Is UMB, as custodian, responsible for determining whether HSA distributions are used for medical expenses?

HSA custodians, including UMB, have no responsibility for determining whether distributions from an individual’s HSA are used for qualified medical expenses. It is the accountholder’s sole responsibility to determine the tax consequences of any distributions, for maintaining itemized receipts and insurance EOBs for tax purposes, and for paying any taxes and penalties arising as a result of any such distribution. All accountholders are encouraged to consult with their legal or tax adviser concerning any questions they may have.

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