UMB Healthcare Services, a division of UMB Financial Corp. of Kansas City, Mo., announced that its health spending account total has exceeded 1 million.
Last year its assets under management in health spending accounts climbed 40%, to $140 million as of Dec. 31, the division said Monday, and it has increased its accounts at an average annual rate of 36% over the past five years.
UMB Healthcare Services, which is one of the nation's largest custodians for health savings accounts, flexible spending accounts, and health reimbursement arrangements, attributed its growth to "a proven business model that blends experienced staff, high-level customer service, and adaptable products to directly answer customer needs."
Even with projected economic challenges this year, UMB Healthcare said it expects continued growth in the consumer-directed health care market as demand for these accounts continues to increase.
UMB Healthcare has been offering medical savings accounts, including HSAs, since their inception in the late 1990s.
Today it offers health savings accounts, flexible spending accounts, and health reimbursement arrangements through banks, insurance companies, and other financial intermediaries.
UMB Financial is a multibank holding company with 136 branches in Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, and Arizona.