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.
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.
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. |
