Cost
Comparison Calculator
Calculates
the comparison of an Individual High Deductible HSA Health Care
plan to prior year Healthcare Plans*
As
a result of numerous visitor requests, www.hsafinder.com
has constructed a cost calculator which helps individuals to APPROXIMATELY
compare the total cost of their current insurance plan against
a high-deductible, HSA compatible plan. When you subtract item 16 from item 8, you will have
your savings by adopting an HSA.
Often, current
medical plan costs are much greater than the individual believes,
when all co-pay commitments are added. The Cost Comparison
Calculator asks a visitor to provide all this information
and then compares this with an HSA-eligible insurance program.
The visitor can determine the level of deductibility up to 10,000.
A formula is then applied based on the state the individual lives
in and other factors and includes a specified percentage for tax
savings.
Taken together,
these calculations provide visitors with an APPROXIMATE LEVEL
of cost for an HSA-compatible plan for a 12 month period. (Remember,
tax savings are allowed in proportion to the number of months
the plan is opened during a calendar year. A plan opened July
1, is only eligible for half of the tax savings.)
* This calculator is designed to aid in the analysis
of individual healthcare insurance plans and is not a solicitation
to sell or provide insurance advice.
Please fill out the questions in black. Questions in red
are calculated automatically. |
| Actual
Medical Cost |
HSA
Account |
| 1. Total dollars
deducted (spent) in health insurance premiums, previous year. (Monthly
premium times 12) |
$
|
9. Please enter your zip
code |
|
| 2. Deductible
for previous year |
$
|
10. If you
reside in HI, NY, NJ , CT or MA please check here |
|
| 3. Co-pay
(average) |
$
|
11. Month HSA opened |
|
| 4. Co-pay
of prescriptions (average) |
$
|
12. Choose
the deductible you want to have |
$
|
| 5. Estimated
total number of visits with co-pay requirements previous year |
|
13. Projected monthly premium |
$
|
| 6. Estimated
total prescriptions filled |
|
14. 12-Month projected premium cost |
$
|
| 7. Emergency
room or other expenses (estimated) with added charges |
$
|
15. Total HSA cost (12-month premium plus desired deductable from
question 12) |
$
|
|
8. Total cost of medical insurance last year |
$
|
16. Less your
income tax effective rate (please choose) |
|
|
$
|
|
The Cost Comparison Calculator allows the individual visitor
to add up last year's healthcare costs, factor in deductible expenses
as well as all co-pay payments to arrive at a total yearly cost
for their healthcare insurance.
When you subtract item 16 from item 8, you will have your savings by adopting an
HSA.
Often, this
figure is greater than the individual believes, when all co-pay
commitments are factored into the costs. The Cost Comparison
Calculator then plugs in what an HSA-eligible insurance program
would require, including the specified deductible, adds in a specified
tax savings percentage and provides a comparison figure. Most
HSA-eligible plans do not require co-pays, once the deductible
has been met. Projected HSA costs are also adjusted by state based
on a mathematically deduced formula. |
