How does the IRS know that the distributions from the HSA are used for qualified medical expenses if UMB or the employer is not responsible for substantiation?

The accountholder must keep itemized receipts and Explanation of Benefits (EOBs). This is similar to the way they would keep itemized receipts for charitable donations that they claim as an itemized expense on their personal income tax return. The accountholder is subject to IRS audits, so they should keep the receipts for seven years.

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