HSA Contribution Calculator
Estimate your maximum HSA contribution and the tax savings from funding it.
How much can I contribute to an HSA?
A Health Savings Account (HSA) is available to people enrolled in a qualifying high-deductible health plan (HDHP), and the IRS sets an annual contribution limit that's typically adjusted each year for inflation. As a general planning guide, self-only coverage allows roughly $4,150 per year and family coverage allows roughly $8,300 per year, with an additional $1,000 "catch-up" contribution allowed if you're 55 or older. These figures are illustrative and change annually, so always confirm the current-year limit directly with the IRS or your HSA administrator before contributing, since exceeding the limit can trigger a 6% excise tax on the excess amount.
Why does an HSA save you money on taxes?
HSA contributions are triple tax-advantaged: money goes in pre-tax (or is deductible if contributed after-tax), it grows tax-free, and withdrawals for qualified medical expenses are also tax-free. This calculator estimates your tax savings by multiplying your actual contribution — capped at the maximum allowed for your coverage type and age — by your marginal tax rate, giving you a quick sense of how much you keep out of the taxman's hands simply by funding the account.
What happens if I contribute more than the limit?
Unlike some other tax-advantaged accounts, HSA funds roll over year to year and are never lost, but contributing above the IRS limit creates an "excess contribution" that is subject to a 6% excise tax for every year it remains in the account unless it's withdrawn before the tax filing deadline. This tool flags any amount over your calculated limit so you can adjust your contribution before running into that penalty. As always, this is a planning estimate — consult a tax advisor or your plan administrator to confirm the exact current-year figures that apply to you.
Frequently Asked Questions
What is the HSA contribution limit?
As a general planning guide, self-only coverage allows roughly $4,150 per year and family coverage allows roughly $8,300 per year, plus a $1,000 catch-up if you're 55 or older. These are illustrative figures that the IRS adjusts annually, so check the current-year limit before contributing.
Do I need a high-deductible health plan to have an HSA?
Yes, you must be enrolled in a qualifying high-deductible health plan (HDHP) and have no other disqualifying health coverage to be eligible to contribute to an HSA.
Does unused HSA money roll over?
Yes. Unlike a Flexible Spending Account (FSA), HSA funds never expire and roll over year after year, even if you change jobs or health plans, making it a genuine long-term savings vehicle.
What happens if I contribute more than the HSA limit?
Excess contributions are subject to a 6% excise tax for each year they remain in the account, unless you withdraw the excess amount (plus any earnings on it) before your tax filing deadline.
Are HSA contributions tax-deductible?
Yes. Contributions made outside of payroll are generally tax-deductible, and contributions made through payroll deduction are typically already pre-tax, reducing your taxable income either way.
Can I use HSA funds for non-medical expenses?
You can, but withdrawals for non-qualified expenses before age 65 are subject to ordinary income tax plus a 20% penalty. After age 65, non-medical withdrawals are taxed as ordinary income but no longer penalized.
Is an HSA better than an FSA?
It depends on your health plan and goals. HSAs offer more flexibility since funds roll over and can even be invested for growth, while FSAs are generally "use it or lose it" each year but don't require a high-deductible health plan.
How accurate is this HSA calculator?
It provides a planning estimate using illustrative, commonly-cited IRS limits and your entered tax rate. Actual limits change annually and your real tax savings depend on your full tax situation, so confirm current figures with a tax professional or the IRS.