Inspira Financial

Inspira Financial is a financial services company providing integrated health, wealth, retirement, and benefits solutions. The brand was officially launched in early 2024, unifying Millennium Trust Company and PayFlex under a single name. This rebranding followed a series of strategic acquisitions to create a comprehensive portfolio of technology-enabled financial wellness products.

The company's history traces back to the founding of Millennium Trust Company in 2000, which initially focused on individual retirement account (IRA) custody and administration. Over the years, Millennium Trust expanded its services to include automatic IRA rollovers, institutional fund custody, and qualified real estate 1031 exchanges through the acquisition of Accruit. A key milestone was the June 2022 acquisition of PayFlex from CVS Health, which added Health Savings Accounts (HSAs) and other consumer-directed benefits to its offerings. PayFlex itself was founded in 1987 to help administer consumer-based healthcare products. Further acquisitions of Benefit Resource Inc., ProFlex, and the consumer benefits business of Marpai broadened Inspira's capabilities in flexible spending accounts (FSAs), COBRA administration, and commuter benefits.

Inspira Financial serves a diverse client base that includes individuals, employers, plan sponsors, recordkeepers, third-party administrators (TPAs), and other institutional partners. The company administers over $62 billion in assets for more than 7 million clients. Its business model is centered on providing a holistic suite of financial wellness tools. For businesses and institutional partners, Inspira aims to simplify benefits administration, assist with regulatory compliance, and increase employee engagement. For individual clients, it offers tools for planning, saving, and investing, such as self-directed IRAs, HSAs, and emergency savings funds. As a directed custodian and benefits administrator, the company does not provide investment, tax, or legal advice.

Keywords: health savings accounts, retirement services, benefits administration, consumer-directed benefits, IRA custody, financial wellness, 401k rollover, flexible spending accounts, COBRA administration, institutional custody services, alternative assets, employee benefits solutions, third-party administrator, TPA, recordkeeper solutions, wealth management, tax-advantaged accounts, commuter benefits, emergency savings funds, 1031 exchanges