Glossary

Glossary - O

Open Date

In regard to Health Savings Accounts (HSAs), the original date the HSA opened at the custodian.

Open Enrollment Period

An employer’s enrollment period when employees may enroll or re-enroll for their medical benefits without evidence of insurability or waiting periods.

Out-of-Pocket Expense

The dollar portion of healthcare expenses that is covered by an individual and not through their insurance plan.

Out-of-Pocket Maximum

The maximum dollar amount individuals have to pay for healthcare services covered under their insurance plan per calendar year.

Over-the-Counter (OTC) Drug

A medicine that does not require a prescription to purchase.

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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