UMB Healthcare Services, a division of UMB Financial Corporation (NASDAQ: UMBF), announced today that Tango Health will begin marketing an integrated Tango/UMB Health Savings Account ( HSA) solution to employers nationwide.
“UMB is pleased to have this opportunity with Tango Health,” said Dennis Triplett, chief executive officer of UMB Healthcare Services. “We believe our financial strength and health care payments expertise, along with Tango’s reputation as a premier provider of HSA management software and services, makes for a strategic offering.”
According to a May 2012 report from America’s Health Insurance Plans, more than 13.5 million Americans are currently using HSAs partnered with high-deductible health plans – an 18 percent increase from the previous year’s report. Following 2012 open enrollment, UMB now services nearly 320,000 HSAs nationwide with balances of more than $615 million dollars making it one of the top 10 custodians in the country with account holders throughout the nation.
“We continue to see increased acceptance of consumer-driven health plans and HSAs, which requires a strong financial partner committed to the health care space like UMB, combined with our state-of-the-art HSA software and services,” said Duncan Van Dusen, co-founder and CEO of Tango Health. “We’re excited to partner with UMB and bring-to-market highly innovative HSA solutions that deliver the employee adoption rates, performance and cost savings that employers are demanding.”Tango Health helps employers and their employees increase HSA adoption, usage and related tax savings through a suite of online services. These tools assist in increasing employee participation while reducing administrative burden by streamlining the enrollment and contribution process. Tango also offers online tools that allow employees to upload receipts, track their contribution maximums and receive annual limit alerts. UMB Healthcare Services delivers health care payment solutions including custodial services for HSAs and private label, multipurpose debit cards to insurance carriers, third-party administrators, software companies, employers and financial institutions. UMB gained a leadership position when it became one of the first banks to market Archer Medical Spending Accounts in 1996.