UMB In the News
Journal Record – March 15, 2016
More employers are shifting health care costs to employees as costs rise. Oklahoma businesses are examining health savings accounts to reduce insurance costs, said Health and Welfare Consultant Kristy Ventimiglia with insurance brokerage firm Arthur J. Gallagher & Co.
UMB Healthcare Services Chairman Dennis Triplett said his company offers support services to clients with HSAs, which is one reason behind that growth. The company provides employee-education tools and guidelines for human resource managers. Communicating changes to employees is critical, he said.
Modern Healthcare – March 8, 2016
American politicians and policymakers often tout consumer-based approaches, such as price transparency, comparison shopping, retail clinics, and high-deductible health plans featuring health savings accounts as answers to the nation’s pressing healthcare cost and access problems. But recent evidence suggests that these types of market-based solutions have severe limits. “An employers’ contribution to employees’ accounts is the single most effective way to get employees to save,” according to an advisory on designing HSA plans from UMB Healthcare Services, which administers HSA plans for employers.
Kansas City Business Journal – Feb. 26, 2016
The average couple is going to need $300,000 in retirement just for medical expenses, and UMB Bank is trying to get the word out that there is a better way to pay for it than using money from your 401(k). “Our account structure is a cash account, and once you reach whatever dollar amount you think is appropriate, you can sweep the excess into an investment account,” Klumb said. “Once the dollars are there, you can invest in a series of 32 mutual funds. You can always get the invested amount back into your cash account to use it if needed. But in the mean time, you have a chance to invest the money and try to reach that $300,000 mark.”
Kansas City Business Journal – Feb. 10, 2016
Health savings account assets at UMB Financial Corp. are growing twice as fast as the overall market. UMB Healthcare Services had $1.5 billion in assets and deposits at the end of January, up 50 percent from a year ago. Nationwide, healthcare assets were up 25 percent to $28.4 billion as of June 30. “We are extremely pleased to have another year of growth at UMB Healthcare Services as we continue to provide innovative health care payment solutions,” UMB Healthcare Services CEO Begonya Klumb said in a release. “It is an exciting time for us since we have strong growth compared to the industry. We are proud to offer exceptional service to our clients and account holders, while focusing on educating all about maximizing the benefits of HSAs.” The announcement also ran in Institute for Healthcare Consumerism
Begonya Klumb, CEO of UMB Healthcare Services, was interviewed by Dr. Michelle Robin.
“An HSA is one of the most efficient long term-wealth strategies you can employ because of the triple tax advantage,” said Klumb. “You put your money into the account tax-free. That money grows tax-free and when you use those funds for medical reasons, you use those funds tax-free. This hasn’t happened with any other account of its kind.”
Most employees who have access to health savings accounts (HSAs) mistakenly think these work like flexible spending accounts (FSAs)-if they fail to use their balance in a given year, they will lose it. Thus the majority of HSA holders use the accounts only for current health care expenses, according to a new report form UMB Healthcare Services, “HSAs Build Long-Term Wealth with Tax-Favored Savings.”
"That misconception is not surprising, given the fact that HSAs are still fairly new and are rarely included in benefits education and communications," writes Dennis Triplett, chairman of UMB Healthcare Services, in the report.