New Company Kick-Starts Era of Insurance Independence in Healthcare
Minneapolis-based Gravie helps consumers maximize the benefits of individual insurance marketplace, offers employers a sensible alternative to group coverage
Sep 23, 2013, 09:00 ET
MINNEAPOLIS, Sept. 23, 2013 /PRNewswire/ -- Significant changes about to take effect in the health insurance market have created the need for Gravie, a new company that will help individuals select, buy and pay for their own health insurance, as well as maintain all of their health affairs in one place.
Founded by the entrepreneurs that revolutionized the benefits industry by developing the first private insurance exchange, Gravie will help consumers navigate the complex individual insurance market. By scouring the entire marketplace — including offerings on the private market as well as public exchanges — Gravie will provide insight and guidance on the best product fit for individual consumers' needs. Additionally, Gravie will identify and pursue subsidy eligibility on behalf of individuals, as well as provide an integrated online platform for consumers to manage all their healthcare affairs in one place.
"The year 2014 is the beginning of the era of what we call insurance independence due to the availability of a new and dynamic marketplace and new laws that give consumers more power than they have had in the past," said Abir Sen, co-founder and CEO of Gravie. "Unfortunately, navigating this new world without the necessary guidance would be like driving cross country without a GPS or a map — a series of wrong turns, a lack of continuity, and fits of confusion turning to frustration."
While Gravie will work directly for individuals shopping for health insurance, the company also provides a solution for businesses that are terminating their group plans. Gravie will help shield employers from the hassles of having to deal with managing a health plan, while helping employees get the best deal for themselves and their families.
"After decades of market dominance, group insurance no longer makes sense for many employers and their employees," according to Gravie's Sen. "Starting in 2014, group coverage at best offers them no particular advantage over the individual market, and at worst, it actually does the employees a disservice because it prevents them from receiving tax credits from the government that could be greater than the value of the employer contribution to the group plan."
In addition to helping individuals and employees select and buy insurance coverage, Gravie also provides a number of after-sale services, including ongoing customer support, trouble-shooting with health plans, an integrated analysis of healthcare spending across all healthcare accounts, help with understanding and paying doctor and hospital bills, and management of these and other healthcare services on one customized platform.
Gravie has raised $2.6 million in a round of financing led by FirstMark Capital, and is already working with several Minnesota-based employers, with plans to extend the service to several other states this fall.
Gravie is committed to creating insurance independence by bringing smart solutions that help consumers and employers maximize the new insurance marketplace. Gravie takes the administrative work away from employers and helps consumers select and buy insurance coverage, providing ongoing customer support, trouble-shooting with health plans, analysis of healthcare spending, and management of all healthcare affairs on one customized platform. Gravie was founded in 2013 and is headquartered in Minneapolis. For more information, go to www.gravie.com.
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