BOSTON--(BUSINESS WIRE)--Alegeus, the market leader in consumer directed healthcare solutions (CDH), today announced that it has expanded its online consumer portal to include a virtual marketplace that will curate a wide range of HSA (health savings account) and FSA (flexible spending account) eligible products and services for purchase using account funds. This expansion will not only make it easier for consumers to spend their account dollars on eligible items and maximize account usage, it will also empower them to make smarter purchase decisions by letting them name their price for services. Thanks to unique partnerships accessible only through the portal, Alegeus merchants will offer a wide array of qualified consumer products and services – such as contact lenses, MRIs and more – across vision, dental and medical.
With this expansion, consumers will have easy access to a marketplace of vendors that offer CDH-eligible goods and services, and will be able to use their debit cards to purchase items electronically. Because all products offered through the portal are pre-determined to be HSA- and/or FSA-eligible, card transactions will be auto-substantiated, alleviating the hassle of having to submit receipts, and thereby creating efficiencies for both Alegeus clients and consumers.
Another goal of adding a retail experience to the Alegeus portal is to build consumer fluency around the range of items that are HSA- and FSA-eligible. Benefit programs have tremendous potential to deliver real value to both employers and consumers in the form of tax savings, greater control over healthcare dollars and increased benefit satisfaction. However, often these programs do not realize their full potential. According to a report by the Aite Group, 83% of eligible purchases today are being paid for out-of-pocket instead of using benefit account funds.
“At Alegeus, we constantly seek innovative ways for our clients to better empower healthcare consumers so that they can fully unlock the tremendous potential of CDH benefits,” said Steven Auerbach, Alegeus CEO. “This enhancement of our consumer portal will not only simplify purchasing processes for both our clients and consumers, it will also enable consumers to make smarter purchasing decisions and become more engaged in their healthcare.”
The new marketplace will be available in the Alegeus portal by the end of the year. Following the initial launch, Alegeus will continually recruit new product partners. The capability will also be incorporated into the Alegeus mobile application in Q2 2018.
Alegeus is the market leader in consumer directed healthcare (CDH) solutions, offering the industry’s most comprehensive platform for the administration of healthcare benefit accounts (including FSAs, HSAs, HRAs, wellness incentive, dependent care, and commuter accounts), the industry’s most widely-used benefit debit card, and powerful engagement solutions to help consumers maximize savings and optimize spending for their healthcare. Over 300 clients – including health insurance plans and third party administrators – leverage Alegeus’ deep expertise and proven technology to administer benefit accounts for more than 30 million members and process more than $9.1 billion in consumer 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 Orlando, FL and Milwaukee, WI.