California Medical Association Selects UMB Healthcare Services to Provide Health Savings Accounts to Physicians
March 01 2006 - 9:23AM
Business Wire
The California Medical Association (CMA) announces an agreement
with UMB Healthcare Services, a division of UMB Financial
Corporation (NASDAQ: UMBF), to provide Heath Savings Accounts (HSA)
to CMA physician members. Marsh Affinity Group Services, a service
of Seabury & Smith, Inc. will provide insurance services as
part of the arrangement with both CMA and UMB. "CMA is pleased to
make available to its membership this comprehensive set of health
savings account tools. They provide value and simplicity for
physicians when they use the health-care system," said Jack Lewin,
M.D., chief executive officer of CMA. "In addition, health savings
accounts provide significant tax savings and are a key component in
stimulating consumer-directed health care products." California
Medical Association is the professional organization of 35,000
physicians in California from all modes of practices and
specialties. The CMA's HSA product (http://www.cmanet.org/hsa/)
provides fully automated on-line enrollment, HSA debit card and
includes a state-of-the-art digital certificate for enrollees to
securely access their account on-line at UMB. HSA enrollees who
generate sufficient fund balances may also access an array of
mutual fund and related investment opportunities. The product also
permits physicians who already have the required High Deductible
Health Plan (HDHP) to enroll with UMB, or if a physician needs an
HDHP, Marsh assists them in identifying the most appropriate
coverage based on their needs, deductible amounts and other
factors. UMB Healthcare Services, which provides health care
solutions to some of the top insurance and software companies in
the nation, serves as the official custodian of the CMA HSA plan.
Benefits and features provided to CMA members include Visa debit
card access, transaction processing, mutual fund and investment
services and automated Web services and enrollment. "UMB is pleased
to work with CMA and Marsh to provide Health Savings Accounts to
physicians," said Dennis Triplett, president of UMB Healthcare
Services. "Our partnership with this reputable and distinguished
medical group continues to strengthen our reputation as a qualified
financial services partner in the healthcare industry." "Health
Savings Accounts make perfect sense for the majority of physicians
in California and around the country," said Roy S. Lyons, a Senior
Vice President of Marsh Affinity Group Services, a leading
association insurance program broker and administrator. "Physicians
often can reduce their practice expenses through the use of
qualified high-deductible health plans. With online enrollment
through our web site, members have easy access to an important new
member benefit." Marsh Affinity Group Services and Seabury &
Smith, Inc. are part of the family of companies of Marsh Inc., the
world's leading risk and insurance services firm. Marsh Inc. has
nearly 30,000 employees and annual revenues exceeding $5 billion.
The firm provides advice and transactional capabilities to clients
in over 100 countries. Marsh Inc. is a subsidiary of Marsh &
McLennan Companies (MMC), a global professional services firm with
approximately 60,000 employees and annual revenues exceeding $12
billion. MMC also is the parent company of Guy Carpenter, Kroll,
Putnam Investments, and Mercer. MMC's stock (ticker symbol: MMC) is
listed on the New York, Chicago, Pacific, and London stock
exchanges. MMC's Web site address is www.mmc.com. Marsh's Web site
address is www.marsh.com. UMB Financial Corporation (NASDAQ: UMBF)
is a multi-bank holding company headquartered in Kansas City, Mo.,
offering complete banking and related financial services to both
individual and business customers. Its banking subsidiaries own and
operate 140 banking centers throughout Missouri, Illinois,
Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of
the holding company and the lead bank, UMB Bank, n.a., include an
investment services group based in Milwaukee, Wisconsin, a trust
management company in South Dakota, and single-purpose companies
that deal with brokerage services, consulting services and
insurance. UMB was named one of Business Week's "Web Smart 50"
companies in 2005.
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