UMB provides several options for making one-time or recurring contributions to your employees’ HSAs.

• Automated Contribution Tool
  Transfer funds via ACH directly to UMB through the secure HSA employer web portal in just a few minutes. Simply upload a spreadsheet, edit a previous batch, or type contribution amounts directly into the portal. The portal maps your employees’ Social Security numbers directly to their UMB HSA account numbers. Best of all, you can run the contribution tool as often as you like! Contributions are credited the same day as long as you complete by 5:00 CST. The portal also provides daily and monthly management reports for no additional cost.
• Direct Account Funding
  Transfer money directly to the individual HSAs via wire or ACH.

In order to make a tax-deductible or pre-tax contribution to a Health Savings Account (HSA), the employee must meet the eligibility guidelines published by the U.S. Treasury Department. View eligibility requirements.

The maximum amount that may be contributed to an HSA cannot exceed the maximum contribution levels published annually by the U.S. Treasury Department. These maximum contribution levels are based on whether the employee has single or family high-deductible health plan (HDHP) coverage. The same annual contribution limit applies regardless of whether the contributions are made by the individual, the employer, a family member, a friend or any combination. View this table for more information about maximum contribution limits for married couples.

Employees who are age 55 or older may also make a catch-up contribution. Catch-up contributions cannot exceed the annual catch-up contribution limit published each year by the U.S. Treasury Department.

For any calendar year that employees do not meet all the eligibility requirements on December 1, they may only contribute a maximum of the pro-rated amount, based on the months they were eligible in that year. If they meet the eligibility requirements on December 1 of any year, they may contribute the calendar year maximum for that year. However, if they contribute more than the pro-rated amount for the months they were eligible, the IRS requires that they continue to meet the eligibility rules during a testing period. That testing period is the entire following calendar for any effective date other than January 1. If they do not remain eligible to make contributions through December 31 of the following year, their contributions for months they were not eligible in the prior year should be included in gross income on the individual income tax return and subject to income taxes and an additional 10 percent excise tax.

If employee and spouse both meet the eligibility rules, each could make contributions to their own HSA. The annual maximum contribution must be split between the two HSAs, based on an agreement between both. Please note that in order to be eligible for the catch-up contribution, both must contribute to their own HSA. Please see the table for the maximum contribution limits for married couples.

Total contributions for the year can be made in one or more payments at any time up to the tax-filing deadline, without extensions. (This is generally April 15.) However, if the individual wishes to have a contribution made between January 1 and April 15 treated as a contribution for the preceding taxable year, the individual must take one of these steps to notify UMB, so that UMB can report it correctly to the IRS:

1. Check the box “Prior Year” on the contribution form.
2. Let the employer know that they would like payroll deduction applied to the prior year.
3. Provide written notification to UMB requesting that a contribution be applied to the prior year.

In the absence of one of these three steps, all contributions from January 1 through April 15 will be treated as contributions for the current taxable year.

Contributions are only accepted in the form of cash. Cash Payments can be in the form of a check, online contribution or employer contribution. No other forms of payment (such as stocks or property) are accepted for HSA contributions.

For additional information and common questions on contributions, visit our FAQ page.