Is UMB, as custodian, responsible for determining whether HSA distributions are used for medical expenses?

HSA custodians, including UMB, have no responsibility for determining whether distributions from an individual’s HSA are used for qualified medical expenses. It is the accountholder’s sole responsibility to determine the tax consequences of any distributions, for maintaining itemized receipts and insurance EOBs for tax purposes, and for paying any taxes and penalties arising as a result of any such distribution. All accountholders are encouraged to consult with their legal or tax adviser concerning any questions they may have.

Introducing UMB HSA Saver

UMB HSA Saver is a unique investment platform designed with ease in mind. Account holders can easily research, buy and sell funds with a couple clicks.

How to Use ReceiptVault

Easily track and manage your healthcare receipts using ReceiptVault.

HSA FAQ Resource

Find answers to your most common HSA questions in our comprehensive HSA FAQs section.