UMB
Healthcare Services, a division of UMB
Financial Corporation (Nasdaq: UMBF), announced today the number of
its Health Savings Accounts (HSAs) has grown 40 percent to 449,292
individual accounts, up substantially from the nearly 320,000 following
open enrollment last year. Account balances for those accounts grew 30
percent during the previous 12 months, surpassing $800 million dollars
as of Jan. 31, 2014.
UMB Healthcare Services also saw an increase in the number of benefit
and single use payment cards it provides for Flexible Spending
Arrangements (FSAs), Health Reimbursement Arrangements (HRAs), HSAs and
healthcare payment cards. At year end, cards numbered more than 4.1
million, up from 3.1 million cards in 2012.
“We have seen tremendous growth and adoption of HSAs since their
enactment 10 years ago,” said Dennis Triplett, CEO of UMB Healthcare
Services. “The health care landscape continues to make these accounts
attractive to not only employers, but also employees that look to
economize health care spending while maintaining coverage and saving for
the future.”
According to a February 2014 report from Devenir, HSAs have grown to an
estimated $19.3 billion in assets and 10.7 million accounts at year-end
2013 and have grown to well over $20 billion in assets during the month
of January.
“As we move forward in 2014, we remain committed to growing as an
industry leader for health care payment solutions,” said Triplett. “We
are actively pursuing all avenues for growth, including opportunistic
acquisition of health care payment and HSA businesses and portfolios.”
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 is a leading provider of a suite of health
care payment solutions, including multi-purpose card technology
supporting HSAs, FSAs and HRAs.
Funds in an HSA Base Account are held at UMB Bank, n.a., Member FDIC.
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial
holding company headquartered in Kansas City, Mo., offering complete
banking services, 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, Arizona and Texas.
Subsidiaries of the holding company include companies that offer
services to mutual funds and alternative-investment entities and
registered investment advisors that offer equity and fixed income
strategies to institutions and individual investors. For more
information, visit umb.com,
blog.umb.com
or follow us on Twitter at @UMBBank, Facebook at facebook.com/UMBBank
and LinkedIn at linkedin.com/company/umb-bank.
Copyright Business Wire 2014