alegeus wealthcare saver

Debit cards, Account holders currently investing their Avidia HSA funds will not need to take action to liquidate those investments. Our client partnerships extend beyond the technology, as we lean in with you to drive adoption and usage ensuring your programs success, now and into the future. Their account history will remain intact leading up to and following the transition. At Alegeus, we believe in the extraordinary power of partnership. Learn how Alegeus can help you unlock the full potential of your account-based programs through our flexible approach, continuous innovation and collaborative partnership model. WealthCare Saver is Anthem's New HSA Custodian January 8, 2021 / in Anthem, Carrier, Employee Benefits / by Cornerstone On March 13, 2021, WealthCare Saver will replace PNC Bank as the custodian of the HSAs for: Current Anthem members who are actively enrolled in an HSA-compatible health plan. Effective March13, 2021, WealthCare Saver will assume custodial responsibilities for all Health Savings Accounts (HSAs) offered through Independence. With more than two decades of channel experience in the employee benefits and consumer-directed healthcare space, Hallenbeck most recently served as chief growth officer at . No impact to debit cards, mobile apps, online portals, credentials, or account history before, during, nor following the transition. We are always on the lookout for passionate and talented professionals that are seeking an adventure, not just a job. All you need is an HSA cash account balance of $500. When you partner with Alegeus, we are wholly focused on your growth and success not just as your technology partner, but as your growth enabler. Managing your benefit account (s). For information regarding underlying investment expenses, earnings, and distributions, see the applicable investment prospectus and other publicly available information. All rights reserved. Please contact your Administrator for questions regarding access to this site or for questions about balances and statements. The new capability greatly simplifies the complexity of open enrollment for participants and administrators. This is beneficial for audit and security reasons: Alegeus Technologies is a leader in the consumer-directed account industry, supporting more than 30 million consumer and 225,000 employer health benefit accounts. By the time I noticed, $43.40 worth of my money had been siphoned off in "administrative fees" each month. To sequence and deliver quickly, well be transitioning to a non-bank trustee model. All rights reserved. *\l:'pAYb&fe`7}T ^j Will this change require a new service contract or amendment? Self-Service Portal Sign In Self-Service Login Please enter your User ID & Password below to access your secure account. Overview. As previously stated, this is a legal change to the HSA custodian. Through the Wealthcare Saver HSA, they will have the ability to reinvest those funds on November 4, Account holders that contribute outside of payroll, or otherwise have their HSA routing and account number on file for transfer or bill pay arrangements, will need to update their information with their new routing and account number for their WealthCare Saver HSA. This memo serves to reinforce the importance of operating within the rules and helps you demonstrate to customers that youre not imposing undue scrutiny, but simply helping them to remain compliant. The blackout period will run from October 31st to November 4th. No, accountholders debit cards will not change. Read about trends and forces shaping the benefits landscape. Sign in Username * Forgot your Username? Alegeus is headquartered in Waltham, Mass., with operations centers in Orlando and Bangalore, and a large remote workforce. Learn how Alegeus can help you unlock the full potential of your account-based programs through our flexible solutions, continuous innovation and collaborative partnership model. In this video, we explain why Alegeus is committed to amplifying our partners' voices, values and brands. Powered by Alegeus, Wage Parity can better serve agencies and their employees as New York increases minimum hourly homecare wage. Alegeus provides powerful, flexible technology - with a difference We're proud to offer the industry's most innovative healthcare payments platform, providing essential spending, saving and investing capabilities. Will employees be able to use the same debit card? I don't understand how it's acceptable to steal more than 80% of the account value for precisely zero service or benefits. No, there will be no funds inaccessibility window to facilitate the custodial transition. Current This content is restricted to site members. Published on May 1st, 2023. Melanie will play an integral role in helping partners to achieve sustained growth through our unique partner-powered business model fueled by her extensive industry expertise, her intimate knowledge of our partners businesses, and her deep experience in driving go-to-market strategies for account-based benefit programs., I have long admired Alegeus, both as a client and as a market player in consumer-directed healthcare, said Hallenbeck. We never compete with our clients in the market we win when they win. Yes, the balance in the deposit account will continue to be insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount permitted under FDIC guidelines. Alegeus WealthCare Admin. 