Estimate how much a Lively HSA could save you on taxes and premiums.
Choose the insurance coverage type for your HSA-eligible health plan. Select Individual if your health plan covers only or select Family if your health plan covers you and at least one other person.
Choose the option that most closely represents your tax filing status. We'll use this to calculate your average tax rate.
The state where you file your tax return. We'll use this to calculate your average tax rate.
Your age today. We'll use this to calculate how many years you have until retirement.
The age at which you wish to retire or stop contributing to your HSA. We'll use this to calculate how many years you plan on contributing to your HSA.
Enter your annual income. We'll use this to calculate your average tax rate.
The amount of money you currently have in an HSA. You can leave this blank if you don't currently have an HSA.
The amount of money you plan to contribute per year to your HSA. Include personal and employer contributions. Not sure how much you can contribute? Find out here
The approximate amount you expect to spend on qualified medical expenses each year.
The annual rate of return you expect to receive on your HSA funds from interest and the performance of your investments. If you are unsure, use the default value of 3%
Calculator Form Field Definitions
- Retirement Age
Everyone’s retirement age is different. This age could be the year you start receiving Medicare benefits. For HSA specifics, this could be the year you begin withdrawing funds from your HSA after you turn 65.
- Annual Income
The amount of income you earn the year you open your HSA. We use this to estimate your average tax rate and project the tax savings from your HSA contributions.
- Current HSA Balance
The amount you already have in your health savings account the first month after you open it.
- Annual HSA Contributions
The estimated total amount you expect to contribute to your HSA each year.
- Annual HSA Expenses
The estimated amount you'll pay each year from your HSA for qualified medical and healthcare costs.
- Rate of Return
The rate of return you expect to receive on unused funds which rollover from year to year in your HSA. This value is dependent on your plan to invest your HSA funds, and your risk tolerance will change based on market conditions.
- Projected HSA Balance
The estimated amount of funds that you will have in your health savings account at your retirement age from making contributions and investing your funds.
- Projected Tax Savings
The estimated amount you will save on Federal and State (if applicable) taxes by making contributions to your HSA. Learn more about tax savings.
- Cumulative Net Deposits
The total contributions you will have made minus expenditures for qualified medical and healthcare costs by the year you may retire.
- Cumulative Asset Growth
The estimated amount that your HSA contributions will grow based on your target rate of return and the estimated year you may retire.
Frequently Asked HSA Questions
- What is an HSA?
A health savings account (HSA) allows you to save tax-advantaged money (pre-tax for contributions made from paychecks, tax deductions for direct contributions) to be spent on qualified medical expenses. Those can include most medical, dental and pharmacy bills, co-payments and coinsurance. The most common way to access these funds is with an HSA debit card.
You can also reimburse yourself from the account for your own medical expenses paid out-of-pocket (expense requirements are quite liberal). This means you're spending "tax-free" money for most medical costs, creating enormous potential tax savings when utilizing an HSA.
- Who is eligible to open an HSA?
Your health insurance must be classified as an HSA-eligible High Deductible Health Plan (HDHP). This insurance coverage type charges lower-than-normal premium payments, but the minimum HDHP deductible amount is high and changes annually.
In 2021, the minimum deductible is at least $1,400 for an individual and $2,800 for a family plan.
You can't contribute to an HSA once you start receiving Medicare Part A benefits.
- What designates a qualifying High Deductible Health Plan?
A High-Deductible Health Plan (HDHP) is a health insurance plan traditionally defined by lower premiums and higher deductibles. For a health plan to be considered a qualifying, high-deductible health plan, or HSA-eligible, it must meet the IRS's annual minimum deductible and out-of-pocket maximum set annually. These two amounts are indexed annually for inflation.
The health insurance plan must also be designed so that the individual or family (two or more individuals) pay the cost of healthcare up to the deductible before any insurance kicks in (preventative care excluded from this definition).
- How much can I contribute to an HSA?
The maximum contribution limits for 2021 are $3,600 for individuals and $7,200 for families. If you are 55 or older, you can contribute an additional $1,000 catch-up contribution.
You can read more about contribution limits in our HSA Guide.
- How can I open an HSA?
Opening or transferring your HSA to Lively is easy and you won’t be surprised by hidden fees. You can sign up here.
If your employer offers an HSA as an employee benefit, you can open one through them. Since each HSA is owned by an individual, you can open an account through any provider, at any time. You don’t have to wait until open enrollment.
Get the most out of your HSA
Lively helps your healthcare dollars go further. Open your free Lively HSA and start saving.
