Moving the needle for healthcare in America
With all of the regulation changes Americans and American businesses are witnessing in health care today, the importance of understanding health savings accounts (HSAs) has never been greater. An HSA is a tax-exempt trust or custodial account which enables consumers to set aside money for current and future qualified medical expenses not covered by a medical plan. A potentially valuable account in today’s world of rising healthcare costs. And at UMB Healthcare Services, we’re introducing a tool to enhance that value for employers and employees.
According to a recent AHIP‡ report, nearly 15.5 million Americans are enrolled in HSAs, and that number will only continue to rise. But how many of those Americans and their employers are taking full advantage of the possibilities these accounts offer? We can only know through proper reporting.
While the HSA industry has remained focused on the administration of these accounts – enrollment, opening accounts and contributions – UMB Healthcare Services has put data reporting front and center by introducing HSAWorksTM. In the nearly 10 years since the introduction of HSAs, traditional reporting, when available, has given visibility to average account balances and confirmation if individuals were investing or not. Lack of clarity and further analysis of these numbers has made it cumbersome for employers to create benchmarks for success in their own benefit plans.
With HSAWorks, the industry’s most advanced reporting and first-ever analytics tool, brokers, third-party administrators, health plans and employers are supplied with actionable analytics to achieve desired plan results. Rather than basic metrics, this industry-leading HSA reporting tool empowers employers to drive positive change with their plan and improve employee health and well-being by understanding the data. Now, employers and employees can benefit from all of the possibilities an HSA provides, including and most importantly, influencing health.
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Dennis Triplett is chief executive officer of UMB Healthcare Services. He is responsible for the strategic direction in healthcare banking and manages the sales and marketing activities, plus product development and relationship management. Dennis has more than 29 years of experience in the banking industry. He currently serves as board chairman for the Employers Council on Flexible Compensation, chairman of America’s Health Insurance Plans’ HSA Leadership Council and a charter member of the American Bankers Association’s HSA Council.