PHILADELPHIA--(BUSINESS WIRE)--Lane Health announced today that they have won an Alegeus Performance Excellence (APEX) award for introducing tax deductible medical loans1 for employees with Health Savings Accounts. With two thirds of consumers enrolled in employer sponsored medical plans very or somewhat worried about unexpected medical bills2, tax effective loans can play an important role.
“We are thrilled to recognize the growth, performance and innovation that clients like Lane Health have achieved during an especially challenging year,” said Karen Thomas, chief growth officer at Alegeus. “We have an immense amount of gratitude for their strong commitment to our partnership this year, and we look forward to seeing even greater success in 2021.”
With financial wellness ranking as one of 2021’s most desired employee benefits3, Lane Health can offer its program with no employer risk, no credit checks and easy loan repayments through pre-tax payroll deductions. Employees taking advantage of the program typically earn less than $75,000 and take multiple loans during the year.
“We formed Lane Health to meet unfilled needs,” said Lane Health co-founder and Chief Client Officer Tom Elliott. “This recognition is reinforcement that employers want to offer financial wellness programs that truly benefit employees.”
“For the first time, employers can address their employees’ most pressing financial issue,” said Scott Beck, Lane Health’s Chief Revenue Officer, “with protection in case of large or unexpected medical expenses.”
“Consumers appreciate a benefit that gives them peace of mind,” said Sharon Cunninghis, Lane Health’s Chief Development Officer, “and makes their employer that much more attractive.”
More information on the Alegeus APEX awards can be seen here.
1Loans issued by WebBank. Member FDIC.
2Kaiser Family Foundation Health Tracking Poll
3Business Group on Health Employer Sponsored health and Wellbeing Survey
Lane Health offers access to tax effective medical lending for employees with Health Savings Accounts. The program allows employees to pay for care over 12 months, while reducing taxes and overall cash outlay. Employers bear no risk and pay no lending fees. The program can be bundled with our full suite of consumer spending accounts, all on a single “Card with a Heart”. Our solutions are offered to employers and through consultants, brokers, and partnership arrangements.