Health Savings Accounts are gaining in popularity, according to statistics from one company. Not only are more people using them, they’re putting more money into their accounts.
UMB Healthcare Services says that balances for its HSAs grew 36.1 percent, surpassing $400 million following 2011 open enrollment. The number of HSAs stood at nearly 200,000 at year-end.
UMB also saw a 37.9 percent growth in its debit cards associated with Flexible Spending Accounts, Health Reimbursement Arrangements and HSAs. Total accounts reached more than 2.4 million accounts at year-end.
Employers are playing a role in the increase in the number of people using the plans, said Dennis Triplett, CEO of UMB Healthcare.
“Realizing the benefits of these plans means effectively educating employees to overcome the hurdles to participant adoption,” Triplett said.