Orlando Harmon
Gravie is a health insurance company that offers comprehensive coverage and resources to its members. They provide various plans, such as the Comfort plan, which offers no-cost coverage for common healthcare services, virtual healthcare services, and access to in-network providers. Gravie's business model involves working with employers to provide health benefits to their employees. Employers pay a fixed monthly premium and determine the contribution amounts for each employee, who can then use the compensation for their health insurance costs. Gravie's Surgical Underwriting approach tailors its rates to each employer group, helping them maximize their investment in health benefits and save costs. This model has resulted in significant savings for employers, making Gravie a cost-effective and attractive option for businesses.
| Characteristics | Values |
|---|---|
| Headquarters | Minneapolis, Minnesota |
| Services | Health insurance marketplace |
| Target customers | Individuals and businesses |
| Offerings | Individually-tailored recommendations for health insurance, level-funded health plans, ICHRA solution, health plans on federal and state exchanges and off-exchange in the private market |
| USPs | Simple and clear communication, affordable and accessible care, seamless process, prescription coverage, reasonable premium rates, interest-free payment options, virtual health and wellness services, customer support |
| Business model | Brokerage (connecting customers with in-network providers) |
| Revenue sources | Commissions from insurance providers, fees from customers |
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What You'll Learn
Gravie's Surgical Underwriting approach
Gravie is a health insurance marketplace that provides individually-tailored recommendations to individuals purchasing health insurance. It is a licensed third-party administrator (TPA) that offers level-funded health plans and an ICHRA (Individual Coverage Health Reimbursement Arrangements) solution. Gravie's approach to surgical underwriting involves:
Personalized Support:
Gravie Care Advocates provide personalized support to members, helping them navigate and utilize their health plans effectively. They assist with comparing plan options, enrolling in coverage, understanding benefits, and connecting with in-network providers. This support ensures members can make informed decisions about their healthcare.
Cost Transparency:
Gravie prioritizes transparency by clearly communicating what is and isn't covered under their plans. This clarity helps members understand their financial responsibilities and makes engaging with the healthcare system less complicated. Members appreciate knowing the costs upfront, enabling them to seek care without worry.
Virtual Health Services:
Gravie has partnered with health and wellness innovators to include virtual health services in their plans. Members can access virtual treatments for back, joint, and muscle pain and consult with physicians and mental health professionals remotely. This feature simplifies accessing healthcare and can help reduce out-of-pocket expenses.
Interest-Free Payment Options:
Gravie Pay assists members in managing healthcare expenses by offering interest-free payment plans. This feature helps members pay for unexpected or costly medical expenses over time without incurring additional financial burdens.
Prescription Coverage:
Gravie's plans often include $0 prescription rates, alleviating financial concerns for members with regular medication needs. This comprehensive coverage ensures that members can access the medications they require without facing additional out-of-pocket costs.
Customer Satisfaction Focus:
Gravie prioritizes customer satisfaction by designing health plans that focus on the individuals using the benefits. They survey their members monthly to gauge satisfaction and identify areas for improvement. This feedback loop ensures that Gravie remains responsive to the needs and expectations of their members, fostering trust and loyalty.
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Cost savings for employers
Gravie is a private startup that offers health insurance plans to employers. Its flagship product, Comfort, is a zero-deductible health plan that provides 100% coverage for the most common healthcare services, at a comparable cost to traditional group health plans.
Gravie helps employers save money in several ways. Firstly, employers save about 19% on average on health benefit costs when they switch to Gravie. This is achieved through Gravie's Surgical Underwriting approach, which tailors the monthly premium to each employer group's specific needs and risks, rather than a one-size-fits-all model.
Secondly, Gravie's defined contribution approach gives employers control over their spending. Employers can set a fixed budget and build a competitive benefits strategy with Gravie's help, allowing employees to choose their coverage through Gravie's marketplace. This provides flexibility, enabling employers to make annual adjustments based on their compensation decisions.
Thirdly, Gravie's level-funded plans allow employers to pay a fixed monthly premium that covers expected claims, with stop-loss insurance for unexpected claims. When claims are lower than expected, employers receive a refund, sharing in the surplus. This model helps small and midsize employers lower healthcare costs through self-insurance, paying Gravie a premium to administer benefits.
Finally, Gravie's Comfort plan reduces overall healthcare costs by encouraging preventative care and reducing ER visits. The plan covers most common healthcare services with no deductible and zero copays, making it more accessible for employees to seek virtual musculoskeletal care, mental health treatment, and other services. This proactive approach to healthcare can lead to fewer costly emergency visits in the long run.
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Cost savings for employees
Gravie is a health insurance marketplace that provides individually-tailored recommendations to individuals purchasing health insurance. It is headquartered in Minneapolis, Minnesota, and was launched in 2013.
