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 reduce your expenditures or increase your allowable deductible.
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. In 2013, for a HDHP, the minimum deductible amount is $1,250 for self-only coverage and $2,500 for family coverage. A HDHP must also have a maximum out-of-pocket expense per year. For 2013, this maximum is $6,250 for self only coverage and $12,500 for family coverage. This maximum does not include the cost of the insurance premiums.
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
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 funds and/or investment companies may charge.
|Filing Status and Income Tax Rates 2013*|
|Tax Rate||Married Filing Jointly or Qualified Widow(er)||Single||Head of Household||Married Filing Separately|
|10%||$0 - $17,850||$0 - $8,925||$0 - $12,750||$0 - $8,925|
|15%||$17,850 - $72,500||$8,925 - $36,250||$12,750 - $48,600||$8,925 - $36,250|
|25%||$72,500 - $146,400||$36,250 - $87,850||$48,600 - $125,450||$36,250 - $73,200|
|28%||$146,400 - $223,050||$87,850 - $183,250||$125,450 - $203,150||$73,200 - $111,525|
|33%||$223,050 - $398,350||$183,250 - $398,350||$203,150 - $398,350||$111,525 - $199,175|
|35%||$398,350 - $450,000||$398,350 - $400,000||$398,350 - $425,000||$199,175 - $225,000|
|39.6%||over $450,000||over $400,000||over $425,000||over $225,000|
*Caution: Do not use these tax rate schedules to figure 2012 taxes. Use only to figure 2013 estimates. Source: 2013 preliminary tax brackets subject to correction http://www.irs.gov
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