Through this partnership, Lane Health's benefit spending account solutions and the groundbreaking Advance¹ line of credit will be made available to United Care Consortium clients.
NORFOLK, Va., June 12, 2023 /PRNewswire-PRWeb/ -- Lane Health and United Care Consortium announced today they have entered into an agreement for Lane Health to provide their innovative benefit spending account solutions to United Care Consortium clients. Through this strategic partnership, United Care Consortium clients can offer their employees Lane Health's health savings accounts (HSAs), flexible spending accounts (FSAs) and Commuter accounts, as well as the groundbreaking Advance¹ line of credit, issued by WebBank.
"We're thrilled to partner with United Care Consortium to help make healthcare more accessible and help their clients' employees better manage their out-of-pocket healthcare costs," said Scott Beck, Chief Revenue Officer at Lane Health. "United Care Consortium shares our dedication to constant innovation and exceptional client and employee service, and this alignment will enable us to drive powerful and positive change to clients' employee benefits programs together."
Lane Health's HSAs and FSAs come with an Advance line of credit, which, once activated, provides employees with additional funds when their spending account funds are exhausted. Employees can repay Advances and associated fees in smaller pieces over 12 months, and employees with HSAs have the ability to repay with pre-tax funds and gain tax savings. Also, there is no credit risk for United Care Consortium clients to make the Advance line of credit available to their employees through Lane Health's spending accounts.
"We're constantly seeking ways to offer even more value to our clients and their employees, and we're confident our strategic partnership with Lane Health will provide real and meaningful benefits to both," said Derek Lodholtz, Founder and Alliance Director at United Care Consortium. "With the Advance line of credit, our clients can help provide their employees greater peace of mind, knowing they can have a helping hand paying for healthcare expenses when they need it."
About Lane Health
Lane Health can help make healthcare more affordable and accessible through unique, integrated capabilities to deploy capital into the healthcare delivery system exactly when members need it most. Lane Health's combination of proprietary technology solutions, personalized service, and innovative product lineup positions the company at the forefront of the healthcare and FinTech juncture. Lane Health's industry trailblazing and rapid growth through broker and strategic partner distribution has been recognized with the Alegeus APEX Awards in 2021, 2022 and 2023. Visit http://www.LaneHealth.com to learn more.
About United Care Consortium
The United Care Consortium makes sense of today's rollercoaster that is employer-sponsored health plans. The United Care Consortium was founded on the ideology that there is a better way to finance healthcare costs and has successfully created a model available to employers. The United Care Consortium specializes in innovative methods to keep costs down for both employers and their employees. With medical discounts often exceeding 70%, pharmacy savings that exceed 40% for most clients, plan surplus refund eligibility, ACA compliance, and consortium grouping benefits amongst other unique strategies – no stone was left unturned in the process of developing the IDEAL health plan. The United Care Consortium is available in all 50 states and typically distributes through exclusivity agreements with select brokerages/agencies.
James Denison, lanehealth.com, 1 804-218-6912, [email protected]