Health Savings Account
- HSA funds can be used to pay for qualified medical, dental, vision, and prescription drug expenses. Any unused funds are yours to retain and accumulate toward future healthcare expenses.
- A $2.50 bank fee is deducted from each employee’s account on a monthly basis if the account does not average a $3,000 balance.
- The IRS limit is the maximum contribution allowed to your HSA during a given tax year. The $1,000 catch-up contribution is in addition to the IRS maximum noted.
- HSA funds can be invested to maximize earning potential. Visit umb.com for more information
| Employee Only | Employee + | |
|---|---|---|
Annual IRS Limit |
$4,400 |
$8,750 |
Employer Annual Contribution |
$600 |
$1,200 |
Employee Max. Annual Contribution |
$3,800 |
$7,550 |
Catch-Up Contribution (55+) |
$1,000 |
$1,000 |