You may qualify for, or your employer may offer a personal funding account. There are different types of personal funding accounts that allow you to use pre-tax funds to pay for certain healthcare costs.
Learn more about personal funding accounts.
An HSA is a bank account that you can own, set up, manage, fund, and invest. It lets you set aside funds to pay for your healthcare on a tax-free basis and is made to work with an HSA-qualified high deductible health plan. Before you can open an HSA bank account, you must first be covered by a qualified high-deductible health plan.
What are the benefits of an HSA?
If you use your HSA to pay for an ineligible expense, you may be required to pay income and penalty taxes.
We offer banking through UMB Bank n.a., a member of the (Federal Deposit Insurance Corporation) FDIC. Founded in 1913 and an industry leader in financial healthcare accounts since 1997, UMB Bank is one of the largest independent banks in America. To open and use your HSA with UMB Bank:
Your UMB bank account offers:
(You may set up your HSA account with your bank, however it will not be connected with your claims activity online.)
Manage Your Health Savings Account Online
This material is not intended to be tax or legal advice. The reader should consult with his or her own tax advisor to determine the tax implications of purchasing the products discussed herein.
Advice, if any, included in this material was not intended or written by LifeWise to be used, and it cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer.
A Flexible Spending Account (FSA) is a funding account that is offered by some employers. You can use the funds in this account to pay for qualified medical or dependent care expenses on a tax-free basis. At the beginning of each plan year you decide how much money to contribute. You can contribute up to the maximum dollar amount allowed by the IRS. You can then access these funds throughout the year. There are 2 types of FSAs:
A healthcare FSA can cover medical, dental or vision expenses that you would otherwise pay for out of pocket, such as:
Your employer may limit the expenses your plan reimburses. Please contact your Human Resources office for more information.
Your employer may also choose to offer a dependent care FSA. You can use the funds in this account to pay for the costs of taking care of dependents. Typical expenses under this account include:
Expenses must be for dependents under the age of 13, or those physically or mentally incapable of caring for themselves.
What are the benefits of an FSA?
An FSA is an easy way to pay for healthcare expenses
Manage Your Flexible Spending Account Online
A Health Reimbursement Arrangement (HRA) is an account funded by your employer. You can use the funds in this account to help pay for your healthcare on a tax-free basis. Only your employer can contribute to your HRA. You use this money to pay for any qualified healthcare expense incurred by you or your dependents.
There are different types of HRAs. Each type of HRA covers a different set of eligible healthcare expenses which may include:
Please contact your Human Resources office to learn more about your HRA and the healthcare expenses it covers.
What are the benefits of an HRA?
An HRA is an easy way to pay for healthcare expenses
Manage Your Health Reimbursement Account Online
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