How can your HSA work for you?

The key to an HSA is that you own all contributions and earnings and you decide when to use them. Bank Midwest will provide you with background education to use these dollars to your advantage.

This calculator allows you to answer some basic personal and medical coverage questions, then shows you how the HSA can evolve into a key savings tool for you and your family.

Help us get you started by inputting some basic information.

Your Information
Age is required.

Enter your age as of 12/31 of this year.

Financial Assumptions
$
Average HSA Contribution is required.

Amount should not exceed annual contribution limit for the current year and based on HDHP coverage type.
Single: $3,500 and Family: $7,000

$
Catch-Up Contribution is required.

If the HSA owner is age 55 or older at any point during the tax year, they may contribute up to an additional $1,000 to their HSA.

%
Percent of HSA Contribution is required.

Enter a value between 0-100%.

Years
HSA Term is required.

Enter a value up to 40 years.

%
Federal Tax Rate is required.

Use Federal Income Tax Rates table below to determine your tax rate.

%
State Tax Rate is required.

Enter a value between 0-10%.

%
Rate of Return is required.

Enter a value between 0-100%.

Please fill out the form.
* Required

Default amounts are hypothetical and may not apply to your individual situation. This calculator provides approximations for informational purposes only. Actual results will be provided by your lender and will likely vary depending on your eligibility and current market rates.

HSA Growth and Tax Savings

A visual graph that displays lines of the HSA Growth and Tax Savings over the calculated time period.

HSA Growth Over Years

$197,989.81

Tax Savings Over Years

$49,123.64

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Contact us if you need assistance.

The HSA is one of the few investment options that provides a triple tax benefit.

  • Contributions to an HSA are tax-deferred reducing your income tax.
  • Earnings on the HSA continue to grow tax-deferred.
  • All contributions and earnings in HSAs become tax-exempt if used for qualified medical expenses.

Are You HSA Eligible – To be eligible for an HSA, you must satisfy four requirements

  • Covered by an HSA-eligible high deductible health plan (HDHP) on the first day of the month that the HSA is established. (see chart below)
  • Generally not covered by any additional health plan that is not an HDHP.
  • Not enrolled in Medicare.
  • Not eligible to be claimed as a dependent on someone else’s tax return.

High-deductible Health Plan Eligibility

Two key factors determine if an HDHP is HSA-eligible.

Single Coverage
Family Coverage
Minimum Annual Deductible (per year)
Single Coverage
$1,350
Family Coverage
$2,700
Maximum Out-of-Pocket Expenses (per year)
Single Coverage
$6,750
Family Coverage
$13,500

Type of Coverage – When determining HSA eligibility and allowable contribution amounts, it is important to know the type of coverage your medical insurance provides.

Single – Single coverage or self-only coverage provide coverage for the individual only.

Family – Family coverage includes any multiple person policy including, but not limited to, family, self + 1, self + child.

Catch-up contributions – HSA owners who are age 55 or older in the year they make the HSA contribution may also be eligible to contribute up $1,000 above the normal limit. Under family coverage and when a spouse is also covered and age 55 or older, they may also contribute up to an additional $1,000.

Federal Income Tax Rates

The tax savings illustrated here are based on your assumption of related income taxes. Federal income tax rates for 2019 are shown below.

Rate
For Unmarried Individuals, Taxable Income Over
For Married Individuals Filing Joint Returns, Taxable Income Over
For Heads of Households, Taxable Income Over
Rate
10%
For Unmarried Individuals, Taxable Income Over
$0
For Married Individuals Filing Joint Returns, Taxable Income Over
$0
For Heads of Households, Taxable Income Over
$0
Rate
12%
For Unmarried Individuals, Taxable Income Over
$9,700
For Married Individuals Filing Joint Returns, Taxable Income Over
$19,400
For Heads of Households, Taxable Income Over
$13,850
Rate
22%
For Unmarried Individuals, Taxable Income Over
$39,475
For Married Individuals Filing Joint Returns, Taxable Income Over
$78,950
For Heads of Households, Taxable Income Over
$52,850
Rate
24%
For Unmarried Individuals, Taxable Income Over
$84,200
For Married Individuals Filing Joint Returns, Taxable Income Over
$168,400
For Heads of Households, Taxable Income Over
$84,200
Rate
32%
For Unmarried Individuals, Taxable Income Over
$160,725
For Married Individuals Filing Joint Returns, Taxable Income Over
$321,450
For Heads of Households, Taxable Income Over
$160,700
Rate
35%
For Unmarried Individuals, Taxable Income Over
$204,100
For Married Individuals Filing Joint Returns, Taxable Income Over
$408,200
For Heads of Households, Taxable Income Over
$204,100
Rate
37%
For Unmarried Individuals, Taxable Income Over
$510,300
For Married Individuals Filing Joint Returns, Taxable Income Over
$612,350
For Heads of Households, Taxable Income Over
$510,300

State Income Tax – Not all states charge a state income tax. Use the scale above at 0% if your state does not have an income tax.

Other – This calculator is for illustration purposes only. You should always seek competent advice from financial and tax professionals before making any type of investment.