KANSAS CITY, Mo.--(BUSINESS WIRE)--
UMB Healthcare Services has completed analysis of its segmentation data
and account behavior on its more than 1.1 million active health savings
account (HSA) accountholders. HSAs continue to grow in popularity
nationwide, according to the 2018
Midyear Devenir Report, and there are currently more than 23.4
million accounts nationwide with approximately $51.4 billion in assets.
UMB’s HSA data analytics tools EngageCore™ and EngageAdvanced™ examine
trends in account balances, individual and employer contributions,
distributions, invested assets and account-owner demographics. This
aggregated information helps unlock accountholder behavior and helps
clients to provide strategies that can help increase employee financial
wellness.
“We are continuing to see a growing market for HSAs, and with that comes
a responsibility to provide education on accountholder behaviors,” said
Ben Morris, president of UMB Healthcare Services. “Aggregated
segmentation data can provide insights into employee population behavior
that can help our clients deliver benefit strategies that will influence
positive employee health decisions, engagement and financial wellness.”
Key findings from the 2018 segmentation data include:
-
Savers (UMB accountholders whose HSA balance was greater than the
amount spent) represent the largest segment for the sixth consecutive
year.
-
On average, UMB HSA accountholders have had their accounts open for
just over two years.
-
Funded accounts have an average account balance of $2,117 and receive
an average of $441 in annual employer contribution.
-
Median average household income of a UMB HSA accountholder is $75,000.
-
20 percent of UMB HSA accountholders have a bachelor’s degree and 13
percent hold a graduate degree.
Education on how HSAs can be used as a long-term investment strategy is
also key in helping increase financial wellness among accountholders. In
the segmentation data, UMB found that accountholders who invest in their
HSAs have a larger balance overall in their deposit account.
UMB Healthcare Services also offers an HSA investment tool, UMB HSA
Saver®1, that provides accountholders with a simplified
approach to managing their HSA investment choices. The tool helps
accountholders make informed decisions about how to invest the
hard-earned dollars in their HSA.
“UMB HSA Saver is a tool to help accountholders simplify the way they
manage their HSA investments,” Morris said. “In addition, UMB investment
management takes the guesswork out of mutual fund selection by vetting
mutual funds and only selecting the highest quality investments.”
_____________________________________________________
Investments in securities through UMB HSA Saver are:
Not
FDIC-Insured · May Lose Value · No Bank Guarantee.
_____________________________________________________
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 Custody
Services provides safekeeping and settlement of the mutual fund
investments in the UMB HSA Saver® investment program. UMB Custody
Services is a division of UMB Bank, n.a.
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a financial services company
headquartered in Kansas City, Mo. UMB offers personal banking,
commercial banking, healthcare services and institutional banking, which
includes services to mutual funds and alternative-investment entities
and registered investment advisors. UMB operates banking and wealth
management centers throughout Missouri, Illinois, Colorado, Kansas,
Oklahoma, Nebraska, Arizona and Texas. For more information, visit UMB.com,
UMB
Financial.com, UMB
Blog or follow us on Twitter at @UMBBank,
UMB
Facebook and UMB
LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181204005114/en/
UMB Healthcare Services
Nikki Pursley, 816.423.6902
npursley@crossroads.us
Source: UMB Healthcare Services