Learn About Health Savings Accounts

  • Do your clients want healthcare coverage plus a way to invest for their financial future?

    Our qualified high deductible health plans with an HSA offers your clients great basic coverage and a chance to save money and invest it for future healthcare expenses. Helping people choose an HSA health plan also allows your clients to reduce their taxable income. We make it easy to enroll in and to manage both the health plan and the savings account.

    HSAs offer a triple tax advantage:

    1. Contributions are 100% tax deductible
    2. Funds withdrawn to pay for qualified medical expenses are not taxed
    3. Interest earnings accumulate tax-deferred and are tax free when used to pay qualified medical expenses

    You also enjoy:

    • Monthly rates that are lower because of higher plan annual deductibles
    • Accrued interest over time on unused funds
    • The opportunity to invest funds in a variety of mutual funds—with no transaction fees
    • HSA funds are owned by your client, meaning they can keep them if they change to another health plan
    • HSA funds can be used without penalty for nonmedical expenses if you are 65 or older or if you become permanently disabled (You will still owe tax on the funds you withdraw)

    How an HSA with a qualified high-deductible health plan works

    • Pays 100% for covered preventive care and certain preventive prescription drugs from day one
    • Your clients pay—either out of pocket or with their HSA funds—all medical and pharmacy expenses until they meet their annual deductible. Then the plan pays 100% of expenses for the rest of the year
    • Funds not spent from the HSA continue to accrue interest

    Member resources available:

  • Integrated banking

    We offer integrated banking through UMB Bank n.a., a member of the FDIC. Founded in 1913 and an industry leader in financial healthcare accounts since 1997, UMB Bank is one of the largest independent banks in America. Your account offers:

    • No monthly service fees
    • A healthcare payment (debit) card
    • 24/7 online access, giving you the added convenience to track and manage your qualified healthcare expenses
    • You can also use other qualified banks, such as HSA Bank™

    Once your clients meet the minimum balance they can invest in mutual fund families that include more than 100 options with no loads and no transaction fees. This means when they choose a mutual fund, they will not pay a fee to invest in the fund nor will they pay a fee when they buy or sell a fund. And your clients can save their HSA funds for certain future healthcare expenses.

    Is your client eligible for an HSA?

    • Before an HSA an can be opened, your client must be covered by a qualified high deductible health plan
    • Your client must also be able to answer “No” to these questions:
      • Are you covered by another health plan?
      • Are you enrolled in Medicare?
      • Are you another person’s dependent?