Empower, a leading provider of retirement and wealth management services, announced a new consumer-directed healthcare (CDH) offering to help individuals manage their healthcare finances in conjunction with their full financial picture.

“Individuals need help understanding how their healthcare benefits and their finances are integrated and can be optimized to support their lives”

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Empower Consumer-Directed Health will offer employers and individuals an array of offerings to help them to make use of products and services that allow for optimization of their health and wealth benefits. Empower will offer benefits such as health savings accounts (HSAs), flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), voluntary employees’ beneficiary association plans (VEBAs), wellness incentives, lifestyle benefits, and more.

“Individuals need help understanding how their healthcare benefits and their finances are integrated and can be optimized to support their lives,” said Empower CEO Edmund F. Murphy III. “We are now delivering a market-leading, consumer-directed healthcare solution to ultimately help people make decisions where their health and wealth intersect.”

Empower has partnered with Alegeus Technologies, LLC, a leader in healthcare technology solutions, to bring an integrated health and wealth experience for employers and employees to the market through a comprehensive, CDH product suite. With a more than 25-year track record, Alegeus delivers consumer-directed benefit accounts for 75,000+ employers and more than 10+ million members (participants). Alegeus partners with some of the industry’s leading health plans, third-party administrators, financial services, and benefit solution providers. The integrated set of CDH benefits under the Empower brand will be incorporated into Empower’s digital platform, creating a more inclusive experience.

“This partnership exemplifies the power and capabilities of our platform, our people, and our white-label model. Our strategy is to power winning companies who are best positioned to bundle a broad suite of capabilities to deliver integrated solutions, which make benefits more accessible to consumers. We’re thrilled to be on this journey with Empower,” said Alegeus CEO Leif O’Leary.

Features of the new CDH offering from Empower include:

  • Integrated workplace benefits experience for participants
  • Unified card authorization and single card for all CDH accounts
  • Integrated investment experience for members, including curated fund lineups and a brokerage experience
  • Cohesive “Save, Invest, and Spend” experience
  • Empower Stable Value for employers and members seeking returns while maintaining liquidity for spending needs
  • Custom investment line-up options

The new CDH offering is designed for scalability to support employers of all sizes and types, ranging from those with less than 50 employees to employers with over 500,000 employees in the corporate, government, not-for-profit, and labor markets.

“As healthcare costs increasingly shift to consumers, employers recognize the connection between health-related benefits accounts and retirement savings solutions and are looking to work with a single provider to deliver this benefit experience to their employees,” said Dave Gray, Empower Executive Vice President for Enterprise Solutions. “Alegeus brings state-of-the-art technology, advanced thinking, and insights that will help Empower customers develop a more robust understanding of their holistic financial and benefits picture.”

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Source – Businesswire