Health Savings Account
If you have a High Deductible Health Plan (HDHP), a Midcoast Health Savings Account (HSA) is a must have. Our HSA gives you flexibility and control over your healthcare expenses as it provides an account to meet your health insurance deductible so you can prepare for unforeseen health related expenses. If you are 18 years or older and have a HDHP, you can open a Health Savings Account today!
Features:
- No minimum deposit
- No minimum balance
- Fully integrated into eServices
- Visa® ATM/Debit Card
- Interest bearing account
- Tax free savings (please consult a tax professional)
- Catch Up Contributions Account (for members 55 years of age)
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.
