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Health Savings Account (HSA) Calculator
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This calculator is designed to illustrate the total after-tax benefit of switching
to a high deductible health plan to qualify a doctor for a Health Savings
Account (HSA) compared to a doctor's current medical insurance plan. Please note the calculator does not take
into consideration the additional benefit of the tax-free compound growth of
the investments made in the HSA. (2016
HSA contribution limits are being used.)
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Input Variables: |
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Annual Health Insurance Premiums Paid under Current Plan |
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Annual Health Insurance Premiums for New High Deductible Health Plan |
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Will the new High Deductible Health Plan be a family plan or individual plan? |
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Will you be age 55 or older on December 31st of the current year? |
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Will your spouse be age 55 or older on December 31st of the current year? |
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Expected Annual Increase in Out of Pocket Medical Costs under New Plan |
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Current Marginal Tax Rate (Federal and State) |
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Results: |
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A. Calculation of Premium Savings |
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Health Insurance Premium Savings (Current vs. High Deductible Plan) |
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Value of Tax Deduction (Based on Marginal Tax Rate) |
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Net After Tax Savings |
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B. Calculation of Health Savings Account Contribution Tax Savings |
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Maximum Health Savings Account Contribution |
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Value of Tax Deduction (Based on Marginal Tax Rate) |
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C. Net Benefit Received |
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Total After Tax Savings |
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Less: Expected Increase in Out of Pocket Medical Costs under New Plan |
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Total Annual After Tax Benefit |
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