By Kathryn Mayer
Health savings account assets
and deposits at UMB Healthcare Services are on the rise.
The Kansas City, Mo.-based company said Thursday its HSA business topped $800 million as of Jan. 31, with account balances growing 30 percent over last year.
The number of accounts has increased 40 percent to 449,292 individual accounts, up from the nearly 320,000 following open enrollment last year.
“We have seen tremendous growth and adoption of HSAs since their enactment 10 years ago,” Dennis Triplett, CEO of UMB Healthcare Services, said in a statement. “The health care landscape continues to make these accounts attractive to not only employers, but also employees that look to economize health care spending while maintaining coverage and saving for the future.”
Investment consulting firm Devenir said last month that HSAs grew to an estimated $19.3 billion in assets and 10.7 million accounts at year-end 2013 and have grown to more than $20 billion in assets during January.
UMB Healthcare also said the number of benefit and single-use payment cards it provides for HSAs, flexible spending arrangements, health reimbursement arrangements and health care payment cards has increased to 4.1 million, up from 3.1 million in 2012.
UMB Healthcare Services is a unit of bank holding company UMB Financial.
Triplett said UMB Healthcare is continuing working to grow its business, including by “opportunistic acquisition of health care payment and HSA businesses and portfolios.”
Originally published on BenefitsPro.com