How does an individual get their money out of their HSA to pay for qualified medical expenses?
UMB offers three convenient ways to spend the money in an HSA:
- UMB HSA debit card: For expenses, such as prescriptions and over-the-counter items, an individual no longer has to use cash, checks or credit cards, or wait to be reimbursed for out-of-pocket expenses. Instead, they simply pull out their UMB HSA debit card, pay—and go. Their total purchase on the card is deducted from their HSA.
- HSA Online Bill Pay: For other types of expenses, such as doctor’s visits or hospitalization, the individual may need to pay their portion of the medical bill after they receive the Explanation of Benefits from their insurance provider. In these instances, they may pay with their UMB HSA debit card or HSA Bill Pay. With Bill Pay, UMB will send a check directly to the provider from the individual’s HSA.
- HSA Online Reimbursement: When an individual must use cash or another form of payment, such as a personal credit card to pay for qualified expenses, they can easily reimburse themselves by using UMB’s online banking feature, “Request a Reimbursement”. Based on their direction, UMB will transfer funds from their HSA to their checking/savings account. If an individual does not have enough money in their account to pay for the entire amount of an expense (e.g., if they just opened the account or the company hasn’t made its full contribution yet), they can pay for a portion of that expense with their account and cover the rest with personal funds. Once the HSA funds build and are available in the account, they can reimburse themselves from the HSA.