Many Don’t Maximize Their HSA
A 2015 study by HelloWallet of 400,000 health savings accounts held by UMB Bank (one of the largest HSA record keepers in the U.S.) found some depressing statistics:
- Low participation: The report found that only one in 20 account holders contribute the maximum allowed by the IRS, which is $3,400 a year for individuals and $6,750 for a family. You can change your HSA contribution any time during the year. Log on to My BMC Benefits & Compensation, click on Your Benefits Resources and follow these steps to make the change.
- Only 4% of participants invest their HSA money. With the BMC HSA, the money you put into your account can be invested or left to earn interest at competitive money market rates. When your HSA base account balance reaches $2,000, you can invest your funds into a money market sweep account or select mutual funds. Because your HSA is intended to pay for health care costs, UMB requires that you maintain a $1,000 balance in your base account for health care emergencies. Learn more about your investments options, fee and legal considerations on the My BMC Benefits & Compensation website. Select My Spending Accounts, then Investment Options from the HSA drop-down menu.
With the Health Savings Account you can make tax-free contributions and tax-free withdrawals, and enjoy tax-free growth. Get to know your HSA better. Watch the benetube video to learn more.
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Disclaimer
Disclaimer:
The content on this site includes links to tools and information that are not the property of BMC Software, and BMC Software is not responsible for their accuracy, completeness or continued availability. Some of the material contained in this site is based on official plan documents. It is not, nor is it intended to be, the legal plan document or a contract between the company and any employee or contractor. Every effort has been made to ensure the accuracy of this material. In the unlikely event that there is a discrepancy between the site and the official plan documents, the official plan documents will control. BMC Software reserves the right to amend or terminate the plan(s) or program(s) at any time. If you believe the benefits do not describe those available to you, contact the Benefits Center at 877-BMC-4849.
Copyright © BMC Software. All Rights Reserved
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