UMB Healthcare Services Now Offering Benefit Spending Accounts

Rhea-AI Summary

UMB Healthcare Services, a prominent national HSA provider, has launched a comprehensive suite of tax-advantaged benefit accounts to enhance its offerings. This includes flexible spending accounts, health reimbursement arrangements, and commuter benefit accounts, all powered by WEX. The initiative aims to streamline benefit administration for employers while providing employees with advanced financial wellness tools and secure member portals for claims and reimbursements. UMB currently manages over 1.4 million HSAs with assets exceeding $3 billion.

Positive

• Launch of new tax-advantaged benefit accounts including FSAs, HRAs, and commuter benefits, enhancing product offerings.
• Partnership with WEX to provide seamless implementation and advanced financial wellness tools for employees.
• Strengthening of UMB's competitive position in the market by offering a comprehensive benefits package.

Negative

• None.

KANSAS CITY, Mo.--(BUSINESS WIRE)-- UMB Healthcare Services, a leading national HSA provider, is excited to announce a new suite of tax-advantaged benefit accounts that complements its current health savings accounts solution offered to employers. In addition to HSAs, their comprehensive benefit accounts solution now includes flexible spending accounts (FSAs), health reimbursement arrangements (HRAs) and commuter benefit accounts.

UMB’s new offering, powered by WEX, delivers a seamless solution that is easy to implement, while offering features such as new financial wellness tools that help employees plan, save, and pay for healthcare, dependent and commuter expenses. The new offering also includes valuable support for employers to help drive employee adoption and engagement. Employees benefit from a secure member portal for simplified claims submission, convenient bill-pay and reimbursement options, and self-directed investment options for HSA funds. As both the HSA custodian and plan administrator, UMB provides a single trusted source with dedicated support to bring the benefit strategy to life and fully support employers and their employees.

“The need to streamline the administration of multiple benefit options while offering the most competitive benefits package and cutting-edge financial products to their employees are top priorities for our clients. Now, UMB’s one-stop shop for a full range of benefit accounts and other financial tools gives employers a competitive advantage in their benefits package and delivers innovative services that will help their employees prepare and save for the near and long-term,” said Phil Mason, director of UMB Healthcare Services. “As a trusted partner and industry leader in integrated healthcare payment solutions, this is a natural extension for our product offerings and one we are excited to now make available in a simple turnkey solution.”

UMB currently has more than 5.4 million healthcare debit cards in circulation and 1.4 million HSAs totaling more than $3 billion in assets and deposits.

About UMB:

UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. UMB operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, and serves business and institutional clients nationwide. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn, or follow us on Twitter at @UMBBank. For information about UMB’s operations, approach and relief measures during the COVID-19 pandemic, please visit more.umb.com/coronavirus.

About WEX:

WEX (NYSE: WEX) is a leading financial technology service provider. WEX provides payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel, and health. WEX has offices in 14 countries and employs approximately 5,400 people around the world. Learn more at LinkedIn, Facebook, Instagram, Twitter, and our corporate blog. For more information, visit www.wexinc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211115005132/en/

Kaele Palmer

Kaele.Palmer@umb.com

202.276.2471

Source: UMB Financial Corporation

FAQ

What new services did UMB Financial Corporation announce in their press release?

UMB Financial Corporation announced a new suite of tax-advantaged benefit accounts, including flexible spending accounts, health reimbursement arrangements, and commuter benefit accounts.

How many health savings accounts does UMB currently manage?

UMB currently manages over 1.4 million health savings accounts (HSAs) with assets totaling over $3 billion.

What company partnered with UMB to provide enhanced benefit solutions?

UMB partnered with WEX to deliver a seamless solution for their new tax-advantaged benefit accounts.

What competitive advantage does UMB offer employers with their new benefits package?

UMB's comprehensive suite of benefit accounts provides employers with a competitive advantage by streamlining administration and enhancing employee engagement.

Which states does UMB operate in?

UMB operates branches in Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona, and Texas.