MINNEAPOLIS (May 19, 2020) – Health insurance marketplace Gravie announced today that its industry-leading Individual Coverage Health Reimbursement Arrangement (ICHRA) platform was selected by Key Benefit Administrators (KBA), one of the largest full-service benefits administration firms in the country. KBA intends to bring this innovative tax-advantaged employee health benefits solution to employers across the nation.
New in 2020, ICHRA regulations allow employers to give tax-advantaged dollars to their employees, which they can use to buy a health insurance plan in the individual market. This defined contribution approach gives employers cost certainty as they can control their budget and how much they allocate for each employee and offers their employees freedom to choose a plan that best fits their individual needs.
The partnership with KBA allows Gravie to expand its already considerable presence in the market.
“We are thrilled to partner with KBA to bring this new way of offering health insurance to employers across the country. Our comprehensive, fully-integrated platform is unique in the marketplace and enables employers and their employees to enjoy all the advantages, including flexibility and cost savings, associated with the ICHRA approach,” said Abir Sen, co-founder and Executive Chairman of Gravie.
Larry Dust, CEO of KBA, said “KBA’s partnership with Gravie is particularly important at this time of reopening for small to medium size businesses due to COVID 19. The backbone of American business is looking for every way to reestablish its financial foundation while competing for talented associates. The ICHRA, defined contribution, will be one of the answers for many of them going forward.”
Gravie’s approach to health benefits is disrupting traditional models, putting individuals and their health back at the center in a way that’s beneficial to employees and employers’ bottom lines and overall satisfaction. Gravie was founded on a legacy of innovation with leaders from some of the most industry-changing healthcare companies who continue to reinvent and push the status quo to better meet the needs of individuals and teams today. With expert advisors, smart technology and a streamlined model, Gravie alleviates much of the headache associated with choosing and managing a healthcare plan, providing better options for employees with controlled and reduced costs for employers. Gravie has served over 900 employers and over 62,000 individuals across the U.S. To learn more visit www.gravie.com.
Key Benefit Administrators is recognized as the largest, independently owned, third party administrator in the United States. KBA was founded in 1979 by Larry Dust on the principles of delivering innovative healthcare risk management and high tech/high touch service at an exceptional level.