UMB Healthcare Services Offers Analysis of Health Savings Account Accountholders
September 25 2017 - 9:15AM
Business Wire
UMB Healthcare Services is offering segmentation data and
account behavior analysis on its more than 1 million active health
savings account (HSA) accountholders. HSAs continue to grow in
popularity nationwide, according to the 2017 Midyear Devenir
Report, and there are more than 21 million accounts nationwide with
approximately $42.7 billion in assets. According to the Devenir
Report, UMB Healthcare Services ranks fifth in total accounts and
seventh in total assets among all HSA providers.
UMB’s HSA Data Analytics Tools, HSAWorks®, EngageCore™ and
EngageAdvanced™, examine trends in account balances, individual and
employer contributions, distributions, invested assets and
account-owner demographics. This information can help unlock
accountholder behavior and allow users to provide strategic
wellness strategies to increase employee financial wellness. UMB
can provide specific partner and employer data similar to what you
see in this infographic.
“We continue to see a growing market for HSAs, and with that
growth the importance for education around accountholder behavior
is increasing,” said Begonya Klumb, CEO of UMB Healthcare Services.
“Employers can use segmentation data to better understand how to
create engaging benefit strategies that will influence positive
employee health decisions, engagement and ultimately increase
financial wellness.”
Key findings from the 2017 segmentation data include:
- Savers (UMB accountholders whose HSA
balance was greater than the amount spent) represent the largest
segment for the fifth consecutive year.
- On average, UMB HSA accountholders have
had their accounts open for a little more than two years, funded
accounts have an average account balance of $1,792 and have
received a $438 annual employer contribution.
- Mean average household income of a UMB
HSA accountholder is $57,108.
- Top three occupations: Administration
management, professional technical, tradesperson.
Education on how HSAs can be used as a long-term investment
strategy is also important in increasing financial wellness among
accountholders. In the segmentation data, UMB found that
accountholders who invest in their HSAs have a larger balance
overall in their deposit account.
UMB Healthcare Services also offers an HSA investment tool, UMB
HSA Saver®1 that provides accountholders with a simplified approach
to managing their HSA investment choices. The tool helps
accountholders make informed investment decisions with their
hard-earned savings dollars.
“UMB HSA Saver is a tool to help simplify the way HSA
investments are used by accountholders,” Klumb said. “In addition,
UMB investment management takes the guesswork out of mutual fund
selection by vetting mutual funds and only selecting the highest
quality investments.”
Investments in securities through UMB HSA Saver
are:Not FDIC-Insured · May Lose Value · No Bank
Guarantee.
1UMB Investment Management selects mutual funds in various asset
classes for inclusion in the UMB HSA Saver Investment Program. UMB
Investment Management is a department of UMB Bank, n.a. UMB Bank,
n.a. is a wholly owned subsidiary of UMB Financial Corporation.
UMB
UMB Custody Services provides safekeeping and settlement of the
mutual fund investments in the UMB HSA Saver® investment program.
UMB Custody Services is a division of UMB Bank, n.a.
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a diversified
financial holding company headquartered in Kansas City, Mo.,
offering complete banking services, payment solutions, asset
servicing and institutional investment management to customers. UMB
operates banking and wealth management centers throughout Missouri,
Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas,
as well as two national specialty-lending businesses. Subsidiaries
of the holding company include companies that offer services to
mutual funds and alternative-investment entities and registered
investment advisors that offer equity and fixed income strategies
to institutions and individual investors. For more information,
visit umb.com, umbfinancial.com, blog.umb.com or follow us on
Twitter at @UMBBank, Facebook at facebook.com/UMBBank and LinkedIn
at linkedin.com/company/umb-bank.
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UMB Financial CorporationNikki Pursley,
816.423.6902npursley@crossroads.us
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