- Employees Gain More Power Over Healthcare Saving and Investing With API-Driven Investment and Administration Paired With World-Class Financial Advisory Services
Elevate, the next generation consumer directed benefits platform, announced that it has partnered with DriveWealth and intellicents. DriveWealth’s API-based brokerage infrastructure coupled with intellicents’ investment advisory services help power Elevate’s HSA investment offering within its fully embeddable, API-driven pre-tax benefits experience. Launched in October after a year in stealth, Elevate empowers employees to easily view, plan and manage their pre-tax benefits from a single intuitive web or mobile dashboard. All benefits can be accessed and delivered through one contactless card. Claims are processed instantly and reimbursement takes place within minutes.
Health savings accounts (HSAs), offered by Elevate and powered by DriveWealth and intellicents, help American workers offset rising healthcare costs, while serving as valuable retirement investment tools. Half of Americans today are enrolled in high-deductible healthcare plans, while overall health insurance deductibles have increased by 70% in the past decade. Together, Elevate, DriveWealth, and intellicents are giving employees greater insight into and control over HSAs.
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“HSAs are an underappreciated investment tool, in part because the status quo HSA user experience has been abysmal,” said Brian Cosgray, CEO & co-founder of Elevate. “DriveWealth understands how important API-driven architecture is for creating elegant end-user experiences. By partnering with two of the most respected names in financial technology and investment management in DriveWealth and intellicents, we’re able to deliver exceptional HSA experiences to employees everywhere.”
Employees accessing their HSAs through Elevate’s embeddable, API-driven platform can do so seamlessly through one dashboard and one login experience. DriveWealth’s embedded, API-based platform powers Elevate’s HSA experience, giving employers and their employees access to fractional shares of more than 6,000 U.S. securities. DriveWealth handles all the behind-the-scenes work, including account rebalancing, tax reporting, regulatory reporting, clearing, and settlement. APIs also allow both Elevate and DriveWealth to sync employee account records in real time, as opposed to traditional flat-file systems used by the rest of the industry. Whether opted-in to a self-directed HSA investing experience or an advisory experience, employees can also access intellicents’ menu of investment options and a suite of risk-based model portfolio services, supported by a world-class team of investment experts.
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“Elevate has an intimate understanding of the cost pressures the average American is facing,” said Brad Arends, CEO & co-founder of intellicents. “By marrying Elevate’s modern and intuitive platform with our worker-friendly investment strategy and support, we can make a dent in leveling the playing field for all Americans.”
“We are thrilled to have partnered with Elevate. Elevate has an All-Star team that brings deep knowledge from the health space, the brokerage industry, and the benefit administration side,” said Stan Smith, Managing Director of DriveHSA, DriveWealth. “When you combine that type of expertise with a modern brokerage infrastructure, such as DriveWealth, you know employers and employees are going to listen and be more engaged.”
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