Calculate Your Maximum Allowed Contribution for HSA
This calculator will estimate the permitted amount to contribute to your HSA for the current tax year.
As you may know, the maximum contribution limit for HSA depends on factors like the account holder’s age, and whether the coverage is individual or family.
About Health Savings Accounts (HSA)
For more information about HSAs you can visit http://www.treasury.gov/resource-center/faqs/Taxes/Pages/Health-Savings-Accounts.aspx.
HSAs accounts are available to every employee enrolled in a qualified High Deductible Health Plan (HDHP) and allow tax-advantaged contributions. The accumulated funds earn interest and cover the qualified medical expenses of the account holder.
In general for 2013, for those who have a qualifying High Deductible Health Plan (HDHP), the maximum contribution for this year is up to $3,250 for individual coverage or $6,450 for family coverage. This contribution can be increased if the account holder is 55 to 65 years old by a $1000 catch-up contribution.
Any unused funds that have remained in the account, whether contributed by the employer or the employee, are the employee's to use for future health care expenses or for retirement.
Explanation of the fields that need to be filled:
- HDHP was in effect
Select the first full month (note "full") for which your HDHP was in effect.
For those established in a prior year, you should choose 'Prior to January of current year'.
- HDHP coverage type
Choose the type of coverage for your HDHP – either 'family' or 'single'.
- HDHP deductible amount
Enter the average amount that you pay toward medical expenses, for a year, before the insurance starts to cover such expenses.
The minimum HDHP deductible amount in 2013 is $1,250 for individual coverage and $2,500 for family coverage.
- Marginal income tax rate
The marginal tax rate is needed to calculate the potential tax savings. You can use the table below to determine your marginal income tax rate.
Filing Status and Income Tax Rates (2013*) Tax rate Single Head of household Married filing jointly or qualified widow(er) Married filing separately 10% $0 - $8,925 $0 - $12,750 $0 - $17,850 $0 - $8,925 15% $8,925 - $36,250 $12,750 - $48,600 $17,850 - $72,500 $8,925 - $36,250 25% $36,250 - $87,850 $48,600 - $125,450 $72,500 - $146,400 $36,250 to $73,200 28% $87,850 - $183,250 $125,450 - $203,150 $146,400 - $223,050 $73,200 to $111,525 33% $183,250 - $398,350 $203,150 - $398,350 $223,050 - $398,350 $111,525 to $199,175 35% $398,350 - $400,000 $398,350 - $450,000 $398,350 - $450,000 $199,175 to $225,000 39.60% over $400,000 over $450,000 over $450,000 over $225,000
*Note: Use the table only to figure 2013 taxes. Do not use them for 2012 estimates.
Source: Revenue Procedure 2011-52 http://www.irs.gov
- You are 55+
Check this option if you will be 55 or older this year.
If so and your HDHP is in effect, you will be able to make additional catch-up contributions to your HSA. Since catch-up contributions to HSA are not prorated, you can contribute the entire amount to your account at some point later during the year.
- Spouse is 55+
If your spouse will be 55 or older this year and they are eligible to contribute into an HSA, check this box.
Note that your spouse should have an HSA in their name and allowed to make contributions to it. The latter will not be possible if they have enrolled in Medicare.
- Coverage change
You should check the box if you have changed your health plan coverage during the current year. If yes, also select the new type of HDHP coverage (for the "New HDHP coverage began" field) and the first full month in which your new coverage type is effective (for the "First full month of change" field). Additionally, you need to enter the new deductible amount that you have to meet before HDHP starts covering medical expenses (for the "New HDHP deductible amount" field).
- Loss of coverage
If you have lost your HDHP during the current year you should check this box. Also select the last full month in which your coverage was effective (for the "Last month of HDHP" field).
Note that cancelling or losing your high-deductible health plan impacts the allowed contributions for the year.