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.
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.