WALTHAM, Mass.--(BUSINESS WIRE)--Alegeus Technologies, the market leader in consumer directed healthcare solutions, today announced a new health savings account (HSA) custodial partnership with UMB Healthcare Services. The partnership offers increased custodial flexibility and choice to Alegeus clients (including health plans, third-party administrators (TPAs) and benefit brokers) that are seeking to offer HSAs to their employer group customers and members.
By virtue of the partnership, Alegeus clients and stakeholders will gain access to a comprehensive, market-ready, and fully brandable HSA from one of the nation’s largest and most experienced HSA custodians. UMB will gain a new HSA distribution channel – with access to more than 400 Alegeus clients, 200,000 employer groups and more than 26 million consumer lives supported through the Alegeus platform.
“We saw this partnership as an opportunity to broaden our position in the marketplace with health plans, TPAs and brokers. Alegeus was a logical partner because of their extensive client base and flexible platform,” said Ben Morris, president, UMB Healthcare Services.
By partnering with Alegeus, UMB Healthcare Services joins the industry’s most flexible HSA banking network – which offers Alegeus clients an array of custodial choices – including national, regional, community and niche brands. Offering the industry’s only true multi-bank HSA platform, Alegeus delivers an experience that is architected to maximize flexibility and choice for all stakeholders – giving clients, employers and consumers the freedom to choose their preferred HSA custodian. This includes the ability for clients to offer multiple custodial options to employer groups and consumers, through one interface and one enrollment process.
“With consumers bearing ever-increasing responsibility for healthcare costs, HSAs are an increasingly strategic tool to help consumers save and pay for the cost of their care. Alegeus is committed to offering the industry’s most robust and flexible HSA platform to help our clients fully capitalize on this market opportunity,” said Steve Auerbach, CEO, Alegeus. “With pre-integrated custodians such as UMB Healthcare Services, Alegeus clients gain speed to market with their HSA offerings – and deliver differentiated value through unparalleled features and flexibility for their customers.”
UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors. For more information, visit umbfinancial.com, umb.com, blog.umb.com or follow us on Twitter at @UMBBank, Facebook at facebook.com/UMBBank and LinkedIn at linkedin.com/company/umb-bank.
About Alegeus Technologies
Alegeus Technologies is the market leader in consumer directed healthcare 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 450 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 26.4 million members and process more than $8.4 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. To learn more about Alegeus, please visit www.alegeus.com.