Glossary - R
Redeposit (into an HSA)When Health Savings Account (HSA) funds are unknowingly used for a non-qualified expense, the HSA accountholder can "redeposit" those funds into the HSA once they have determined the funds were misused. The redeposit does not count against the annual HSA contribution limit.
RenewalContinuation of healthcare coverage beyond its original term.
Retirement HRASpending account that only provides reimbursement after an employee retires. Retirement HRAs may be combined with HSAs depending on plan design.
Rollover ContributionsThe ability to withdraw a portion or all of the funds from one HSA or Archer Medical Savings Account (MSA) and roll them to an HSA with another custodian or trustee. However, there is a requirement to roll the funds into a new HSA within 60 calendar days of receipt of the funds. Additionally, only one roll over contribution is allowed during any 12-month period. The 12-month period begins on the date of receipt of the distribution, not the date the funds are rolled into another HSA. In addition, it is possible to transfer the Archer MSA or HSA funds directly from one HSA custodian or trustee to another without ever having direct control or custody of the funds. Roll over and transfer contributions are not deductible and do not count against the annual contribution limits (Note: IRA rollovers do count against the annual contribution limits, see IRA Rollover to Health Savings Account (HSA) for more details).
Rollover Transfer FormForm used to transfer or roll over existing funds from an IRA, HRA or FSA to a UMB HSA.
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.