Health Savings Account (HSA) Savings Calculator

Use this calculator to help you determine how much your Health Savings Account (HSA) will be worth over time. Fine tune your plan by seeing what happens if you make changes to your HSA savings plan.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.



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Health Savings Account (HSA) Savings Calculator
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**FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation 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. This table shows the limits for HSA's in 2024.

Health Savings Accounts (HSA) Contribution and Limits
20242023Change
HSA Contribution LimitSingle: $4,150
Family: $8,300
Single: $3,850
Family: $7,750
Single: +$300
Family: +$550
HSA catch-up contributions*$1,000$1,000No change, not indexed to inflation
HDHP minimum deductibleSingle: $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: +$1,100
*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) coverage type

Choose the insurance coverage type for your HDHP. Your choices are 'Family' or 'Single'.

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 $4,150 for self-only coverage and $8,300 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.

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 2020, had an annual compounded rate of return of 13.8%, including reinvestment of dividends. From January 1, 1971 to December 31st 2020, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.8% (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. With inflation, your future account balance will not go as far as it does today in terms of its purchasing power.

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.

Filing Status and Federal Income Tax Rates on Taxable Income for 2023*
Tax RateMarried Filing Jointly or Qualified Widow(er)SingleHead of HouseholdMarried 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  $693,750Over  $578,125Over  $578,125Over  $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



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.