Empower Launches Integrated, Consumer-Directed Healthcare Offering

Firm expanding its benefits services footprint to drive improved health and wealth planning in new ways for millions of Americans

As consumers seek greater control over their healthcare decisions, the demand for tax-advantaged healthcare benefit accounts is stronger than ever

Empower, a leading provider of retirement and wealth management services, today announced a new consumer-directed healthcare (CDH) offering to help individuals manage their healthcare finances in conjunction with their full financial picture.

Empower Consumer-Directed Health will offer employers and individuals an array of offerings to help them to make use of products and services that allow for optimization of their health and wealth benefits. Empower will offer benefits such as health savings accounts (HSAs), flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), voluntary employees’ beneficiary association plans (VEBAs), wellness incentives, lifestyle benefits, and more.

“Individuals need help understanding how their healthcare benefits and their finances are integrated and can be optimized to support their lives,” said Empower CEO Edmund F. Murphy III. “We are now delivering a market-leading, consumer-directed healthcare solution to ultimately help people make decisions where their health and wealth intersect.”

Empower has partnered with Alegeus Technologies, LLC, a leader in healthcare technology solutions, to bring an integrated health and wealth experience for employers and employees to the market through a comprehensive, CDH product suite. With a more than 25-year track record, Alegeus delivers consumer-directed benefit accounts for 75,000+ employers and more than 10+ million members (participants). Alegeus partners with some of the industry’s leading health plans, third-party administrators, financial services, and benefit solution providers. The integrated set of CDH benefits under the Empower brand will be incorporated into Empower’s digital platform, creating a more inclusive experience.

“This partnership exemplifies the power and capabilities of our platform, our people, and our white-label model. Our strategy is to power winning 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.

Features of the new CDH offering from Empower include:

• Integrated workplace benefits experience for participants
• Unified card authorization and single card for all CDH accounts
• Integrated investment experience for members, including curated fund lineups and a brokerage experience
• Cohesive “Save, Invest, and Spend” experience
• Empower Stable Value for employers and members seeking returns while maintaining liquidity for spending needs
• Custom investment line-up options

The new CDH offering is designed for scalability to support employers of all sizes and types, ranging from those with less than 50 employees to employers with over 500,000 employees in the corporate, government, not-for-profit, and labor markets.

“As healthcare costs increasingly shift to consumers, employers recognize the connection between health-related benefits accounts and retirement savings solutions and are looking to work with a single provider to deliver this benefit experience to their employees,” said Dave Gray, Empower Executive Vice President for Enterprise Solutions. “Alegeus brings state-of-the-art technology, advanced thinking, and insights that will help Empower customers develop a more robust understanding of their holistic financial and benefits picture.”

About Empower

Recognized as the second-largest retirement services provider in the U.S.¹ by total participants, Empower administers more than $1.7 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.

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.

1. Pensions & Investments DC Recordkeeper Survey (2024). Ranking measured by total number of participants as of December 31, 2023.
2. As of September 30, 2024. Assets under administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company.

Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. “EMPOWER” and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America.

The information contained herein is being provided for discussion purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy or sell securities. All visuals are illustrative only.

“EMPOWER” and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America.

Carefully consider the investment option’s objectives, risks, fees, and expenses. Contact Empower for a prospectus, summary prospectus for SEC-registered products, or disclosure document for unregistered products, if available, containing this information. Read each carefully before investing.

A stable value fund is not federally guaranteed and has interest rate, inflation, and credit risks. Guarantees are subject to the terms and conditions of the group annuity contract or funding agreement and the claims-paying ability of the insurer.

©2025 Empower Annuity Insurance Company of America. All rights reserved. WF-3926500-0225 RO-4199327-0225

Learn more

To learn more about how we’re empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.

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