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| HSA Math | | You may be surprised to see the annual savings of an HSA over traditional Health Insurance models and the cumulative savings that could leave you with hundreds of thousands of dollars over a lifetime of investing in the health of you and your family. | | | Comparing Current Health Insurance Costs
to Current Health Savings Accounts | | $755.67: | Average monthly premium for average 2003 Family Health Insurance | | $9,068: | Annual 2003 Cost of Family Health Insurance in the U.S. according to the Kaiser Foundation |
| | Family Medical Savings Account Offered in Florida | | $234: | Monthly Premium for a $5,150 Deductible HSA Family Health Insurance Policy (40 to 49 yr. old primary insured) | | $2,808: | Annual Premium for a $5,150 Deductible Family Health Insurance Policy | | $5,150: | $5,150: Goes in your pocket, into your Health Savings Account (instead of paying the insurance company for higher premiums, you keep this money for you and your family) | | $7,958: | Total cost of Premium and 100% Funded HSA |
| | Compare Costs: | | $9,068: | Annual 2003 Cost of Family Health Insurance in the U.S. according to the Kaiser Foundation | | $7,958: | Total cost of Premium and 100% Funded HSA | | | | | $1,100 | Savings a Year with a Fully Funded HSA |
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| | | Possible Build-Up of Savings For Families With An HSA
Under Different Time and Medical Expense Scenarios | | Account Balance After X Years | Age of Head
of Household Starting at 30 | Health Savings Account Balances(Assumes
a $4,000 Deductible and Deposit Each Yr.) | After Family Medical Expenses
of $1,000
Each Yr | After Family Medical Expenses of $500 Each Yr | Zero Family Medical Expenses | | 5 Years | 35 | $17,406 | $20,307 | $23,208 | | 10 Years | 40 | $39,620 | $46,224 | $52,827 | | 15 Years | 45 | $67,972 | $79,301 | $90,630 | | 20 Years | 50 | $104,158 | $121,517 | $138,877 | | 25 Years | 55 | $150,340 | $175,397 | $200,454 | | 30 Years | 60 | $209,282 | $244,163 | $279,043 | | 35 Years | 65 | $284,509 | $331,927 | $379,345 | | Assumes 5% interest per year, and 100% of a $4,000 deductible is deposited each year. One Medical Savings Account insurer has paid 5% interest on balances in their Medical Savings Accounts since January 1, 1997, and has not changed their interest rate since 1/1/97. Source: The HSA Coalition |
| | | | If you withdraw all or any protion of the accumulated savings to pay for an eligible health insurance program including retirement health insurance or a Long Term Care policy for you and your spouse, the funds will remain tax exempt. | | | Possible Build-Up of Savings For Individuals With An HSA
Under Different Time and Medical Expense Scenarios | | Account Balance After X Years | Age of Head
of Household Starting at 25 | Health Savings Account Balances(Assumes
a $2,000 Deductible and Deposit Each Yr.) | After Family Medical Expenses
of $1,000
Each Yr | After Family Medical Expenses of $500 Each Yr | Zero Family Medical Expenses | | 5 Years | 30 | $5,802 | $8,703 | $11,604 | | 10 Years | 35 | $13,207 | $19,810 | $26,414 | | 15 Years | 40 | $22,657 | $33,986 | $45,315 | | 20 Years | 45 | $34,719 | $52,079 | $69,439 | | 25 Years | 50 | $50,113 | $75,170 | $100,227 | | 30 Years | 55 | $69,761 | $104,641 | $139,522 | | 35 Years | 60 | $94,836 | $142,254 | $189,673 | | 40 Years | 65 | $126,840 | $190,260 | $253,680 | | Assumes 5% interest per year, and 100% of a $4,000 deductible is deposited each year. One Medical Savings Account insurer has paid 5% interest on balances in their Medical Savings Accounts since January 1, 1997, and has not changed their interest rate since 1/1/97. Source: The HSA Coalition |
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