![]() Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials. These materials, and any tax-related statements in them, are not intended or written to be used, and cannot be used or relied on, for the purpose of avoiding tax penalties. Blue Cross and Blue Shield of New Mexico does not provide legal or tax advice, and nothing herein should be construed as legal or tax advice. * Health Savings Accounts (HSA) have tax and legal ramifications. Learn the difference between an HSA and an FSA (Flexible Spending Account). No "Use It or Lose It": Your HSA funds roll over annually, regardless of the amount.Portability: You take your HSA account with you, even if you change jobs or health plans.Tax-free withdrawals: As long as you are paying for a qualified medical expense, withdrawals from your HSA are tax-free.Pre-tax contributions *: If you are eligible for an HSA, you and your employer can make tax-free contributions (up to the annual limit) to your HSA.Founded in 1913, UMB Bank is one of the largest independent banks in America.ĬonnectYourCare™ is an independent company providing health-related personal funding account services to Premera Blue Cross and Premera Blue Cross Blue Shield of Alaska employer groups and members. ![]() * UMB Bank n.a., is a member of the FDIC. In addition, the ConnectYourCare site gives them access to tips for making the best use of their accounts for investments, contributions, and paying for expenses. This makes it easier to store records in one place for future reference, such as filing taxes or responding to an IRS audit. HSA accounts set up through ConnectYourCare give members the ability to maintain records either through their mobile app or by scanning documents to the ConnectYourCare website.
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