Alegeus, a provider of consumer-directed health care (CDH) solutions, unveiled new capabilities for the administration of voluntary employee benefit associations (VEBAs).
The Alegeus platform provides comprehensive administrative and operational support for VEBAs—including plan setup, configuration, funding, claims processing, debit cards, and more. The platform also includes specialized capabilities to handle the unique characteristics of VEBAs, such as adjustable maintenance fees and interest models, integrated investment options, and the ability to hold funds at the trust of the plan sponsor’s choosing. In addition, VEBAs are now a component of Alegeus’ consumer engagement channels, including mobile, online, interactive voice response (IVR), and more.
VEBAs are tax-exempt employee benefit trusts which have been used for years by private-sector and Taft-Hartley health and welfare benefits programs. VEBAs are a type of health reimbursement arrangement in which employers contribute funds on behalf of their employees into trust accounts. The funds placed in these trusts can then be used by employees to help pay for eligible health care-related expenses—similar to other tax-advantaged benefit accounts.
“We know many of our clients are offering VEBA products to the market, and we are very excited to now be able to offer them complete administrative and operational support as a seamless extension of their existing benefit account technology partnership,” says Steven Auerbach, Alegeus CEO.
For more information about the Alegeus VEBA administration solution, register for the company’s upcoming web seminar, “Expand Your Market Opportunity with VEBAs.”