NEW YORK, Oct. 13, 2021 /PRNewswire/ -- Catch, the first and only portable benefits platform, announced today a partnership with Lili Banking, the fastest growing mobile banking service for freelancers in the U.S., to empower workers with the suite of user-friendly financial tools they need to thrive in their independent work. Catch and Lili's partnership aims to increase health care coverage among independent workers by facilitating access to cost-effective plans through Catch's product. Users can take advantage of the partnership for Open Enrollment 2022, which begins on November 1st.
Recent research by Upwork found that one in every three Americans does freelance work. This trend has been magnified during the pandemic, with about one third of those freelancers reporting their first independent work in 2020. While the shift to this kind of work is growing rapidly, working outside of "traditional" employment can also make accessing benefits and business services more difficult. For example, independent workers are significantly more likely to be uninsured, with over 30% of freelancers reporting that they do not have health insurance coverage.
Catch and Lili are meeting this challenge, redesigning benefits and banking specifically for independent work. Unlike existing benefits companies who sell insurance and investment plans to businesses, Catch provides decentralized payroll and benefit products for individuals, managed in one place. Lili is an all-in-one app that combines a free checking account with a set of essential business tools to handle invoicing, tax planning, and expense management.
"Everyone should be able to work on their own without risking financial ruin," said Kristen Anderson, Catch CEO and Co-Founder. "We are thrilled to partner with Lili to provide the set of products that freelancers need to feel confident and empowered to take the leap into independent work."
Ayal Levin, VP Strategy and Business Development at Lili, noted that, "We love how Catch proves that benefits don't have to be clunky, especially when you're dealing with it on your own. Financial products and services for freelancers can be easy to use, intelligently-designed, and delightful to experience. We are excited to partner with Catch to make sure independent workers are able to get the benefits they need."
The companies added that it was crucial to get this partnership in place before Open Enrollment 2022 begins on November 1st. Tax subsidies enacted under the American Rescue Plan have made premiums more affordable; the Center for Medicare Services expects four out of five enrollees will be able find a plan for $10 or less/month after premium tax credits, and over half will be able to find a Silver plan for $10 or less in this year's marketplace. Users can explore and enroll in plans at catch.co/partners/lili.
For those without access to employer-sponsored benefits, Catch provides an all-in-one platform to automatically take care of benefits like health insurance, retirement, and more. In an easy to use app, freelancers and contractors can track and trace thousands of income sources to create a personalized payroll system and truly portable benefits.
Lili is an all-in-one banking app designed for freelancers and side-hustlers, combining a checking account with a set of essential business tools. With no minimum balance and free overdraft coverage, Lili also provides self-employed workers with an invoicing software, a tax planning solution and an expense management feature to optimize their tax refund. Every freelancer knows good bookkeeping boils down to keeping track of four things: invoices, payments, receipts and spending. Lili lets you now manage it all in the same place.