HSA Contribution

  Resources / HSA Contribution

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.
 
 










 
Health Savings Account (HSA) Contribution Calculator
You are 55+:
Spouse is 55+:
Please view the report to see detailed results in tabular form.

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. The table below shows the limits for HSA's in 2016.

Health Savings Accounts (HSA) Contribution and Limits
  2016 2015 Change
HSA contribution limit Single: $3,350
Familiy: $6,750		 Single: $3,350
Familiy: $6,650		 Single: No change
Familiy: $100+
HSA catch-up contributions $1,000 $1,000 No change, not indexed to inflation
HDHP mimimum deductible Single: $1,300
Familiy: $2,600		 Single: $1,300
Familiy: $2,600		 Single: No change
Familiy: No change
HDHP maximum out-of-pocket** Single: $6,550
Familiy: $13,100		 Single: $6,450
Familiy: $12,900		 Single: $100+
Familiy: $200+
*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.

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

High Deductible Health Plan (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'. Contribution limits 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.
High Deductible Health Plan (HDHP) coverage type
Choose the insurance coverage type for your HDHP. Your choices are 'Family' or 'Single'.
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 2016, for a HDHP, the minimum deductible amount is $1,300 for self-only coverage and $2,600 for family coverage.
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 estimating your federal tax rate.
Filing Status and Income Tax Rates 2016*
Tax Rate Married Filing Jointly or Qualified Widow(er) Single Head of Household Married Filing Separately
10% $0 - $18,550 $0 - $9,275 $0 - $13,250 $0 - $9,275
15% $18,550 - $75,300 $9,275 - $37,650 $13,250 - $50,400 $9,275 - $37,650
25% $75,300 - $151,900 $37,650 - $91,150 $50,400 - $130,150 $37,650 - $75,950
28% $151,900 - $231,450 $91,150 - $190,150 $130,150 - $210,800 $75,950 - $115,725
33% $231,450 - $413,350 $190,150 - $413,350 $210,800 - $413,350 $115,725 - $206,675
35% $413,350 - $466,950 $413,350 - $415,050 $413,350 - $441,000 $206,675 - $233,475
39.6% Over $466,950 Over $415,050 Over $441,000 Over $233,475

*Caution: Do not use these tax rate schedules to figure 2015 taxes. Use only to figure 2016 estimates. Source: 2015 Rev. Proc. 2015-61
 
You are 55+
Check here if you, as the plan owner, will 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 2016, the additional amount is $1000, which is unchanged from 2015. 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.

Spouse is 55+
Check here if your spouse will 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.
Coverage change
Check here if you changed your coverage during the current 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 pro-rated amount equal to one half year of the family maximum and one half year of the single maximum.
First full month of change
Select the first full month your new HDHP coverage type became effective.
New High Deductible Health Plan (HDHP) deductible amount
The new deductible you must meet before the HDHP will begin to cover medical expenses.
New High Deductible Health Plan (HDHP) coverage began
Choose the insurance coverage type for your new HDHP. Your choices are 'Family' or 'Single'.
Loss of coverage
Check here if you lost your high-deductible health plan during the current year. Cancelling or losing your HDHP will impact your currently year's allowable contribution. The allowable amount is pro-rated for the number of months that the plan is in force. Note that if your plan started in the previous year, and was not in force for the entire 12 months, you may have to pay a penalty on any contributions over a pro-rated monthly amount. Contribution rules allow for a full year's contribution even if your plan started mid-year. However, if you cancel your plan within 12 months of the end of that first year, you may owe a penalty on contributions that exceeded the pro-rated amount. This calculation does not include any taxes or penalties due from previous year's contributions.
Last month of High Deductible Health Plan (HDHP)
Select the last full month that your coverage was in force. Your allowable contribution will be pro-rated for the number of months you had a HDHP.

Alliance Benefit Group, LLC
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.