For those enrolled in the High Deductible Health Plan (HDHP) for medical coverage, CTI offers you the opportunity to open a companion Health Savings Account, administered by UMB Healthcare.
Please visit more.umb.com/hsaauthority to learn more and review the FAQs regarding your new account.
Contact UMB Customer Care at UMB Healthcare Services with questions regarding your new account. 1-833-537-3873
IMPORTANT:
HSA account holders will receive an alert from ADP with a direct deposit notification. This is because new HSA Account Numbers have been assigned.
A Health Savings Account is a tax-advantaged personal savings and investment account that is used to save and pay for qualified healthcare expenses, whether they are incurred now or in the future. Paired with an HDHP, an HSA is a powerful financial tool that allows you to manage and plan for your healthcare expenditures. For example, you can use HSA dollars to pay for Medicare premiums when the time is appropriate.*
However, unlike other financial savings vehicles (Roth IRA, Traditional IRA, 401(k), etc.), an HSA has unique potential to offer triple tax savings through:
- Federal & State Tax-deductible contributions to the HSA
- Tax-free interest or investment earnings
- Tax-free distributions when used for qualified healthcare expenses
*65+ Members:
- It is the member’s responsibility to ensure eligibility requirements are met
- One should consult a tax advisor as individual factors and situations vary
- Medicare Part A and/or Part B members cannot contribute pre-tax dollars to an HSA
