Lifewise Health Savings Accounts

  • What is a Health Savings Account (HSA)?

    An HSA is an individually-owned bank account that you set up, manage and fund. It lets you set aside funds to pay for your healthcare on a tax-advantaged basis and works in conjunction with HSA-qualified health plans. 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?

    With your HSA bank account, you put money in and take it out, just like you would with a regular savings account. The difference is the money may be tax-free if you use it to cover qualified medical expenses. Your HSA can provide a triple tax advantage because:

    • Contributions are made on a tax-advantaged basis
    • Money can be withdrawn tax-free when you use it to pay for qualified medical expenses
    • Unused funds rollover from year to year and grow tax-deferred.

    An HSA offers interest and investment options.

    Once you meet the minimum balance you can invest in mutual fund families. And you can save up your HSA funds for certain future healthcare expenses, including those in retirement.

    We offer integrated banking through UMB Bank n.a., a member of the 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. Your account offers:

    • No monthly service fees
    • A healthcare payment (debit) card
    • 24/7 online access, giving you the added convenience to track and manager your qualified healthcare expenses.

    You can also use other qualified banks, such as HSA Bank™.

    Is an HSA right for you?

    The WiseHSA health plan might be the right fit if you want to:

    • Save and invest for future healthcare expenses
    • Decrease the amount of taxes you pay.

    This material is not intended to provide tax, financial or legal advice. Individuals and families should consult with their own legal, financial and tax advisors before taking action. For more detailed information on HSAs, refer to IRS Publication 969, “Health Savings Accounts and Other Tax-Favored Health Plans,” by visiting the IRS Web site.