Can an employer allow an employee to elect an HSA mid-year if offered as a new benefit under the employer's Cafeteria Plan?

An employer may offer an HSA mid-year as a new benefit under a Cafeteria Plan and allow the employee to elect an HSA, so long as their election for the HSA is made on a prospective basis. In such a situation, however, they may have other coverage under the Cafeteria Plan that cannot be changed (e.g., coverage under a health flexible spending account) that may prevent them from being an eligible individual with respect to the 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.

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 with robust analytics, reporting tools and the communication support you'd expect from a top 10 HSA custodian