UMB Healthcare Services, a division of UMB Financial Corp., announced today that account balances in its health savings accounts grew 55% in the previous 12 months to $615 million. The number of health savings accounts grew to nearly 320,000, up 45% from 220,000 last year.
UMB Healthcare also saw a 29% increase in the number of debit cards it provides for flexible spending accounts, health reimbursement arrangements and HSAs. Today, the number of cards in circulation has grown to more than 2.8 million. “Providing our clients with the healthcare payment solutions that they need and the tools to successfully and efficiently manage and implement those products is key to our business,” said Dennis Triplett, CEO of UMB Healthcare Services, in a press release.
These accounts have been growing in popularity. The number of people with HSA/HDHP coverage rose to more than 13.5 million, up from 11.4 million in January 2011, according to the January 2012 annual census by America’s Health Insurance Plans.
“Our HSA growth continues to reflect the trend we are seeing nationwide as more individuals and employers move toward consumer-directed health accounts,” said Triplett. “We are now challenged with educating the growing number of employers and account holders on all that these accounts can offer toward future financial stability, beyond day-to-day health care expenses.”
UMB Financial is based in Kansas City, Mo. and has $13.9 billion in assets.