Glossary

Glossary - B

"Below the Line" Deduction

An itemized personal income tax deduction. – For example:

Gross Income (sum of all your sources of income)

--Above the line deductions

=Adjusted Gross Income “The Line”

--Standard Deduction or Itemized Deductions (below the line)

--Exemptions

=Taxable Income

Beneficiary

For a Health Savings Account (HSA), individuals may select an individual (or individuals) as their beneficiary to inherit any HSA funds that remain in their account after death. (See Beneficiary Designation Form and/or Change of Beneficiary)

Beneficiary Designation Form

This form is used to designate a primary and secondary beneficiary for the Health Savings Account (HSA). For your UMB HSA, your estate is the default beneficiary, but may be changed by completing the Beneficiary Designation Form

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

HSAs are available to help pay for current qualified medical expenses as well as to save for future expenses, all in a tax-exempt account.

Take the guesswork out of HSA administration

The UMB HSA empowers you and your clients with robust analytics, reporting tools and the communication support you'd expect from a top 10 HSA custodian.

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