'Burgundy-Free County', sometimes abbreviated BFC; Arpitan: Borgogne-Franche-Comtt) is a region in Eastern France created by the 2014 territorial reform of French regions, from a merger of Burgundy and Franche-Comt.The new region came into existence on 1 January 2016, after the regional elections of . Read about trends and forces shaping the benefits landscape. No, while the HSA Custodian is changing, the Employer and Navias responsibilities as part of the agreement will remain the same. Meanwhile, the WealthCare Saver custodial solution delivers on the important custodial requirements of an HSA in a private labeled fashion, eliminating some of the unnecessary overhead and inefficiency of third-party banks. BBB is here to help. Alegeus Technologies, LLC * 9 Principals See who the company's key decision makers are 292 Contacts Reach the right people with access to detailed contact information. With our white-label model, accounts and cards can become an extension of your brand and member experience, serving up frictionless and intuitive financial solutions designed to satisfy the expectations of modern consumers. With our SMART Account functionality, discover ways to stretch your healthcare dollars in real time. Powered by our scalable, customizable SaaS-based platform, Alegeus clients are growing and driving account adoption at a pace that is 3-4X the market. As the leading provider of SaaS-based benefit funding and payment solutions, we focus on the specific needs of our partners whether you want to deliver standalone account offerings or embed accounts and cards into your total solution. This is a legal change to the HSA custodian with minimal employee-facing impact, other than communications. Prior to Elevate, she served as chief growth and marketing officer at benefitexpress, which was acquired by Wex (NASDAQ: WEX), a leading global benefits company. 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. Custodians typically perform functions such as producing required tax reporting, providing required account disclosures or communications, and establishing customer identification processes. The Find Care feature allows consumers to search for in-network procedures, facilities and doctors with associated cost and quality information, and the Opportunities feed provides personalized actions and suggestions for smarter healthcare spending decisions. We are always on the lookout for passionate and talented professionals that are seeking an adventure, not just a job. I only became aware that I have been having fees applied on my account in March 2023, when I needed tax information. As a result, your employees HSAs will be migrated to our new WealthCare Saver HSA product. Were proud to offer the industrys most innovative healthcare payments platform, providing essential spending, saving and investing capabilities. In 2016 the Franche-Comt rgion was joined with the neighbouring rgion of Burgundy to form the new administrative entity of Bourgogne-Franche-Comt. Our product and market experts share the top five trends anticipated to drive the healthcare and benefits space this year. She did not inform me that when I had my account closed and moved to Fidelity, which was finalized on April 10th, I would be charged an additional $25 for absolutely no reason. Read through the Account Holder Communications under the Important Documents tab and familiarize yourself with this site. When will a current employee see their new HSA online? Enter the information below to create your account. With more than two decades of channel experience in the employee benefits and consumer-directed healthcare space, Hallenbeck most recently served as chief growth officer at Elevate, a fast-growing developer of employee benefits technology. If you've forgotten your password, please contact your designated Administrator to have your account password reset. Copyright 2023 WealthCare. Why? On April 28, 2023, the Internal Revenue Service (IRS) released a Chief Counsel memorandum reiterating the substantiation requirements included in proposed IRS regulations for health flexible spending arrangements (health FSAs) and dependent care flexible spending arrangement (DCFSA).These substantiation rules are longstanding, and there were no changes to the rules in the proposed . WealthCare Saver allows account holders to issue checks through the portal; these can be mailed to their providers by indicating. As a matter of policy, BBB does not endorse any product, service or business. Alegeus has the only HSA in the market with a new, modern investment experience. WealthCare Saver, a dba of Alegeus Technologies, LLC, is a licensed Non-Bank Custodian of HSA cash accounts. World University Rankings 2023. All rights reserved. Developed by Alegeus, the WealthCare SMART App provides a single access point for members to manage their HSAs and other tax-favored benefit accounts. No enrollment, funding/contribution, or reporting changes. Click here to download details: https://www.wealthcaresaver.com/docs/WealthCare_Saver_HSA_Investment_Options.pdf. hb```c``@(a?PIN k5p,QtsG1N*'"vvz\F9` ~7!H AKJAxe3051103^dd`X|.4:@33ndf,P4.@ @\f@VH-g4#m mS)`.