Alegeus and Empower Forge Partnership to Bring Together Health and Wealth
WALTHAM, Mass., Feb. 5, 2025 /PRNewswire/ -- Alegeus, the market leader in healthcare benefit and payment solutions, today announced it has entered into a major strategic partnership with Empower, a leading provider of retirement and wealth management services. The new partnership coincides with the launch of Empower's Consumer Directed Health Solutions business and positions the company to meet increasing demand from its employer clients for integrated health and wealth solutions.
The relationship aligns with both Alegeus' long-standing strategy of powering the winners in the CDH arena as well as its unique white-label approach, which enables its partners to deliver new solutions and services quickly without disruptions.
"This partnership exemplifies the power and capabilities of our platform, our people and our white-label model. Our strategy is to power those 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.
As healthcare costs continue to rise and consumers take on more responsibility for their healthcare decisions, the demand from employers to bundle tax advantaged healthcare benefit accounts with retirement vehicles like 401(k) is stronger than ever. The fully integrated set of CDH benefits under the Empower brand will be incorporated into the company's digital platform creating a more inclusive experience.
"Employers are increasingly bundling consumer directed healthcare with their retirement plans to help individuals to optimize their health benefits and financial plan," said Empower President and CEO Edmund F. Murphy III. "Between the strength of their platform, the flexibility of their technology and the quality of their people, it quickly became evident Alegeus was the best – and only - choice for Empower to partner with."
Leveraging Alegeus' market-leading suite of white-label consumer directed healthcare (CDH) capabilities, Empower now offers its clients the most complete CDH solution in the market.
"Empower's reputation in the retirement market speaks for itself. They are now bringing that same level of excellence to the health benefits space, which is tremendously exciting," said Brian Colburn, Alegeus' Chief Strategy Officer. "I'm incredibly excited to partner with the team at Empower as they build what will be the leading solution in CDH."
About Alegeus
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. Alegeus is headquartered in Waltham, Mass., with operations centers in Orlando and Bangalore, and a large remote workforce.
Contact:
Jeff VanPelt
jeffrey.vanpelt@alegeus.com
About Empower
Recognized as the second-largest retirement services provider in the U.S.1 by total participants, Empower administers approximately $1.8 trillion in assets for 19 million investors2 through the provision of retirement plans, advice, wealth management and investments. Connect with us on empower.com, Facebook, X, LinkedIn, TikTok and Instagram. New innovative products added to current product set to help meet customers' unique needs
Contacts:
Stephen Gawlik
Stephen.Gawlik@empower.com
Mandy Cassano
Mandy.Cassano@empower.com
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SOURCE Alegeus