Alegeus Enhances Consumer Portal with New Marketplace
Published on November 8th, 2017
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.
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.