Empower Expands Health Benefits With CDH Offering
Empower is partnering with Alegeus Technology to offer a consumer-directed healthcare (CDH) solution for consumers to manage their healthcare finances.
The solutions will include benefits such as health savings accounts (HSAs), flexible spending accounts (FSAs), health reimbursement accounts (HRAs), voluntary employees’ beneficiary association plans (VEBAs), wellness incentives, lifestyle benefits, and more. Among other features that Empower will provide are investment experiences that include fund lineups, Empower Stable Value for employers and members, and custom investment-lineup options.
“Individuals need help understanding how their healthcare benefits and their finances are integrated and can be optimized to support their lives,” said Empower CEO Edmund F. Murphy III. “We are now delivering a market-leading, consumer-directed healthcare solution to ultimately help people make decisions where their health and wealth intersect.”
The CDH suite will be offered to employers of all sizes and types, from companies with less than 50 employees to plan sponsors with over 500,000 employees in the corporate, government, not-for-profit, and labor markets.
“As healthcare costs increasingly shift to consumers, employers recognize the connection between health-related benefits accounts and retirement savings solutions and are looking to work with a single provider to deliver this benefit experience to their employees,” adds Dave Gray, Empower executive vice president for Enterprise Solutions. “Alegeus brings state-of-the-art technology, advanced thinking, and insights that will help Empower customers develop a more robust understanding of their holistic financial and benefits picture.”
Alegeus Technologies, a healthcare technology solutions provider, will build out the CDH product suite that will then be incorporated into Empower’s digital platform.
“This partnership exemplifies the power and capabilities of our platform, our people, and our white-label model,” said Alegeus CEO Leif O’Leary. “Our strategy is to power winning companies who are best positioned to bundle a broad suite of capabilities to deliver integrated solutions, which make benefits more accessible to consumers. We’re thrilled to be on this journey with Empower.”
SEE ALSO:
Empower Enters Equity Compensation Market with Acquisition of OptionTrax
Empower Reports New Highs in AUA, Retirement Plan Participants
Empower Beefs Up Retirement Income Product Suite
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.
