Health Savings Account
If you offer your employees a High Deductible Health Plan (HDHP), a Midcoast Health Savings Account [HSA] is the perfect solution to complement that benefit. Our HSA gives you and your employees flexibility and control over healthcare expenses as it provides an account to meet your health insurance deductible and prepare for unforeseen health related expenses. Open a Midcoast FCU Health Savings Account today!
Features:
- No minimum deposit
- No minimum balance
- Annual maximum contribution limit
- Catch up contribution for members over 55
- Interest bearing account
- Tax free savings (please consult a tax professional)
2023 Deductible, Out of Pocket Maximum, and Contribution Limits as set by the IRS*:
- Minimum deductible for individual coverage - $1,500
- Minimum deductible for family coverage - $3,000
- Maximum out of pocket expense for individual coverage - $7,500
- Maximum out of pocket expense for family coverage - $15,000
- Maximum contribution for individual coverage - $3,850
- Maximum contribution for family coverage - $7,750
*Determined annually by the IRS and subject to change.
