UMB Healthcare Services announced on Tuesday it has had a significant increase in the number of health spending accounts and expects even more in 2011.
UMB Healthcare Services, a division of UMB Financial Corp., reported a 35% increase in the number of its health spending accounts, for a total of 1.8 million, including Health Savings Accounts, Flexible Spending Accounts and Health Reimbursement Arrangements.
After its 2010 open enrollment period, HSAs totaled 182,000, a 40% increase in the number of accounts. At the same time account balances for UMB HSAs surpassed $279 million –a 46.8% increase from a year ago- because of individualized client service and a range of product offerings, the company said.
“The momentum we continue to experience further solidifies the tremendous interest in consumer-directed health care paired with our ability to provide well-managed health spending accounts to our clients,” said Dennis Triplett, CEO of UMB Healthcare Services, in a statement. Triplett forecasts increased adoption of consumer-directed health care in 2011 as employers and employees work to better manage rising health care premiums and associated costs.
Triplett said UMB also hired more staff on its sales team. “As we look to enter new markets and better serve benefits business partners, our expanded national sales force allows us to achieve both,” he said.