UMB Healthcare Services Now Offering Benefit Spending Accounts

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.

“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’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.

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“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.

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