Employee Health Benefit Plan Services
Devenir is a national leader in offering customized investment solutions to support employee health benefit plans. As an independent investment firm, we offer a host of investment options to suit the unique needs of public and private employers, banks, third party administrators and plan participants. Our goal is to create convenient, user-friendly and cost-effective investment platforms by integrating quality investment choices with streamlined administrative functions. We offer plan design expertise covering Health Savings Accounts (HSA), Health Reimbursement Arrangements (HRA), VEBA Trusts, and OPEB Trusts.
To submit Requests For Proposals contact: team@devenir.com
Health Savings Accounts (HSA)
As the leader in investment options for HSA’s (% market share), we have partnered with some of the largest Insurance Providers, Banks and Administrators to provide a first class, convenient and cost effective HSA investment solution for their HSA customers.
Why offer an investment option?
HSA’s are an increasingly popular option for many individuals and businesses around the country. In this highly competitive market place, adding investment options can help add further value to your HSA product. Experts predict that the average 65 year old couple retiring today will need an additional $250,000 over and above Medicare to pay for medical expenses in retirement. The addition of HSA investment options allows accountholders to access a cost-effective investment option to potentially grow their HSA dollars for those future healthcare needs.
“We really feel that offering an investment alternative is a very attractive option for people who use a Health Savings Accounts as a long term savings vehicle”
-Adelbert Spaan, Senior Vice President, First American Bank
The Competitive HSA Model
Why Devenir?
- Devenir is the leading HSA investment advisor in the country
- As an HSA pioneer Devenir has gained a wealth of experience and deep understanding of the HSA market
- Devenir features clients of all sizes, and range from small community banks to Fortune 50 companies. No matter what size your business, we are there to help meet your HSA investment option needs.
- We are focused on this market
- Our firm’s primary focus is to provide an investment solution for HSA accounts.
- Leverage experience and size
- With our experience and size we are often able to achieve some economies of scale with mutual fund companies to eliminate sales loads typically found in other HSA mutual fund offerings.
- We offer same day exchanges and next day settlement when most are on a 3 day basis. This allows customers quicker access to the cash to pay for pending claims.
- We offer innovative technology platforms that help seamlessly integrate your existing HSA platform with our investment option.
- Private label solutions to complement your brand, meet your specific customized investment objectives as well as technology integration requirements
What we offer…
Devenir provides HSA investment solutions that can be bundled with your On-line Banking, Administrative or Custodian services.
This offering includes:
- Investment custodial services
- A wide array of mutual fund choices through our open architecture platform
- Prospectus and proxy services
- A self directed online brokerage option
- Recordkeeping software that includes:
- On-line web tools, including account history, balance information, contribution election, exchanges and deferral percentage changes
- On-line or paper statements
- On-line planning tools
- Single sign on or web services capabilities
- Sales and marketing support
- Customer service education and training
- Daily account balance feeds between Devenir and Client
- Automated Distribution Processing
- Automated Rollover from Client to the Investment Program
- Phone VRU / IVR account access
- Group level and global program access for Client
- Website and investment customization capabilities for large plans
- Bank account balance integration
Click on the picture below to see some of our client HSA investment solution examples
Click on the picture below to see some of our clients HSA investment solution examples
Click to view example of client mutual fund worksheet
Other Health Benefit Solutions
Similar to our HSA program design, Devenir provides investment platforms for custodians, banks and both public and private employers to offer investment options for funded HRA, VEBA and Other Post Employment Benefit (OPEB) accounts. These types of accounts have different and distinct characteristics than that of an HSA. Devenir understands those differences and will help you navigate the regulatory complexities of HRA, VEBA and OPEB plan design.
Health Reimbursement Arrangements (HRA)
Employers wishing to offer an employer-sponsored Health Reimbursement Arrangement provide both the employer and employee with benefits. The employer has a defined healthcare expenditure, plus receives tax-deductible benefits for qualified reimbursement expenses.
Employee benefits include pre-tax employer contributions, reimbursement for qualified medical expenses is Federal tax free, and HRAs can be used in concert with other health benefit accounts.
Volunteer Employee Benefits Trusts (VEBA Trusts)
Devenir is a leader in providing comprehensive investment offerings for VEBA and Section 115 Trust accounts. VEBA Trusts are IRS-approved Federal tax-exempt trusts that fall under IRS Code 501(c)(9). VEBA Trusts are intended to provide health and welfare benefits through a pooled trust to employees of a common organization. Employees are allocated pre-tax dollars from the trust that allows them to pay for qualified medical expenses, disability, severance, and life insurance benefits.
Section 115 trusts do not need IRS approval, but must obtain a private letter ruling from the IRS to be considered tax-exempt and do not have the additional contribution discrimination testing of a VEBA or HRA.
VEBA Trust vs. Section 115 Trust
Click on the picture below to see some of our clients VEBA investment solution examples
OPEB Trusts
Devenir is an independent investment consultant providing solutions to public and private employers surrounding their Other Post Employment Benefits (OPEB) obligations defined by GASB 43 and 45. OPEB Trusts are another avenue for governmental entities to fund long term, post retirement benefits for their pre- and post-retirees. Contributions to an OPEB Trust are based on actuarial assumptions surrounding the future cost of paying out those obligations. A Trust is established to make contributions to the Trust, and allows for investment of contributions to meet those future obligations.
Devenir works with you to determine the appropriate investment policy and investment strategy that will help your Trust meet those future obligations while helping to mitigate risk to the Trust.
Regardless of the type of plan you are looking for, Devenir provides a unique, customized experience, service and selection through the availability of an integrated investment platform. Our approach allows any provider to attach a robust investment feature to your health benefit plans.
