It's open enrollment time and I was thinking about switching from my normal health care plan to a high deductible one, but I had a couple questions which are at the bottom of my post. Thanks.
Married - 1 kid. Wife is SAHM.
Salary - 96.5k
401k - Contributing 20%
Insurance =
Currently paying $528.60/mo pre-tax
If I do HDHP and HSA the cost would be $291.40/mo plus $554.16/mo for HSA.
Total would be $845.56
$96500 - 18000 (401k) =
$78500
HDHP = 845.56/mo = 10,145.72/year
78500-10145 =
68355
This would be in the 15% federal tax bracket, I believe.
68355 (.85) =
58101.75
Georgia Tax = For earnings over $10,000.00, you'll pay 6.00% plus $340.00
So 58101.75 @ 6% = 3486.06+340 =
$3826.11
58101 - 3526 =
$54,575
I'm paid twice a month, so 24 pay periods
54575/24 =
$2273.96 per check after taxes.
Questions -
1. Math whizs, did I do all that correctly? No embarrassment or shame if I am wrong.
2. Does doing the HDHP and HSA seem to work for people in a similar life situation, 1 worker, 1 SAHM, 1 baby (maybe a 2nd later)?
3. Always open to advice and face punches.
Thank you everyone for your help in advance! :)