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      Health Savings Account (HSA) Calculator
     
     
    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.)
    Input Variables:
    Annual Health Insurance Premiums Paid under Current Plan
    Annual Health Insurance Premiums for New High Deductible Health Plan
    Will the new High Deductible Health Plan be a family plan or individual plan?
    Will you be age 55 or older on December 31st of the current year?
    Will your spouse be age 55 or older on December 31st of the current year?
    Expected Annual Increase in Out of Pocket Medical Costs under New Plan
    Current Marginal Tax Rate (Federal and State)
    Results:
    A. Calculation of Premium Savings    
    Health Insurance Premium Savings (Current vs. High Deductible Plan)
    Value of Tax Deduction (Based on Marginal Tax Rate)
    Net After Tax Savings
    B. Calculation of Health Savings Account Contribution Tax Savings  
         
      Maximum Health Savings Account Contribution
         
      Value of Tax Deduction (Based on Marginal Tax Rate)
         
    C. Net Benefit Received    
    Total After Tax Savings
    Less: Expected Increase in Out of Pocket Medical Costs under New Plan
      Total Annual After Tax Benefit