Your Health Savings Account (HSA) comes with a LOT of tax advantages.
This is what’s known as a “triple tax advantage.” And it’s important to understand to make sure you’re getting the most out of your HSA.
This page is for informational purposes only and does not constitute financial, tax, or legal advice. Please consult your tax and/or legal professional as needed.
UMB Bank is your HSA custodian. They will either mail required documents to your home address, or alternately, you may need to access them in your benefits portal, depending on your electronic document preferences in the benefits system.
If you received distributions from your HSA last year, you can access your 1099-SA form from the MyChoice Accounts online portal. Log in to your benefits portal and select MyChoice Accounts. Then select Statements and Tax Statements. Select the download arrow icon and the document will download to your computer. This is the key document you’ll need to complete your personal income tax submission.
You are allowed to contribute to last year’s HSA until you file your taxes or until April 15 of the following year, whichever comes first. This is important to know, because that means you can reduce your taxable income when you contribute to your HSA. Note that any contributions outside of your payroll deduction are post-tax.
See the FAQ below for more instructions about post-tax contributions.
Log on to your benefits portal and select MyChoice Accounts (piggy bank icon). Select Accounts, then HSA – Health Savings Account. Select the View HSA Account Number button on the right, just below your account details.
While you’re not required to submit any receipts to MyChoice Accounts for your HSA, you should save any receipts and Explanation of Benefits (EOBs) for IRS-qualified medical expenses with your tax-related records. You are personally responsible for ensuring that your distributions were used for HSA-eligible expenses.