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Health Savings Account (HSA)

HSA through UMB, n.a.

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Designed for customers who have a qualifying High Deductible Health Plan. Check with your health care provider to see if your plan meets the qualifications for a Health Savings Account (HSA).

Accounts are opened through UMB, n.a. UMB, n.a. is not an affiliate of Hills Bank and Trust Company. Consult your tax advisor to determine if a Health Savings Account is right for you.


  • No minimum balance
  • Interest paid on entire account balance in Health Savings Account (Investments
    made to a Health Savings Account are FDIC insured)
  • No annual fee debit card
  • $2.00 monthly fee

Frequently Asked Questions about Health Savings Accounts

These are meant to be general guidelines. For complete information about a Health Savings Account, visit http://www.irs.gov or speak to your tax consultant.

What is a Health Savings Account (HSA)?

These are accounts that permit individuals to save for and pay health care expenses on a tax-free basis. They are a tax-exempt trust or custodial account that you set up with a qualified HSA trustee to pay or reimburse certain medical expenses you may incur. You must be an eligible individual to qualify for an HSA.

Who is eligible to have an HSA?

You must have a qualifying High Deductible Health Plan (HDHP) with an annual deductible and out of pocket expense limits that meet IRS standards. Please verify with your health insurance provider to be sure your plan qualifies. In addition, you cannot have any other healthcare coverage, cannot be enrolled in Medicare, and cannot be claimed as a dependent on someone else’s tax return. Visit www.irs.gov for more details.

Is an HSA right for me?

We suggest you consult with your tax advisor prior to establishing an account.

How is an HSA established?

No permission or authorization from the IRS is necessary to establish an HSA. When you set up an HSA, you will need to work with a trustee or custodian. A qualified HSA trustee/custodian can be a bank, an insurance company, or anyone already approved by the IRS to be a trustee/custodian of individual retirement accounts (IRAs). The HSA can be established through a trustee/custodian that is different from your health plan provider.

Who can contribute to my HSA?

Once you have met the requirements, you, your employer, and your family members may contribute to your HSA, regardless of your employment status.

How much can I contribute to my HSA?

Visit irs.gov for contribution limits.

What are the Federal Tax benefits of an HSA?

100% of your contribution is deductible. The earnings have potential to be tax free. Be sure to consult with your tax or legal professional for guidance.

When is the contribution deadline for funding a HSA?

All regular and catch-up HSA contributions for the current year can be made at any time during that year up to and including April 15 of the following year.

How are HSA distributions taxed?

Qualified distributions from your HSA are excluded from gross income. Visit irs.gov for other distributions.

What happens to my HSA in the event of my death?

If you are married and your spouse is listed as your beneficiary, it becomes his or her HSA. If your beneficiary is not your spouse, the HSA ceases to be a HSA effective on the date of your death. The proceeds will be included in the beneficiary’s gross income for the year of death.

How do I know whether my expenses are qualified?

It is your responsibility to be sure that you are paying qualified health care expenses from your HSA. The best way for you to be sure if your expenses are qualified is to refer to Section 213 of the IRS Code, under Publication 502: Medical and Dental Expenses. To order IRS Publication 502, call 1-800-829-3676 or go the IRS website www.irs.gov. Hills Bank and Trust Company is not responsible for determining if your distributions were used for qualified expenses nor do we provide tax advice.

How do I open an HSA?

Simply stop by any of our convenient locations or call us at 1-800-445-5725 (1-800-HILLSBK).

How do I pay for my healthcare expenses with my HSA?

Use your ConnectYourCare card at any participating IIAS compliant stores.

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