UMB Bank and Motivano Launch Health Savings Account (HSA) Prepaid
Card Solution
NEW YORK, Sept. 8 /PRNewswire/ -- Motivano, the leading provider of electronic
FSA, HRA, HSA, dependent care and mass transportation and parking prepaid card
accounts, is pleased to announce the availability of a turnkey HSA solution
that capitalizes on UMB Bank's custodial expertise. UMB has been involved in
the flexible spending card space since 1996 and is an emerging leader in
healthcare card solutions.
"For healthcare consumers, the prepaid card is quickly becoming a critical part
of HSA functionality. Without the card, it's a paper-driven process. Our
SmartFlex card relieves the administrative burden that healthcare providers and
third party administrators face," says Mark Keck, Motivano's Executive Vice
President.
Some of the benefits of using Motivano's SmartFlex(R) prepaid card for HSA
accounts include: -- Multiple account access on the same card including HSA, HRA, FSA,
dependent care and mass transportation and parking accounts. -- Ability to differentiate claims that require substantiation based on
separate Merchant Category Codes or the hierarchy established on the
card. -- Fully integrated adjudication system for HRAs and FSAs. -- Management of all transactions including funding of individual accounts
and auditing accounts that are established in Motivano's SureTrak(TM)
electronic tracking and substantiation system. -- Access to all funds held in a money market account as well as those
invested in mutual funds.
"The ability to have a `multi-purpose' card that can separate HSA, HRA, and FSA
funds is essential in the growing prepaid card industry. We are excited about
the opportunity and functionality that Motivano's SmartFlex program brings to
this market," says Dennis Triplett, UMB's Executive Vice President of Lending
Services.
HSA Overview
-- HSA accounts encourage individuals to save for future medical expenses. -- Accounts are owned by the individual; not the employer. -- Accounts are completely portable. -- No "use it or lose it rules."
-- Accounts grow through investment earnings, similar to IRA.
Eligible individuals must satisfy all four of the following conditions:
-- The individual is covered under a qualifying high deductible health
plan ("HDHP");
-- The individual has no other non-HDHP coverage that provides benefits
other than "permitted coverage," "permitted insurance" and/or
"preventive care";
-- The individual cannot be claimed as a dependent under someone else's
tax return; and
-- The individual is not "entitled" to Medicare.
Motivano
Founded in 1999, Motivano is the leading provider of electronic FSA, HRA, HSA,
dependent care and mass transportation and parking prepaid card accounts as
well as employee incentive and recognition programs. Over two million employees
at over 1,000 corporate and government clients benefit from Motivano's unique
electronic benefits solutions. More than 100 partners distribute Motivano's
products and services. Visit http://www.motivano.com/ or call 1-866-636-8700.
UMB Bank, n.a.
UMB Financial Corporation (NASDAQ:UMBF) is a $6.9 billion holding company
headquartered in Kansas City, Mo. The company offers banking and related
financial services to individual and business customers. It owns and operates
153 banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma
and Nebraska. Visit http://www.umb.com/ for more information. DATASOURCE: Motivano CONTACT: Kathleen Snyder, Motivano, +1-646-435-5668, or +1-646-435-5637, Web site: http://www.umb.com/ Web site: http://www.smartflex.com/ Web site: http://www.motivano.com/
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