UMB Healthcare Services said Tuesday it’s surpassed $1 billion in health savings account deposits and assets after growing 36 percent in the past year.
The number of its HSAs has now grown to more than 600,000 individual accounts as of Jan. 31, up 34 percent from its nearly 450,000 accounts a year ago, the company, a subsidiary of Kansas City-based UMB Financial Corp., said.
The latest figures from UMB is the latest example of the continued growth of HSAs in the industry. According to midyear statistics from investment consulting firm Devenir, HSAs have grown to an estimated $22.8 billion in deposits and assets and 11.8 million accounts as of June 30, 2014. Also last year, analysis from The Institute for HealthCare Consumerism, Consumerdriven and HSA Consulting Services predicted 50 million Americans will be covered by HSA-qualified health plans by Jan. 1, 2019, and that HSA adoption will grow to 37 million.
“We are encouraged by the continued adoption and acceptance of HSAs as a meaningful component of managing health care costs for both employers and individuals,” UMB Healthcare CEO Dennis Triplett said in a statement.