Alegeus Technologies Announces New Health Savings Account (HSA) Custodial Partnership with UMB Healthcare Services
Published on August 18th, 2015
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 brand-able 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 of 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, Alegeus CEO. “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.
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.