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.”
