UMB Healthcare Services said it has surpassed $1 billion in health savings account deposits and assets after growing 36 percent in the past year.
The number of its HSAs has now grown to more than 600,000 individual accounts as of Jan. 31, up 34 percent from its nearly 450,000 accounts a year ago, the company, a subsidiary of Kansas City-based UMB Financial Corp., said.
The figures from UMB is the latest example of the continued growth of HSAs in the industry. According to midyear statistics from investment consulting firm Devenir, HSAs have grown to an estimated $22.8 billion in deposits and assets and 11.8 million accounts as of June 30, 2014. Also last year, analysis from The Institute for HealthCare Consumerism, Consumerdriven and HSA Consulting Services predicted 50 million Americans will be covered by HSA-qualified health plans by Jan. 1, 2019, and that HSA adoption will grow to 37 million.
“We are encouraged by the continued adoption and acceptance of HSAs as a meaningful component of managing health care costs for both employers and individuals,” UMB Healthcare CEO Dennis Triplett said in a statement.
UMB also said it had a big boost in the number of benefits cards it provides for flexible spending arrangements, health reimbursement arrangements and HSAs. At 2014 year-end, cards numbered more than 4.3 million, up from 3.6 million cards at year-end 2013, UMB said.
UMB was one of the first to get involved when HSAs first hit the marketplace more than a decade ago, and are now one of the leading providers of services in the marketplace.
“This is an exciting time at UMB Healthcare Services as we continue to grow and enhance our HSA offering, while also developing leading health care payment solutions,” Triplett said. “We have been at the forefront of this industry and continue to invest in the technology and expertise to provide our customers with custom solutions for their health care payment needs.”