Glossary

Glossary - B

"Below the Line" Deduction

An itemized personal income tax deduction. – For example:

Gross Income (sum of all your sources of income)

--Above the line deductions

=Adjusted Gross Income “The Line”

--Standard Deduction or Itemized Deductions (below the line)

--Exemptions

=Taxable Income

Beneficiary

For a Health Savings Account (HSA), individuals may select an individual (or individuals) as their beneficiary to inherit any HSA funds that remain in their account after death. (See Beneficiary Designation Form and/or Change of Beneficiary)

Beneficiary Designation Form

This form is used to designate a primary and secondary beneficiary for the Health Savings Account (HSA). For your UMB HSA, your estate is the default beneficiary, but may be changed by completing the Beneficiary Designation Form

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.

HSA FAQ Resource

Find answers to your most common HSA questions in our comprehensive HSA FAQs section