WALTHAM, Mass.--(BUSINESS WIRE)--Alegeus, the market leader in consumer directed healthcare (CDH) solutions, today announced that Nebraska-based Union Bank & Trust (UBT) has selected the Alegeus platform to power UBT’s benefit account product offerings. In addition to supporting UBT’s existing health savings account (HSA) offering, the Alegeus partnership will enable UBT to expand its portfolio to include additional account-based products – such as flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs). These expanded benefit account products will deliver enhanced value to UBT’s broker and employer customers, and position UBT as a one-stop shop for all benefit account-related products and services.
Account-based benefits have become a staple of employee benefit packages. The number of consumers in HSAs is now nearly 20 million and growing at a rate of more than 20 percent annually, according to health savings investment firm Devenir. In order to fully capitalize on this market opportunity, UBT recognized the need for a specialized technology solution that went beyond the capabilities of its core banking platform. UBT also wanted a partner that deeply understood the HSA and benefit account landscape, the broker communities, and the dynamics of benefit adoption in order to build a go-to-market strategy that maximizes employer group sales and consumer participation.
HSAs are complex and have unique requirements with respect to enrollment, account funding, accountholder education, engagement, and even regulatory compliance. The complete Alegeus solution will include a HSA recordkeeping platform that was built specifically for the unique needs of HSAs and financial institutions – as well as powerful decision support tools and engagement channels to sustain rapid market penetration. The solution will best position UBT to compete and win in the market – while simplifying business operations, reducing costs, and improving customer satisfaction.
“With growing interest from our customers to offer robust HSA products – we wanted to not only provide them with the best HSA solution possible, but also offer a full range of health benefit account products,” said Tanya Martin-Dick, Vice President, UBT. “We feel confident that Alegeus offers the right capabilities to empower our customers, while providing us the strategic support necessary to maximize growth.”
“Consumers today are faced with increased responsibility for healthcare costs. Alegeus provides comprehensive tools and support to help consumers save and pay for their care – and maximize the value of their healthcare dollars,” said Steven Auerbach, Alegeus CEO. “Alegeus is committed to offering the industry’s most robust and flexible benefit account solutions, and we look forward to supporting new customer UBT to reach its full potential in the HSA market.”
About Union Bank & Trust
Union Bank & Trust is a privately owned, Nebraska bank that offers complete banking, lending, investment and trust services. The bank has thirty-nine full service and loan production offices in Nebraska and Kansas. In addition to Lincoln and Omaha, branches are located in twenty-one Nebraska communities. It is the third-largest privately-owned bank in Nebraska with bank assets of $3.4 billion and trust assets of $15.4 billion as of June 30, 2016.
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, third party administrators and financial institutions – leverage Alegeus’ deep expertise and proven technology to administer benefit accounts for more than 29 million members and process more than $8.9 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.