One HSA… Many Ways to Save
The contributions you and BMC make to your Health Savings Account (HSA) at UMB Bank give you the freedom to make decisions about how you pay for current healthcare expenses and save for future ones. If you haven’t had to tap the funds in your Health Savings Account for a year or two, you might have a large balance that you’d like to invest for longer-term expenses. When your HSA base account balance reaches $2,000, you can invest up to $1,000 of your funds into a money market sweep account or a self-directed brokerage account. Because your HSA is intended to pay for health care costs, UMB requires that you maintain the remaining $1,000 in your base account in case of health care emergencies.
Money Market Sweep Account Option
- Each night, funds in excess of $1,000 in your deposit account are automatically used to purchase shares of the institutional money market fund.
- As you continue to contribute, additional dollars are moved into this sweep account.
- If you have medical expenses that drop your deposit account balance below $1,000, shares of the fund in your sweep account are sold to cover the shortfall.
Self-Directed Brokerage Account Option
- The HSA List of Mutual Funds includes more than 160 mutual funds.
- Funds typically require an initial investment of between $1,000 and $2,500.
Please call UMB Financial Services at 800-842-9999 for additional information or log on to My BMC Compensation & Benefits, select Visit My Spending Accounts and click on the link to UMB.
Good to Know: You can start, stop or change your contributions to your HSA base account at any time during the year.