The chart below shows maintenance fees charged for account balances ranging from $0 to $10,000 for the 10 best HSAs for spenders. As you can see in the chart UMB Bank charges a maintenance fee to account holders with balances in the HSA checking ranging from $0 - $3,000. Once account holders accumulate more than $3,000 in their HSA checking account they are no longer charged a maintenance fee.

Payments

When you, your spouse, and your dependents have qualified medical expenses that aren’t covered by your health care plan, you can use your HSA money tax-free to pay for them. HSA administrators should make it easy to access your HSA dollars. The best HSAs for spenders allow participants to pay for qualified medical expenses in multiple ways (debit card, virtual card, bill pay, and check).

UMB Bank allows participants to pay for qualified medical expenses with a debit card, bill pay, and checks.

Debit Card/Digital Wallet (ApplePay, Samsung Pay, Garmin Pay, FitBit Pay)

A new and convenient way to pay for your eligible healthcare expenses. ApplePay, Samsung Pay, Garmin Pay, FitBit Pay allows you the ability to pay for qualified medical expenses using your UMB HSA Visa® debit card with a single touch of the finger from your mobile device.

Reimbursement

When you pay for qualified medical expenses out-of-pocket, you should be able to access your HSA dollars multiple ways whether it be via online transfers, check disbursements, or ATM withdrawals.

Generally speaking, the best way for you to reimburse yourself is with electronic funds transfers (EFTs) that are processed through the Automated Clearing House (ACH) network. EFTs are easy, speedy, cost-effective, paperless, safe and secure.

UMB Bank participants can reimburse themselves via transfers, ATM withdrawals and checks.

Features

WealthCare Portal

With a single user ID and password, you gain access to the following features:

• Graphs and reports to monitor contribution limits

• “Shoe Box” to record and upload related medical invoices

• Easy to use Bill Pay feature

• Access e-Statements

• Utilize contribution feature to set up electronic transfers

• Access to online videos, calculators and other useful tools

Experienced HSA Team 

Access to a team of HSA expert customer service representatives that employ a proactive educational approach to teaching participants the ins and outs of HSAs.  

Mobile App

When you’re on the go, save time and hassles with the WealthCare Mobile App. Check your balances, transactions, and claim details for all your reimbursement accounts. The WealthCare Mobile App supports a wide variety of customizable SMS alerts to empower consumers to more pro-actively manage their accounts. Participants may opt-in or out of receiving SMS alerts at any time.

• Low balance

• Annual deductible met

• Payroll deposit received

• HSA statement available

• Monthly balance update

ReceiptVault 

Use ReceiptVault to securely store and organize HSA receipts for qualified medical expenses. You can even store receipts if the expense was not yet paid by the HSA to easily track unreimbursed expenditures and know the amount available for tax-free withdrawal at a later date. 

Pros & Cons

Which participants are best suited for a UMB Bank HSA?

• Those who plan on holding at least $3,000 in their deposit account. No monthly maintenance fee would be incurred under these circumstances.

• Participants looking for a well rounded HSA offering.

• Dual-purpose use (spender / investor). UMB Bank has some fantastic investment options.

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