With health savings accounts increasingly getting more attention, two companies are diving into the fray by targeting two separate aspects of such accounts’ utility: saving to pay for health expenses and saving as a retirement vehicle.
Alegeus has announced an HSA initiative that “features machine learning and artificial intelligence to deliver the industry’s first truly ‘smart HSA,’ while HSA Bank has announced an advisor-driven HSA investment program that enables investment advisors to provide an open-architecture HSA investment lineup to benefit clients’ employees.
The Alegius entry begins with an “enhanced employer portal” that helps employers “focus on the metrics that are most impactful to their bottom line, including the capture of premium and tax savings.”
In addition, it will provide employers context to benchmark performance against peers by means of a CDH Health Score that quantifies the financial impact of a program not being fully optimized, as well as suggesting a course of action to capitalize on incremental opportunities.
The portal also includes access to turnkey employee communications and marketing support.
The HSA Bank program lets investment advisors and firms provide employees with an HSA investment product focused on meeting financial health care needs both now and in retirement.
Advisors will be able to use their own expertise on investments in the HSAs, as they do in traditional retirement plans, providing them with the flexibility to customize the fund lineup, the ability to view participant activity and performance online and the option to set asset-based fees on investments as well as receive HSA referral compensation.
They will also have direct access to the recordkeeping platform, enabling them to set up and manage HSA investment options for their clients’ employees.