KANSAS CITY, Mo.–(BUSINESS WIRE)–UMB Healthcare Services, a division of UMB Financial Corporation (NASDAQ: UMBF), announced today the launch of three comprehensive toolkits to help employers successfully implement and communicate high-deductible health plans (HDHP) with health savings accounts (HSAs). Developed in partnership with Benz Communications, a leading HR and benefits communication strategy boutique, the UMB Toolkits provide implementation, launch and ongoing communication tools to better enable clients to educate employees, while meeting their goals for HDHP with HSA adoption and use, and empowering employees to become smart health care consumers.
“Realizing the benefits of these plans means effectively educating employees to overcome the hurdles to participant adoption. The UMB Toolkits will set a new industry standard for giving employers and individual account holders the information they need to manage their well-being.”
UMB Healthcare Services developed these toolkits to help overcome the two major hurdles to successful adoption: a lack of adequate understanding of the administrative mechanics of establishing HSA-compatible plans and a lack of effective employee communication to garner adequate participation rates. In a recent Aetna-sponsored poll of human resource professionals by the Society for Human Resource Management (SHRM), more than half of respondents were not comfortable with their level of knowledge about these types of plans. Additionally, 77 percent of respondents reported that they found it challenging to engage employees in getting the best value from their plans, and to encourage them to focus on their health and wellness.
With open enrollment now underway and HSA enrollment on the rise, the need for communication support is particularly evident. America’s Health Insurance Plans (AHIP) revealed that as of January 2011 more than 11.4 million Americans are now covered by HSAs in conjunction with high-deductible health plans, a 14 percent increase from 2010.
“High-deductible health plans with HSAs provide employers with the much-needed ability to better engage employees in their health, wellness and financial preparedness to meet current and future needs,” said Dennis Triplett, CEO of UMB Healthcare Services. “Realizing the benefits of these plans means effectively educating employees to overcome the hurdles to participant adoption. The UMB Toolkits will set a new industry standard for giving employers and individual account holders the information they need to manage their well-being.”
The UMB Toolkits were developed to support and enhance communication throughout the open enrollment process and beyond:
- Implementation Toolkit – Tools and resources to help employers understand exactly what to expect and provide support in designing their HDHP with HSA.
- Launch Communication Toolkit – Comprehensive tools needed to successfully launch and garner high enrollment in a HDHP partnered with an HSA, including best practices, planning guides, timelines and a variety of communication templates.
- Ongoing Communication Toolkit –Helps employers continue to educate employees and families, and promote benefit programs year round, to ensure satisfaction with benefits.
“We’re delighted to have the opportunity to partner with UMB Healthcare Services in creating these innovative education and communication tools for companies focused on introducing HSA-compatible health care plans,” said Jennifer Benz, Founder and Chief Strategist of Benz Communications. “Our signature employee-focused approach is built into the UMB Toolkits, providing employers with everything they need to successfully implement, launch and propel ongoing engagement in a high-deductible health plan with an HSA.”
UMB Financial Corporation (NASDAQ: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, asset management, health spending solutions and related financial services to commercial, institutional and personal customers nationwide. 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 @UMBFinancial.
About Benz Communications:
Benz Communications is a benefits communications strategy boutique creating integrated employee benefits campaigns for employers committed to nurturing high-performing and satisfied employees. Benz Communications’ clients include Fortune 500 companies, Fortune 100 Best Companies to Work For, and small- to mid-size companies. Additional information about Benz Communications may be found at www.benzcommunications.com.