%vN2MM;ZN 176th. Consumers can access their HSA account and invest in real time (on both mobile and desktop) without leaving the Alegeus platform. On March 13, 2021, WealthCare Saver a private-label HSA solution that is fully-integrated with our platform and is an IRS-authorized non-bank trustee will become the non-bank trustee of health savings accounts. Following these rules helps ensure compliance and reduces the risk of audits and penalties. As a rgion, it encompassed the eastern dpartements of Jura, Doubs, Haute-Sane, and the Territoire de Belfort. No, there will be no changes to accountholder account numbers. This site requires javascript to display properly. In addition, you may choose to have CAPTRUST manage your HSA account on a discretionary basis. Yes, approximately 30 days prior to March 13, 2021, Alegeus will send a notification by mail to accountholders who have an account custodied by PNC Bank as of approximately January 15, 2021 notifying them of the change in custodian. Note, this identifier begins with the letter I not the number 1). With WealthCare, access your latest account information at your fingertips. endstream endobj startxref IRS Chief Counsel issues memo reiterating FSA substantiation requirements, 101 Southhall Lane Suite 400Maitland, FL 32751, Copyright 2023 Alegeus Technologies, LLC. WealthCare Saver is a d/b/a of Alegeus Technologies, LLC, an Internal Revenue Service (IRS) authorized, nonbank, passive trustee operating as the custodian of HSAs. Capture the HSA opportunity Create an additional revenue stream No bank transfers, investment liquidations, spending freezes, or opt-in actions. neither WealthCare Saver*, nor its affiliates, shall be held liable for any adverse consequences that may result. CAPTRUST acts as investment advisor with respect to the investments available in your HSA. hbbd```b``QA$D2"DV!f59jVaA"Hf foM0&1XN0lN,ay7A"zMch`g`3`yi3X/(Bg`` S"l The Chief Counsel memo reiterates that FSA administrators must have a system in place to substantiate expenses and must deny reimbursement for any expenses that are not properly documented. No, the investment threshold will not change on 3/13/21. Learn how Alegeus can help you unlock the full potential of your account-based programs through our flexible solutions, continuous innovation and collaborative partnership model. Our highly flexible, white-label platform powers account-based benefit programs such as HSAs, FSAs, HRAs, COBRA, wellness incentives, lifestyle benefits and beyond. Melanie Hallenbeck is Chief Growth Officer at Alegeus, leading the company's go-to-market strategy. I called again and was told that the fees 'couldn't be reversed as they were legitimate.' Alegeus, Alegeus Technologies, WealthCare, WealthCare Saver are registered trademarks of Alegeus Technologies, LLC. The companys strong and experienced team, coupled with its innovative solutions and unique white label model, delivers partnersfrom administrators to health plansa powerful value proposition and I look forward to positioning them for continued success.. Helping clients win in a rapidly changing marketplace with the industrys largest and most comprehensive consumer healthcare funding platform. Data privacy and security practices may vary based on your use, region, and age. Alegeus provides software and services to support the administration of health-related consumer-directed accounts, such as health savings accounts and flexible spending accounts. 527 0 obj <> endobj No. HSA investments offer an unparalleled tax advantage that even a traditional retirement account like a 401(k) or IRA simply cant match. WealthCare empowers people to make the most from their healthcare dollars through the industrys first SMART HSA, a guided platform that maximizes their savings and minimizes their spend. Yes, the new WealthCare Save HSA will be linked to their existing debit card for use once opened and funds have been deposited. Alegeus, the market leader in healthcare payment solutions, today announced the appointment of Melanie Hallenbeck as chief growth officer. Better Business Bureau in Eastern MA, ME, RI & VT. BBB reports on known marketplace practices. Let us help Password * Forgot your Password? Alegeus is the market leader in SaaS-based benefit funding and payment solutions. Enter your First and Last Name. On April 28, 2023, the Internal Revenue Service (IRS) released a Chief Counsel memorandum reiterating the substantiation requirements included in proposed IRS regulations for health flexible spending arrangements (health FSAs) and dependent care flexible spending arrangement (DCFSA). Ms. Nicole Gardner, Senior Director Compliance. Investing through the WealthCare Saver investment platform is subject to the terms and conditions of the Health Savings Account Custodial Agreement and any applicable investment supplement(s). Investments funds will automatically be liquidated on October 24th. Read about trends and forces shaping the benefits landscape. All rights reserved. Learn More Smart With our SMART Account functionality, discover ways to stretch your healthcare dollars in real time. https://wealthcare.wealthcareportal.com/Page/PrivacyPolicy. Our highly flexible, white-label platform powers HSAs, FSAs, COBRA, lifestyle benefits and beyond delivering exceptional user experiences and differentiated capabilities that help you compete and win. HSAs are becoming commodities, as administrators cut fees and sacrifice value to attract more clients. Your investment accounts can be created and managed through the WealthCare portal. It keep shutting off the app when I hit the link to submit payment. It also reminds administrators that the reimbursement must be provided within a reasonable period of time after the expense was incurred. These substantiation rules are longstanding, and there were no changes to the rules in the proposed regulations. 