UMB Healthcare Services, a division of UMB Financial Corporation (Nasdaq: UMBF), announced today that it has surpassed $1 billion in Health Savings Account (HSA) deposits and assets as of Jan. 31, 2015, a 36 percent increase over the previous 12 months. In addition, the number of its HSAs has grown to more than 600,000 individual accounts as of Jan. 31, 2015, up 34 percent from its nearly 450,000 accounts as of Jan. 31, 2014.
UMB Healthcare Services also saw an increase in the number of benefit cards it provides for Flexible Spending Arrangements (FSAs), Health Reimbursement Arrangements (HRAs) and HSAs. At 2014 year-end, cards numbered more than 4.3 million, up from 3.6 million cards at year-end 2013.
“This is an exciting time at UMB Healthcare Services as we continue to grow and enhance our HSA offering, while also developing leading health care payment solutions,” said Dennis Triplett, CEO of UMB Healthcare Services. “We have been at the forefront of this industry and continue to invest in the technology and expertise to provide our customers with custom solutions for their health care payment needs.”
According to a Midyear 2014 report from Devenir, HSAs have grown to an estimated $22.8 billion in deposits and assets and 11.8 million accounts as of June 30, 2014.
“We are encouraged by the continued adoption and acceptance of HSAs as a meaningful component of managing health care costs for both employers and individuals,” said Triplett.
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 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 umbfinancial.com, 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.
Contacts:
Kristin Kovach, 816.423.6131
