Health Savings Account

Health Savings Accounts (HSAs) are tax-friendly savings accounts that allow you to build a fund for future medical expenses that insurance may not cover. The best part is, the health savings account is all yours and any unused funds may be used to get the advantage of tax-breaks and increased savings because any money accumulated in your account can be used to cover expensive qualified medical expenses (such as a deductible on your health plan).

If you are under 65 and covered by a qualified High Deductible Health Plan (HDHP) and not another health insurance carrier of Medicare or claimed as a dependent by another person, you may be eligible to open a health savings account with Lincoln Maine Federal Credit Union. Sign up today and start saving!

Benefits include:

  • Tax-deductible Contributions
  • Tax-free Withdrawals
  • Account Portability
  • Flexible Contribution Schedule
  • Overall Savings
Effective APY Rate Tier
HSA & Coverdell ESA 7/1/22 1.15 1.143 $100-$1,500
1.25 1.242 $1,501-$5,000
1.35 1.341 $5,001-$10,000
1.50 1.489 over $10,000