HSA Savings Calculator
HSA Savings
Health Savings Account (HSA) Savings Calculator
Health Savings Account (HSA) Savings Calculator Inputs |
After 10 years you could have $25,245.11. |
Definitions
Health Savings Account (HSA)
An HSA is a tax-advantaged account established to pay for qualified medical expenses of an account holder 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. This table shows the limits for HSA's in 2024.
2024 | 2023 | Change | |
---|---|---|---|
HSA Contribution Limit | Single: $4,150 Family: $8,300 | Single: $3,850 Family: $7,750 | Single: +$300 Family: +$550 |
HSA catch-up contributions* | $1,000 | $1,000 | No change, not indexed to inflation |
HDHP minimum deductible | Single: $1,600 Family: $3,200 | Single: $1,500 Family: $3,000 | Self-only: +$100 Family: +$200 |
HDHP maximum out-of-pocket** | Single: $8,050 Family: $16,100 | Single: $7,500 Family: $15,000 | Single: +$550 Family: +$1100 |
*Catch-up contributions can be made anytime during the year in which the participant turns 55. **This includes deductible amount, co-payments and other non-premium payments. |
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.
Source and complete details on HSAs you may wish review: About Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans
High Deductible Health Plan (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 2024, for a HDHP, the minimum deductible amount is $1,500 for self-only coverage and $3,000 for family coverage.
High Deductible Health Plan (HDHP) coverage type
Choose the insurance coverage type for your HDHP. Your choices are 'Family' or 'Single'.
Plan year
Select the plan year for your contribution. This will affect contribution limits and plan requirements that are adjusted annually. The deadline for all HSA contributions for a year is April 15th of the following year. It is the same as the individual tax filing deadline.
Current Health Savings Account (HSA) balance
The total amount currently saved in your HSA.
Monthly Health Savings Account (HSA) contribution
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. For 2024, the maximum contribution to an HSA is $3,850 for self-only coverage and $7,750 for family coverage. This calculator doesn't take catch-up contributions into account when calculating your maximum annual contribution.
Monthly healthcare expenses
The amount per month you expect to spend on qualifying medical expenses.
Years 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 largely dependent on the types of investments you select. The Standard & Poor's 500® (S&P 500®) for the 10 years ending December 31st 2022, had an annual compounded rate of return of 12.6%, including reinvestment of dividends. From January 1, 1970 to December 31st 2022, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.7% (source: www.spglobal.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a financial institution may pay as little as 0.25% or less but carry significantly lower risk of loss of principal balances.
It is important to remember that these scenarios are hypothetical and that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that investment funds and/or investment companies may charge.
Expected inflation rate
This is what you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI). From 1925 through 2022 the CPI has a long-term average of 3.0% annually. Over the last 40 years the highest CPI recorded was 13.5% in 1980. For the 12 months ending October 31st 2022 the CPI for All Urban Consumers (CPI-U) was 7.7% as reported by the U.S. Bureau of Labor Statistics.
Marginal income tax rate
Your marginal tax rate is used to calculate your potential tax savings. The tool assumes that all contributions receive a tax deduction at the tax rate you enter here. Use the ‘Filing Status and Federal Income Tax Rates on Taxable Income’ table to assist you in estimating your federal tax rate.
Tax Rate | Married Filing Jointly or Qualified Widow(er) | Single | Head of Household | Married Filing Separately |
---|---|---|---|---|
10% | $0 - $22,000 | $0 - $11,000 | $0 - $15,700 | $0 - $11,000 |
12% | $22,000 - $89,450 | $11,000 - $44,725 | $15,700 - $59,850 | $11,000 - $44,725 |
22% | $89,450 - $190,750 | $44,725 - $95,375 | $59,850 - $95,350 | $44,725 - $95,375 |
24% | $190,750 - $364,200 | $95,375 - $182,100 | $95,350 - $182,100 | $95,375 - $182,100 |
32% | $364,200 - $462,500 | $182,100 - $231,250 | $182,100 - $231,250 | $182,100 - $231,250 |
35% | $462,500 - $693,750 | $231,250 - $578,125 | $231,250 - $578,125 | $231,250 - $346,875 |
37% | Over $693,750 | Over $578,125 | Over $578,125 | Over $346,875 |
*Caution: Do not use these tax rate schedules to figure 2022 taxes. Use only to figure 2023 estimates. Source: Rev. Proc. 2022-45 |