Glossary

Glossary - T

TRICARE

A Department of Defense, regionally managed, healthcare program for active duty and retired members of the uniformed services and their families that combines military healthcare resources and networks of civilian healthcare professionals. Formerly known as CHAMPUS (the Civilian Health and Medical Program of the United States).

Tax-Free Contributions

When an individual participates in a payroll deduction program through her employer, deductions may be taken from payroll before calculating the enrollee’s taxable federal income, Social Security, FICA and for most states, taxable state income. By taking deductions pre-tax, the individual reduces the dollars on which they are taxed, and, as a result, reduces her total tax bill.

Terms and Conditions

As a Health Savings Account (HSA) custodian, UMB Bank must provide certain documents to all accountholders. These documents include: Custodial and Deposit Agreement, Privacy Notice, Interest Rate Schedule, and Fee Schedule.

Testing Period

The Testing Period states that if you use the Last Month Rule, you must remain an eligible individual (covered by HDHP) for the next 12 months. If you fail to remain an eligible individual (if you change insurance plans to non HSA-qualified plan, lose coverage or receive disqualifying coverage) during that time, any “excess” contributions you made as a result of using the Last Month Rule will be taxed and penalized.

Third Party Administrator (TPA)

An entity that provides the administration services of employee benefits such as claims processing and administration for self-insured groups or companies.

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.