Gravie's health plans offer significant cost savings for employees. Firstly, they provide access to a wide range of in-network providers, including doctors and specialists, ensuring employees can find affordable care without incurring high out-of-pocket expenses. This is especially beneficial for employees with complex health needs, as they can receive the necessary treatment without financial barriers.
Secondly, Gravie's plans often include $0 prescription rates, which can significantly reduce an employee's medical costs, especially for those with regular medication needs. This benefit extends to primary care visits, making it easier for employees to access the medication and treatment they require without financial strain.
Gravie also offers virtual health and wellness services, providing innovative treatments for issues like back, joint, and muscle pain. Their telehealth services allow employees to consult with physicians and mental health professionals from the comfort of their homes, saving time and money on travel and potential time off work.
Additionally, Gravie's interest-free payment system, Gravie Pay, assists employees in managing their healthcare expenses. This system allows employees to pay for healthcare costs over time without incurring interest charges, providing financial flexibility and reducing the burden of unexpected medical expenses.
Gravie's health plans also benefit employers by reducing their healthcare costs. Gravie's ICHRA (Individual Coverage Health Reimbursement Arrangements) solution enables employers to offer flexible employee benefits at more predictable costs. This solution has helped employers save up to 29% on healthcare costs at renewal compared to the previous year, demonstrating significant cost savings for businesses while still providing valuable health coverage for their employees.
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Gravie's Comfort plan
Gravie is a health insurance marketplace that provides individually-tailored recommendations to individuals purchasing health insurance. They are a licensed third-party administrator (TPA) that offers both level-funded health plans and an ICHRA solution. Gravie's flagship solution, Comfort, is a unique health plan that provides zero-deductible and zero-copay coverage on the most common healthcare services.
The Comfort plan offers 100% coverage on the most commonly used healthcare services, providing members with a plan with no deductible and zero copays. This means that members can access healthcare services without worrying about paying the first few thousand dollars of their bills. Gravie covers its members from day one, with no hidden loopholes or unexpected costs.
The plan also includes virtual health and wellness services, such as innovative treatments for back, joint, and muscle pain, as well as telehealth offerings that allow members to consult with physicians and mental health professionals from anywhere. Gravie's mobile app also enhances the member experience by providing easy access to plan information, provider searches, and claims history.
Gravie Pay, an additional feature of the Comfort plan, assists members in managing their medical expenses. It offers an interest-free, pay-over-time option for any medical bill, planned or unexpected, helping members save money on out-of-pocket expenses.
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Gravie's Individual Coverage Health Reimbursement Arrangements (ICHRA)
Gravie's ICHRA offers flexibility and personalization to employers and employees. Employers can determine how much money they want to contribute to help each employee purchase health benefits, and employees can choose health plans that meet their unique needs, lifestyles, and budgets. This arrangement gives employees control over their health benefits, allowing them to select plans that align with their specific requirements.
Gravie's ICHRA also provides tax advantages to employers. By facilitating payments from employers to employees' accounts and then to insurance carriers, Gravie ensures that employers can make tax-advantaged contributions to their employees' health benefits. This helps employers better predict and manage their costs, as they can set and stick to a fixed benefits budget.
Gravie has been facilitating ICHRAs since their introduction and has helped employers leverage the individual market for employee health benefits since 2013. Employers offering ICHRA through Gravie have reported significant savings, with some saving up to 29% on healthcare costs at renewal compared to the previous year.
Gravie's ICHRA is a valuable tool for employers of all sizes, providing flexibility, cost control, and tax advantages while allowing employees to choose health plans that best suit their needs.
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Frequently asked questions
Gravie Insurance makes money by charging employers a monthly premium for health insurance coverage. The premium is determined through Gravie's Surgical Underwriting approach, which tailors the rates to each employer group based on their specific needs and risks.
Gravie's Surgical Underwriting approach is a tailored process for determining the monthly premium for employer groups. This approach goes beyond previous years' claims data to set rates that are customized for each group, ensuring they get the best value for their investment.
Gravie simplifies the payment process by invoicing employers monthly for the total compensation provided to employees for health insurance. Employers pay Gravie, and employees pay the remaining balance on their premium. Gravie then sends the monthly payments to the health insurance company.
Gravie helps employers save money on health benefits, which are typically the second-highest expense after employee salaries. On average, employers save about 19% on health benefit costs. Gravie also offers flexibility, allowing employers to make yearly adjustments based on how they compensate their employees.
Gravie provides employees with comprehensive coverage from day one, eliminating deductibles and providing access to free healthcare services, coverage, and resources. Employees can also access virtual healthcare services, such as physical therapy, mental healthcare, and free fitness classes, through the Gravie app.
