UMB Healthcare Services said Wednesday its health savings account balances grew 55 percent in the past year, reaching $615 million as of Jan. 31.

The number of HSAs also grew to nearly 320,000 individual accounts, up from the 220,000 following open enrollment last year, the company, a subsidiary of Kansas City-based UMB Financial Corp., said.

"Our HSA growth continues to reflect the trend we are seeing nationwide as more individuals and employers move toward consumer-directed health accounts," UMB Healthcare CEO Dennis Triplett said in a statement. "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."

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.