UMB HSA Solution Now Offered by Tango Health
KANSAS CITY, Mo. (February 20, 2013) – 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 last year’s report. Following 2011 open enrollment, UMB serviced nearly 220,000 HSAs nationwide with balances of more than $400 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 healthcare 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.
UMB Financial Corporation (NASDAQ: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing, healthcare services and institutional investment management to customers. Its banking subsidiaries own and operate banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company’s proprietary mutual funds and investment advisory accounts for institutional customers. For more information, visit umb.com or follow us on Twitter at @UMBBank, Facebook at facebook.com/UMBBank and LinkedIn at linkedin.com/company/umb-bank.
About Tango Health
Tango Health helps reduce the total cost of health benefits for employers and employees by maximizing the performance of consumer directed health plans. Employers that are focused on containing or reducing their health care costs have come to rely on Tango because its industry leading management software and services slash the total cost of health benefits through dramatically increased HDHP participation as well as FICA Tax savings. In addition, Tango provides seamless compliance with IRS regulations concerning employee directed health accounts, enhanced employee training and ease of account administration. To find out more about Tango HSA and FSA solutions and reducing your health care costs, visit www.tangohealth.com or call 855-468-2646.
Tango Health is a registered trademark of Tango Health, Inc. All other names may be trademarks or registered trademarks of their respective owners.