annual HSA Expenses

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Rate of Return

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Balance at Retirement

Triple Tax Savings

$0.00

Tax Savings On Income

$0.00

Tax Savings on Investment Return

$0.00

Tex Penalty Savings Before Age 65

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

*Pentalty savings if you contribute to an HSA vs. a 401(k) (assuming withdrawal before age 65 and use for HSA qualified expenses). If the money in an HSA is used correctly, regardless of age, there is no tax penalty.

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.

401(k) TAX PENALTY

Example:

HSA contribution is $100,000. In a 401(k), $100,000 before age 60 would be taxed normal income taxes (see TAX SAVINGS ON INCOME) plus an additional 10%. If the tax bracket is 30%, $100,000-30% = $70,000, plus an additional 10% tax penalty on the withdrawal of the full $100,000 equals $10,000, so $40,000 loss in penalty.

 


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