Health Savings Accounts (HSA)


Maine Family Federal Credit Union puts your health dollars to work for you.


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 account is all yours and any unused funds may be used to supplement your retirement savings. HSA contributions are made with pre-tax money, which means all contributions are tax-deductible.* Any interest earned on your account is tax-free. Contributions may be made by you, your employer, or members of your family. HSAs have a flexible contribution schedule allowing for lump sum contribution or periodic payments at any time and funds may be rolled over each year.

Anyone who is covered by a qualified High Deductible Health Plan (HDHP) and not another health insurance carrier or Medicare may be eligible to open an HSA.

The benefits of having an HSA include saving money through lower premiums and tax breaks; no minimum balance is required; money deposited into your account may be used to pay the deductible or other out-of-pocket medical expenses; spouses can inherit the account without any tax consequences; and you can keep your account even if you change jobs, plans or retire.

You may use your HSA immediately or keep it for the future. Generally, access is allowed by debit card, check, or withdrawal request. For more information, including a complete list of IRS-allowable qualified medical expenses, please visit the “Forms and Publications” page on the IRS website at; or call 1-800-829-3676 and request a copy of IRS Publication 502. Exceptions may apply for some insurance premiums that cannot be paid for by HSA funds even though they are listed in the IRS Publication 502. Over-the-counter medications are not listed, but are included under allowable qualified medical expenses for HSAs.

The great news is it is easy to apply! Just stop by one of our branches and speak to one of our HSA Specialists. No need to bring in any special forms. We will walk you through the process.

*See your tax adviser for specific details.


Health Savings Account Rates

Account TypeDividend RateAPY*Min. Opening Deposit**
Health Savings Accounts1.98%2.00%$0

Effective 03/01/2023
*Annual Percentage Yield
**Minimum Opening balance / Minimum required balance to earn APY
Rates subject to change after account opening at any time without notice.