Alegeus Unveils High-Yield Feature for WealthCare HSA Solution, Providing Account Holders Lucrative Opportunities to Maximize Fund Values
Published on November 1st, 2022
Backed by Pacific Life, new option allows HSA account holders to take advantage of some of the highest interest rates in the market
Alegeus today unveiled WealthCare HSA High-Yield, an innovative enhanced interest option that offers some of the highest rates available in the health savings account (HSA) market.
High-Yield helps WealthCare HSA account holders maximize the value of the funds kept in their cash (spending) accounts, potentially giving them more to spend on healthcare needs now and in the future. It comes as a standard option for the WealthCare HSA, which addresses the needs of the entire workforce by providing best-in-class engagement and features for spenders, savers and investors alike, including the industry’s first multi-path investment solution.
Alegeus has partnered with Pacific Life, one of the most trusted names in insurance and finance, to deliver a new way for account holders to get more out of their HSAs with confidence and peace-of-mind. Pacific Life is a leading insurance company, providing a wide range of life insurance products, annuities and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans.
“With increasing and overdue focus on the lifetime value of HSAs, High-Yield provides a smarter approach to saving,” said Mark Waterstraat, chief customer officer, Alegeus. “Account holders can place their cash balance in a stable-value deposit account that is backed by Pacific Life. This allows participants to take advantage of increased interest rates – among the industry’s highest – while maintaining their ability to spend or invest their funds.”
“We are very excited about this innovative solution and the opportunity to continue offering a broad range of services and products to our institutional clients,” said Paul Hance, senior vice president and head of Pacific Life’s Institutional Customer Solutions Group. “With the rising cost of healthcare expenses in the U.S., we can provide an alternative investment option to HSA participants with stable returns.”
“At Clarity Benefit Solutions, our goal is to help employers deliver solutions that are simply smarter and ensure their employees are ready for life,” said Bill Catuzzi, founder and CEO, Clarity Benefit Solutions. “As an early adopter of the High-Yield interest option, we are now able to offer an even smarter solution that allows employees to maximize the value of their HSA funds and make their healthcare needs more affordable.”
“A cornerstone of the Health Savings Account industry is its relentless desire to innovate for the benefit of the 67 million Americans who finance their health care with these accounts. Consumers are always better served in a competitive environment where innovative health care technology and financial services drive better patient outcomes,” said Kevin McKechnie, executive director, Health Savings Account Council, American Bankers Association. “It’s encouraging to see HSA Council member companies expanding their products and services to meet the evolving needs of consumers.”
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2022 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2022 is compiled by Pacific Life using the 2022 FORTUNE 500® list.
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.