UMB Health Services, is a division of UMB Bank, n.a., based in Kansas City Missouri. UMB Healthcare Services is a top 10 custodian, with account holders throughout the nation. Today, UMB Healthcare Services provides solutions for more than 5.6 million healthcare spending account cards, including more than 1.25 million HSAs, with nearly $2.6 billion in HSA assets and deposits. Check out this infographic to learn more about the UMB Bank.
Report Card for UMB Bank as a Spending Vehicle
Standard Plan FEES (Non-Employer Group)
UMB Bank's fees are reasonable when compared to its rivals. Account holders are subject to a long list of fees, but most of them are avoidable. Only the $2.50 monthly maintenance fee is recurring, but can be avoided by holding $3,000 in the HSA checking account. To avoid this fee, consider maxing out your HSA at the beginning of the year. Below we have reconstructed UMB Bank's fee schedule to exhibit fees spenders are most likely to encounter.
Monthly Recurring Fees
Transaction / Reimbursement Fees
Below is a heat map chart that you can use to compare UMB Bank's fees with the other top HSA administrators in our study.
Apple Pay - A new and convenient way to pay for your eligible healthcare expenses. Apple 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 Apple device.
Debit Card - With the debit card, UMB Bank transfers money directly from your account to the provider to pay for medical expenses. You don’t have to pay cash up front, submit a claim, or wait to be reimbursed.
Online Bill Pay - If your healthcare provider does not accept debit cards you'll need to use another payment method (cash, check or credit card); reimbursement is available with UMB’s online repayment tool. You may need to wait until you receive your Explanation of Benefits (EOB) from your insurance company before you pay your provider. In these instances, you can also use UMB’s online bill-pay service. Upon your direction, UMB will send a check directly to your provider.
Online Repayment Tool - UMB Bank connects your HSA account to your bank, making reimbursements for expenses easy and straightforward. This makes it easy to reimburse yourself for medical expenses paid out-of-pocket.
ATM Withdrawal - Use a UMB Bank ATM or any other ATM to make a withdrawal. Note: fees will be incurred if you opt to repay yourself via an ATM withdrawal.
Manual Withdrawal - You can also request reimbursement by and mailing in a paper form. This method will take longer. Note: A check reimbursement fee of $15 will apply and will be deducted from the account prior to making the distribution.
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
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.
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
1. Long history of administering HSAs
2. Receipt storage tool
3. Feature rich mobile app
4. Dedicated HSA customer service team
1. Maintenance fee can only be avoided wit $3,000 balance in the HSA checking account
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.