HSA Employer Calculator
HSAPlanFinder.com’s goal is to make sure you save every dollar you can. With our easy to use Savings Calculator we will show you exactly how much money you can save with an HSA!
Definitions
- Number of single employees
This is the number of single employees you have that would participate in the High Deductible Health Plan (HDHP) and Health Savings Accounts (HSA).
Number of married employees
This is the number of married employees you have that would participate in the High Deductible Health Plan (HDHP) and Health Savings Accounts (HSA).
HDHP Deductible amount
Enter your deductible for your High Deductible Health Plan (HDHP) single person coverage and for married couple coverage.
HDHP Premium amount
This is the monthly premium you pay, per employee, for your High Deductible Health Plan (HDHP). Enter for both single person coverage and for married couple coverage.
Average employer Contribution
Enter the percent of the employee’s deductible that the employee will be contributing to their Health Savings Account (HSA).
Average employee contribution
Enter the percent of the employee’s deductible that the employer will be contributing to their Health Savings Account (HSA).
State unemployment and FUTA tax rate
Enter your state unemployment tax rate. We assume that the state unemployment tax applies to all income earned and is a flat percentage. State unemployment taxes are not collected on any health insurance premiums paid by the employer or contributions to an HSA as long as those contributions are paid on a pre-income tax basis from an employees paycheck. To allow your employees to make pre-income tax contributions you will need a “salary reduction” plan (also known as a “Section 125 plan” or “cafeteria plan”).
This calculator assumes that all employees earn enough that the FUTA tax benefit does not impact our calculation. This would assume that all employees earn more the $7,000 plus the cost of the HDHP premium plus the total contribution to the HSA made by the employee.
FICA and Medicare tax payments
FICA and Medicare are not collected on any health insurance premiums paid by the employer or contributions to an HSA as long as those contributions are paid on a pre-income tax bases from an employee’s paycheck. To allow your employees to make pre-income tax contributions you will need a “salary reduction” plan (also known as a “Section 125 plan” or “cafeteria plan”). This calculator assumes that all employees are under the maximum FICA tax payment limits. As of 2011, FICA OASDI would not be collected on income over $106,800 earned by an individual employee. If their income exceeded $106,800 the FICA tax savings would be limited or zero. Since Medicare tax payments have no income limit, this assumption would not affect tax savings Medicare.
Income tax rate for business expenses
Enter your marginal income tax rate for your business. You are able to deduct the cost of any health insurance premiums and employer contributions from your business income taxes. We use your marginal income tax rate to calculate the total income tax savings produced by these deductions to your taxable income.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues