Liberty Savings Bank Selects Alegeus for Complete Health Savings Account (HSA) Solution
Published on May 9th, 2016
Alegeus, the market leader in consumer directed healthcare solutions, today announced that Liberty Savings Bank has selected the Alegeus health savings account (HSA) solution in order to enter the high-growth HSA market with a differentiated product offering. Under terms of the agreement, Liberty Savings Bank will leverage Alegeus’ complete HSA offering—from recordkeeping and administration to engagement channels and support services—for its retail and commercial go-to-market strategy needs. In the future, the bank will become a channel partner and integrated custodial option for health plans and TPAs seeking to offer HSAs through the Alegeus platform.
With the HSA market poised to exceed $50 billion in assets and 30 million accounts by 2018, HSAs are the fastest growing benefit account available to consumers today, according to Devenir. In order to fully capitalize on this compelling market opportunity, Liberty Savings Bank recognized they needed a specialized technology solution that went beyond the capabilities of their core banking platform. They also wanted a partner that deeply understood the HSA landscape, the HR and broker communities, and the dynamics of benefit adoption in order to build a go to market strategy that would maximize employer group sales and consumer participation.
Given the increasing demand from our customers to offer HSAs, we wanted to not only provide them with the best solution possible, but also make HSAs a core competency of our organization – as we begin to aggressively invest in this growing market,” said Ryan Powell, CEO, Liberty Savings Bank. “After a comprehensive analysis of all HSA solutions, it became clear that Alegeus was the partner of choice for us – with their extensive industry expertise, advanced technology capabilities and partnership model. We feel confident that Alegeus will provide our bank with the best possible platform to offer HSAs and strategic support to maximize growth.
HSAs are complex and have unique requirements with respect to enrollment, account funding, accountholder education and engagement. Alegeus’ complete HSA solution will provide Liberty Savings Bank with access to its core recordkeeping platform, built specifically for the unique needs of HSAs and financial institutions – as well as its powerful decision support tools and engagement channels to sustain rapid market penetration. The solution will best position Liberty Savings Bank to compete and win in the market – while simplifying business operations, reducing costs and improving customer satisfaction.
Consumers today are faced with increasing responsibility for healthcare costs. HSAs are a strategic tool to help consumers save and pay for their care – and maximize the value of their healthcare dollar,” said Steve Auerbach, CEO of Alegeus. “Alegeus is committed to offering the industry’s most robust and flexible HSA solution. We look forward to supporting Liberty Savings Bank and helping them reach their full potential in the HSA market.
About Liberty Savings Bank
Liberty Savings Bank, FSB, is a Federal Savings Bank headquartered in Wilmington, Ohio, with 9 branches located in Ohio, Florida and Colorado. Founded in 1889, Liberty Savings Bank, FSB, provides an array of banking products and services with a focus on Health Savings Accounts, national wholesale mortgage lending, and full service community banking in Denver and Granby Colorado and Bradenton, Sarasota and Venice Florida. Visit http://libertysavingsbank.com for more information.
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.