UMB Surpasses $615 Million in Health Savings Account Assets
UMB Surpasses $615 Million in Health Savings Account Assets
KANSAS CITY, Mo.--(BUSINESS WIRE)-- UMB Healthcare Services, a division of UMB Financial Corporation (NAS: UMBF) , announced today that account balances for its Health Savings Accounts (HSAs) grew 55 percent during the previous 12 months, surpassing $615 million dollars as of Jan. 31, 2013. The number of HSAs also grew to nearly 320,000 individual accounts, up dramatically from the 220,000 following open enrollment last year.
UMB Healthcare Services also saw a 29 percent increase in the number of debit cards it provides for Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs) and HSAs. Today, the number of cards in circulation has grown to more than 2.8 million.
"Providing our clients with the healthcare payment solutions that they need and the tools to successfully and efficiently, manage and implement those products, is key to our business," said Dennis Triplett, CEO of UMB Healthcare Services.
According to the January 2012 annual census by America's Health Insurance Plans (AHIP) Center for Policy and Research, the number of people with HSA/HDHP coverage rose to more than 13.5 million, up from 11.4 million in January 2011.
"Our HSA growth continues to reflect the trend we are seeing nationwide as more individuals and employers move toward consumer-directed health accounts," said Triplett. "We are now challenged with educating the growing number of employers and account holders on all that these accounts can offer toward future financial stability, beyond day-to-day health care expenses."
Since the inception of Medical Savings Accounts in the late 1990s, UMB Healthcare Services has been a financial services leader in the health care market place. Today, UMB, the first banking partner to provide multi-purpose card technology to the health care industry, supports HSAs, FSAs and HRAs.
Funds in an HSA Base Account are held at UMB Bank, n.a., Member FDIC.
About UMB
UMB Financial Corporation (NAS: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing, healthcare services and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers. For more information, visit umb.com or follow us on Twitter at @UMBBank, Facebook at facebook.com/UMBBank and LinkedIn at linkedin.com/company/umb-bank.
UMB Financial Corporation
Kristin Kovach, 816-423-6131
KEYWORDS: United States North America Kansas Missouri
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