UMB Healthcare Services Division Announces Investment Options for Health Savings Account Services
May 04 2005 - 11:30AM
Business Wire
UMB Bank (Nasdaq: UMBF), a leader in consumer directed health care
services, announces today a health savings account (HSA) investment
solution designed for HSA participants who elect to set aside money
in mutual funds. Through UMB's broker/dealer subsidiary, UMB Scout
Brokerage Services, Inc., several nationally recognized fund
families and specific funds are available for HSA investing.
Through self-directed online tools, account holders have the
ability to enroll in the HSA investment option, select and manage
funds, and view statements. Prospective investors can also view an
online demonstration to become familiar with the services. "The
option of investing HSA funds through UMB Scout Brokerage Services,
Inc., gives account holders added control of their health care
finances and turns a HSA into a financial planning vehicle," said
Dennis Triplett, president of UMB Healthcare Services. "The
investment services option make the HSA a more flexible and
valuable tool in managing finances for health care." Recently,
Assurant Health (NYSE: AIZ) announced it will begin making
available access to investment options in mutual funds though UMB
Scout Brokerage Services, Inc. UMB Healthcare Services, along with
First Data Corporation (NYSE:FDC), has supported the debit card
access, transaction processing and production for Assurant Health's
HSAs since November 2004. "Easy access to tools and information is
vital to making HSAs a practical health care solution for
individuals, families and employers," said Assurant Health Senior
Vice President-Development, Group Markets, Mike Kellen. "It only
makes sense to provide HSA owners with investment tools that may
help grow their accounts." UMB provides health care solutions to
some of the top insurance companies, third-party administrators
(TPA) and software companies in the nation. The UMB health care
solution offers Visa(R) debit card access, multi-purpose card
platform, online enrollment, mutual fund options, and integrated
web interface solutions. UMB is a multi-bank, multi-billion dollar
holding company headquartered in Kansas City, Missouri. UMB offers
a wide range of products for individuals and businesses nationwide
including traditional banking products, healthcare services,
bankcard management, treasury management, investments service and
asset management. Since the inception of Medical Savings Accounts
in 1996, UMB has been a leader in the health care market place and
today supports FSAs, HRAs, as well as HSAs.
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