Recently, there has been a spike in discussion about the staggering amounts of medical debt in America. The topic is making national news, and we’ve highlighted some unsettling statistics in our recent blog. In short: medical debt is out of control, and it’s not only negatively affecting people’s finances – it’s also adversely affecting their health.
For many individuals, the fear of surprise bills, confusion about prices, and the inability to manage high out-of-pocket costs prevent them from getting care at all. Most health plans will offer no-cost preventive care, but starting down that path can prove to be expensive: many people get stuck with costly follow-up diagnostic tests that aren’t covered.
The Covid pandemic has only made things worse: A recent survey conducted by Porter Research found that 42% of consumers delayed healthcare and 24% could not afford additional medical expenses without a financing plan due to COVID-19. The result? Many wait to see a doctor until their health issue escalates into a larger health emergency — and balloons into a far greater cost.
Considering that over 100 million Americans are struggling with medical debt, it’s likely affecting the lives of people close to you. In fact, half of U.S. adults don’t have the cash to cover an unexpected $500 health care bill, according to a recent KFF poll. Healthcare has become the largest source of debt in collections in the U.S. and, despite the issue reaching endemic levels, the healthcare industry as a whole doesn’t seem to be offering any wide-reaching or progressive solutions.
At Gravie, we believe that people shouldn’t have to choose between getting the care they need and risking their financial future. It’s what’s behind our commitment to creating innovative solutions to make the health benefits experience better – through every step of the consumer journey.
With Comfort™, we’ve created a health plan that makes healthcare more affordable – members don’t pay deductibles or copays for in-network visits, and generic prescriptions have no cost. We’ve developed a seamless enrollment process with an easy-to-follow interface, not to mention a health plan that makes it possible to get more health care while spending less money.
But in those rare circumstances when out-of-pocket costs may pop up, Comfort members have a clear out-of-pocket maximum, eliminating costly surprises. Here, Gravie goes even further in the mission to put members first. We understand that, even though out-of-pocket costs are rare, when they do happen it’s pretty likely that it may be difficult– or even impossible – for a member to handle that extra expense all at once. While payment options do exist, ranging from credit cards to care payment programs, many of them have terms that put the member at a disadvantage, and they usually carry interest.
To empower members at every step in the healthcare journey, we created Gravie Pay™ — our interest-free, pay-over-time option that members can use to pay for any medical bill subject to their out-of-pocket responsibility, whether planned or unexpected.
How Gravie Pay Helps
Gravie Pay improves members’ access to healthcare by allowing them to pay for any out-of-pocket expenses at their own pace, making it possible to prioritize their health without compromising their financial wellbeing. Using Gravie Pay is easy: members can access their virtual Gravie Pay card through their member account, using it to pay their outstanding balance with their provider. They can then select a repayment plan that works for them with the ability to spread payments out for up to 12 months – no fees, no interest. Repayments are seamless and any employer can set up automatic payroll deductions for their members.
Gravie Pay provides additional peace of mind and flexibility, reducing the financial and psychological barriers that often prevent people from getting the care they need to stay happy and healthy.
Financial Solutions that Clients Love
Buy now, pay later services continue to soar in popularity with consumers: according to a recent consumer survey, around 60% have used one. Pioneering this buy now, pay later solution for the healthcare industry, Gravie is making it easier for individuals and families to gain the interest-free financial flexibility they need to manage the potential burden of out-of-pocket medical expenses.
Looking ahead to open enrollment, brokers can help employers be mindful of these significant challenges their employees may face regarding health care expenses. We know that Comfort is proving to be popular with customers because of how it controls costs – but additional solutions like Gravie Pay offer a differentiated benefit to attract even more potential clients who are looking for the next big, smart idea.
Gravie Pay will be available to all employers offering a Gravie plan beginning September 1, 2022. To learn more about Gravie Pay, contact us.