KANSAS CITY, Mo.--(BUSINESS WIRE)--
UMB
Healthcare Services, a division of UMB
Bank, n.a., announced today that its individual health savings
accounts surpassed 1.25 million as of Jan. 31, 2018, compared to 988,000
accounts as of Jan. 31, 2017. In addition, UMB Healthcare Services
reached $2.6 billion in health savings account (HSA) deposits and
investments as of Jan. 31, 2018, a 32 percent increase from the $2
billion at Jan. 31, 2017.
UMB Healthcare Services benefit cards for Flexible Spending Accounts
(FSAs), Health Reimbursement Arrangements (HRAs) and HSAs numbered more
than 6 million as of Jan. 31, 2018.
“The growth at UMB Healthcare Services has been significant this year
and we are excited to be able to say, yet again, that we have outpaced
the industry,” said Begonya Klumb, CEO of UMB Healthcare Services. “We
are proud of our innovative financial health care solutions that
continue to provide our customers with the technology, support and
administration they need to manage health care payments, savings and
investments.”
According to a Midyear
2017 report from Devenir, HSAs nationally had surpassed 21 million
accounts with $42.7 billion in assets as of June 30, 2017. This is a
year-over-year increase of 23 percent in assets for the industry.
“UMB Healthcare Services is dedicated to education, quality service and
innovative technology solutions for third-party administrators (TPAs)
and health plans, which has helped to contribute to the growth of our
HSA accounts. In the past year, UMB Healthcare Services launched a cloud-optimized
HSA solution powered by Microsoft Azure as well as two new
technology services, Apple
Pay® and ReceiptVault, in efforts to continue building a seamlessly
integrated customer experience for HSA customers,” said Ben Morris,
President of UMB Healthcare Services. “The industry as a whole is
growing and due to UMB Healthcare Services’ marketing and expertise, we
are helping our partners take advantage of that growth.”
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.
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Investments in
securities through HSA investment account are:
Not FDIC Insured
• May Lose Value • No Bank Guarantee
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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, 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 at linkedin.com/company/umb-bank.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180214005283/en/
for UMB Financial Corporation
Nikki Pursley, 816-423-6902
npursley@crossroads.us
Source: UMB Financial Corporation