151-200th. What is the blackout and why is it important? Avidia Bank, the current custodian of your Health Savings Accounts (HSAs) with Navia, is reducing the HSA portion of its business. %%EOF In March 2022 my HSA was transferred to WealthCare after I changed jobs. endstream endobj 528 0 obj <>/Metadata 47 0 R/Pages 525 0 R/StructTreeRoot 91 0 R/Type/Catalog/ViewerPreferences<>>> endobj 529 0 obj <. WealthCare Saver will become the authorized, nonbank trustee responsible for managing the funds in an HSA account on March13. Account APIs Manage all participant accounts, including adding/deleting employees, resetting passwords, and updating participant contact information. With more than 25 years of growth and innovation, Alegeus is the market leader in SaaS-based healthcare payment solutions. Using a powerful combination of AI technology, data insights, and subject matter expertise, we guide our users as they navigate their healthcare journey. Registered in all 50 U.S. states. 9 See similar companies for insight and prospecting. Our highly flexible, white-label platform powers a range of account-based programs, including those listed here. Need to find a different location? Account holders will be directed to a new Terms and Conditions document in their letter and should also add WealthCare Saver as an approved sender to their email accounts to ensure any messages do not get automatically filed as junkmail. The notice will include information about the new terms and conditions governing their account including the new accountholder agreement. In order to ensure our members are aware that WealthCare Saver will be administering their Independence HSA plans, members will be notified via mail at least 30days prior to the March13 effective date, as required. This site requires javascript to display properly. Again, this helps demonstrate why your employers should want to work with a compliant administrator, lest they invalidate their entire plan. Mark Waterstraat, chief customer officer, explains the ins and outs of COBRA, including eligibility, costs, deadlines and more. No changes or impact to debit cards, online/mobile apps, bill payment, etc. What do you think? Review any internal documents or links you may have that reference Avidia. Please explore each tab on the site to get detailed information about the transition and the WealthCare HSA Saver product. CapFinancial Partners, LLC (CAPTRUST) is an investment adviser registered under the Investment Advisers Act of 1940. A custodian: Is responsible for protecting the employee, managing the account, communications, account opening process, funds movement, regulations & compliance, and more. Previously, she was senior vice president at WageWorks, leading the organizations health plan partner channel business. The blackout is a period of time that employees will not be able to access their Avidia HSA Balance accounts while we are transitioning it to the WealthCare Saver HSA. Consumers will have two ways to save HSA funds. WealthCare Saver is a leading custodian of health savings accounts (HSAs) with long-standing experience in the market. Our highly flexible, white-label platform powers a range of account-based programs, including those listed here. I also can't see how a functioning business can claim they will follow up on inquiries, only to fail to do so repeatedly.At this point the only thing I want is the fees reversed and the original total of $83.32 transferred to my Fidelity account. Check out our latest resources and actionable insights. Please explore each tab on the site to get detailed information about the transition and the WealthCare HSA Saver product. Attorney and policy expert Jason Lacey shares strategies for benefits professionals to remain compliant while helping employers support their impacted employees. We will be updating the impacted Health Spending Account member documents and forms and marketing materials on the member portal, the Marketplace, Broker Forms Online, Sales Portal and Employer Portal to reflect the WealthCare Saver name change by March13. Investment products and services are not deposits, are not FDIC-insured, are not insured by any Federal government agency, are not guaranteed, and may go down in value. A simple, sleek and intuitive interface matches the online and app experience the modern consumer has come to expect. Our highly flexible, white-label platform powers account-based benefit programs including HSAs, FSAs, HRAs,. Before we get any deeper, its important we define and clarify the difference in what a custodian is versus, what a depository is responsible for. No funds movement or transfer to facilitate the transition. In addition, we are an HSA custodian and provide the WealthCare Saver solution directly to consumers. As a benefits administrator, you may have found yourself competing against TPAs who bend the rules, or you may have gotten pushback from employers and brokers for simply following the rules as written. Employers found out of compliance could be held responsible for all back payroll taxes and associated penalties, issuance of corrected W2s which would then require all employees (past and present) to file amended tax returns, likely resulting in additional taxes and penalties.

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