UMB reaches nearly $2 billion in HSA assets and deposits
That's a 30 percent increase in health savings over a year ago
UMB Healthcare Services, a division of UMBBank, n.a., has reached nearly $2 billion in health savings account (HSA) assets and deposits as of Jan. 31, a 30 percent increase from $1.5 billion a year ago. In addition, individual health savings accounts surpassed 988,000, compared with 818,000 accounts as of Jan. 31, 2016.
UMB Healthcare Services benefit cards for Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs) and HSAs numbered more than 5.6 million as of Jan. 31, 2017.
“We are excited that our growth at UMB Healthcare Services has outpaced the industry for another year and we are proud of our innovative financial health care solutions,” said Begonya Klumb, CEO of UMB Healthcare Services. “We have been at the forefront of this rapidly growing industry and will continue to provide our clients and account holders with the technology, support and administration they need to effectively manage health care payments and savings.”
According to a Midyear 2016 report from Devenir, HSAs nationally had grown to an estimated 18.2 million accounts with $34.7 billion in assets as of June 30, 2016. This is a year-over-year increase of 22 percent in assets for the industry.
“Our unique multi-channel model has allowed us to consistently outpace our peers in this fast-growing industry,” said Ben Morris, President of UMB Healthcare Services. “With that growth comes the opportunity for us to explore new technological innovations that further enhance our offerings. For example, we recently launched a partnership with Microsoft Azure to bring our HSA applications into the cloud.”
Since the inception of Medical Savings Accounts in the late 1990s, UMB Healthcare Services has been a financial services leader in the health care marketplace. Today, UMB is a leading provider of a suite of health care financial solutions, including an HSA custody and investment platform and multi-purpose card technology supporting HSAs, FSAs and HRAs.
Funds in an HSA Base Account are held at UMB Bank, n.a., Member FDIC.
1UMB Investment Management selects mutual funds in various asset classes for inclusion in the UMB HSA Saver® Investment Program. UMB Investment Management is a department of UMB Bank, n.a. UMB Bank, n.a. is a wholly owned subsidiary of UMB Financial Corporation.
UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. 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, umbfinancial.com, blog.umb.com or follow us on Twitter at @UMBBank, Facebook at facebook.com/UMBBank and LinkedIn atlinkedin.com/company/umb-bank.