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.
Investments in securities through HSA investment account are:
Not FDIC Insured • May Lose Value • No Bank Guarantee
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.