HSA Future Savings Calculator
Like a 401(k) or IRA, a health savings account (HSA) can be a smart way to save for retirement. HSA money can be invested, giving you the option to grow your savings. That money rolls over year to year so you can take your balance into retirement with you when healthcare expenses are at their peak. Use our HSA Future Value Calculator to see what your HSA will be worth when you retire.
Ways to Contribute to Your HSA
If you have a high deductible health plan, you are eligible to open an HSA. You can make automatic contributions from every paycheck or as a lump sum—up to $3,550 for individuals and $7,100 for families per year. If your HSA is employer-sponsored, your employer can also make contributions to your HSA.
Next Steps
Fifth Third can help you open an HSA to start saving and paying for current and future healthcare costs. Learn more about our Health Savings Accounts. Questions? Call us at 1-866-350-5353.
Additional Resources
Get the Most from Your HSA
Every dollar you contribute to an HSA and spend on eligible health and medical expenses is pre-tax, meaning you can essentially pay your medical bills with pre-tax money. Those are significant savings, no matter what tax bracket you're in.
The HSA Another Retirement Savings Tool
Heath savings accounts (HSA) are a versatile savings vehicle, including being able to be used for additional retirement savings.
Benefits of a Health Savings Account
Investing in a savings account has many benefits. Major life events, such as paying for college tuition or retirement, are probably at the top of your list of reasons to save. Due to the rising costs and uncertainty of health-care, you may want to think about opening a Health Savings Account.