WALTHAM, Mass.--(BUSINESS WIRE)--Alegeus Technologies, the market leader in healthcare and benefit payments, today announced major enhancements to its consumer directed healthcare (CDH) platform, by expanding its flexible benefit account processing capabilities to include an Health Savings Account (HSA) recordkeeping component. This expanded HSA functionality creates the industry’s only single, wholly-owned technology platform to handle CDH administration, benefit card processing and HSA recordkeeping.
The new recordkeeping functionality expands upon the already-robust Alegeus HSA footprint, and performs all required HSA services, including ACH, check, card and integrated claim transaction processing, interest payments, contribution and distribution tracking, full accounting and reconciliation of HSA assets, 1099-SA and 5498-SA IRS reporting, and administrator, employer and direct-to-consumer pricing models. This solution eliminates the need for any third party deposit (checking account) systems, reducing operating costs, simplifying HSA program design, and coordinating more effectively with other benefit accounts.
“Many of the competitive HSA platforms out there are dependent upon separate third party deposit systems and external card processing services, which can limit their flexibility to address specific client requirements,” said Tom Torre, Alegeus CEO. “Owning all of the major technology components of our HSA processing solution sets Alegeus apart from the market and gives our clients the ultimate flexibility to innovate and tailor their HSA programs as needed.”
Because the HSA depository functionality is a sub-component of its existing CDH administration platform, Alegeus is able to offer seamless interoperability between HSAs and other CDH accounts (such as FSAs and HRAs). Administrative functions such as stacking/ordering of accounts, funding and maintenance, balance reconciliation, invoicing, employer servicing, and card administration are all handled in the same way, through the same interface, for all account types.
Comprehensive online and mobile account access for participants and employers rounds out the Alegeus HSA solution. Through the web portal, smartphones and tablets, participants are empowered to manage HSAs with access to interactive education, balances, funding capabilities, transaction and contribution history, investments, bill pay, statements, tax forms, and more. Employers are provided powerful self-service capabilities to perform account maintenance, funding and reporting tasks.
The new HSA solution is intuitive, comprehensive and flexible, enabling a variety of organizations to build successful HSA programs and product offerings. Alegeus clients can upgrade or implement the expanded HSA solution in calendar year 2014.
“With HSAs growing at double-digit annual rates and outpacing the growth of other CDH account types, it’s clear that HSAs are hitting their stride in the market,” said Torre. “As the market leader in CDH technology, we felt it was imperative to offer a best-in-class HSA solution as part of our portfolio. Our new HSA capabilities address some limitations in our existing footprint and further our market leadership position – giving us a unique combination of capabilities, and making Alegeus the only technology provider to offer CDH account administration, benefit debit card processing and HSA recordkeeping – in one single solution.”
For more information on the new Alegeus HSA solution, please visit: http://www.alegeus.com/solutions/health-savings-accounts.
About Alegeus Technologies
Alegeus Technologies is the market leader in healthcare and benefit payments – offering the industry’s most comprehensive platform for the administration of tax-advantaged benefit accounts (FSAs, HSAs, HRAs, MERPs, VEBAs, DCAPs and transit accounts), the industry’s most widely-used benefit debit card, and leading services for the outsourced management of claim payments and associated data exchange. Over 500 clients – including health insurance plans, third party administrators and financial institutions – leverage Alegeus’ deep expertise and proven technology to administer benefit accounts for more than 17.5 million members and process more than $18 billion in healthcare payments annually. As the healthcare and benefit markets continue to evolve, Alegeus delivers solutions that enable clients to evolve their service offerings, operate their businesses more efficiently, and focus on their customers. The company is headquartered in Waltham, MA with operations in Carrollton, TX, Orlando, FL and Milwaukee, WI. To learn more about Alegeus, please visit www.alegeus.com.