Through its Unique Partnership Model, Alegeus Caps Strong Fiscal Year with Continued Significant Growth for its HSA Solution
Published on March 14th, 2023
Alegeus, the market leader in healthcare payment solutions, has capped a strong fiscal year with continued significant growth for its health savings account (HSA) solution. Over the past year, Alegeus partners have outperformed the HSA market, delivering account growth of nearly 30 percent—six times the market rate.
Alegeus powers HSA programs for more than one hundred of the nation’s leading benefits providers, and 75 percent of all Alegeus partners offering HSAs outperform the market on a 5-year compound annual growth rate (CAGR).
The Alegeus HSA solution, WealthCare HSA, is the industry’s most complete HSA offering, which is designed to support the needs of spenders, savers and investors alike. And in a market in which forecasters anticipated HSA account growth in the low to mid-single digits, Alegeus partners look to the company to help them differentiate and turbocharge their growth.
“Alegeus is expanding its value by continuing to invest in its partners’ success,” said Josh Schneider, director, CDH and Product Innovation, Medical Mutual. “Alegeus introduced us to a new HSA-investing approach that helps position Medical Mutual to continue being a leader in the Ohio health insurance market.”
Additional Alegeus Company Highlights from the Past Year:
- Strengthened executive leadership team with the appointments of Roy Luria as General Counsel and Corporate Secretary, and Dan Brames as Chief Payments Officer. Luria leads the company’s legal and compliance function, including enterprise risk management and corporate governance, and Brames drives the company’s banking and financial services offerings.
- Unveiled WealthCare HSA High-Yield, an innovative enhanced interest option that helps account holders maximize the value of the funds kept in their cash (spending) accounts, giving them more to spend on healthcare needs now and in the future
- Launched the industry’s first comprehensive COBRA online open enrollment capability; now included within the Alegeus WealthCare COBRA platform, the new capability greatly simplifies the complexity of open enrollment for participants and administrators.
“We are proud of our continued momentum, which we attribute to our unique channel and white label approach. Through Alegeus, our partners can provide a powerful, customized and localized solution to their employers, setting them apart and priming them for greater success,” said Leif O’Leary, CEO, Alegeus. “Through the power of this model, coupled with our great team and unmatched technology, Alegeus partners continue to significantly outpace the market in terms of account growth, asset growth and overall success.”
With more than 25 years of growth and innovation, Alegeus is the market leader in SaaS-based healthcare payment solutions. Our highly flexible, white-label platform powers account-based benefit programs such as HSAs, FSAs, HRAs, COBRA, wellness incentives, lifestyle benefits and beyond. We deliver exceptional user experiences and differentiated capabilities that help our partners strengthen their product offerings, operate more efficiently, and unlock their full growth potential. Our partnerships with the industry’s leading health plans, third-party administrators, financial services and benefit solution providers give Alegeus unparalleled reach in the market, with access to more than 100 million commercially insured Americans. And our unique partnership model empowers our clients to achieve outsized results – growing their programs at a rate that is 3-4X the market, and with the highest net promoter scores (NPS) in the industry. We never compete with our clients in the market – we win when they win. Alegeus is headquartered in Waltham, Mass., with operations centers in Orlando and Bangalore, and a large remote workforce.