In addition to supporting UBT’s existing health savings account (HSA) offering, the Alegeus partnership will enable UBT to expand its portfolio to include additional account-based products – such as flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs).
These expanded benefit account products will deliver enhanced value to UBT’s broker and employer customers, and position UBT as a one-stop shop for all benefit account-related products and services.
Account-based benefits have become a staple of employee benefit packages. The number of consumers in HSAs is now nearly 20 million and growing at a rate of more than 20 percent annually, according to health savings investment firm Devenir.
In order to fully capitalize on this market opportunity, UBT recognized the need for a specialized technology solution that went beyond the capabilities of its core banking platform. UBT also wanted a partner that deeply understood the HSA and benefit account landscape, the broker communities, and the dynamics of benefit adoption in order to build a go-to-market strategy that maximizes employer group sales and consumer participation.
HSAs are complex and have unique requirements with respect to enrollment, account funding, accountholder education, engagement, and even regulatory compliance. The complete Alegeus solution will include a HSA recordkeeping platform that was built specifically for the unique needs of HSAs and financial institutions – as well as powerful decision support tools and engagement channels to sustain rapid market penetration.
The solution will best position UBT to compete and win in the market – while simplifying business operations, reducing costs, and improving customer satisfaction.
“With growing interest from our customers to offer robust HSA products – we wanted to not only provide them with the best HSA solution possible, but also offer a full range of health benefit account products,” said Tanya Martin-Dick, Vice President, UBT. “We feel confident that Alegeus offers the right capabilities to empower our customers, while providing us the strategic support necessary to maximize growth.”
“Consumers today are faced with increased responsibility for healthcare costs. Alegeus provides comprehensive tools and support to help consumers save and pay for their care – and maximize the value of their healthcare dollars,” said Steven Auerbach, Alegeus CEO. “Alegeus is committed to offering the industry’s most robust and flexible benefit account solutions, and we look forward to supporting new customer UBT to reach its full potential in the HSA market.”
