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HSA Contribution Calculator
Use this tool to calculate your Maximum HSA Contribution. The HSA
Contribution Calculator is meant as a reference tool only. HSA Bank is not
liable for excess contributions as a result of the calculations below.
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| Step 1
What type of coverage do you have?
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| Step 2
What is the total number of whole months your High Deductible Health Plan will
be in place during 2008?
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| Step 3 Are you over the age of 55 and
eligible for catch-up contributions?
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| Step 3-2
Is your spouse over the age of 55 and eligible for catch-up contributions?
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| Additional Catch-up
Contributions: If you or your spouse is age 55 or older and not
enrolled in Medicare, there is an additional catch-up contribution of $900 for
2008. If you turn 55 at any point during the year, you are eligible for
that year. If both you and your spouse are eligible for catch-up contributions,
you must each establish an HSA in order to contribute both catch-up
contributions. Please consult a competent tax advisor.
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| Step 4
Calculate your maximum allowable contribution.
If your contributions combined with GEHA contributions exceed this amount,
you may be required to pay tax on the over-contribution and may be liable for a
tax penalty. This amount includes the GEHA's premium pass-through contributions
provided by GEHA. If you are enrolled in a GEHA program,
please go to Step 5 to determine the maximum amount you can contribute to your HSA without incurring tax penalties.
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Step 5
In 2008, GEHA contributes $720 for a Self-only policy or $1,440 for
a Self and Family policy for enrolling in GEHA Health Savings Advantage HDHP.
Use this step to determine how much you can contribute to your HSA after GEHA
contributions for the year.
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