Gravie Pay: Prioritizing Health Without Compromising Financial Wellbeing
Gravie Launches Interest-Free Pay-Over-Time Option for Members’ Medical Expenses
Let’s face it: the fear or dread of paying medical bills is real. So real that it keeps people out of doctors’ offices and sometimes, even thinking about their health altogether. It’s no secret that Gravie covers an unprecedented amount of health care services under Comfort, but now our team is asking, how can we continue to provide support for members in the rare occurrences they’re left to pay for an out-of-pocket expense? Enter Gravie Pay – a new interest-free, pay-over-time option that members can use to pay for any medical bill subject to their out-of-pocket responsibility, planned or unexpected.
What is Gravie Pay?
Gravie Pay improves members’ access to healthcare by allowing them to pay for out-of-pocket expenses at their own pace, making it possible to prioritize their health without compromising their financial wellbeing. Comfort’s impressive list of no-cost healthcare services ensures members are infrequently responsible for out-of-pocket expenses, but when they do come up, members will now have access to Gravie Pay.
No credit check or additional approval will be required to use Gravie Pay. After paying their provider with their virtual Gravie Pay card that’s accessed through Gravie’s online portal, members will be able to select a repayment plan that works for them with the ability to spread payments out for up to 12 months, without fees or interest. Repayments are seamless and can be automatically set up as a payroll deduction.
Hassle-free help when you need it
Today, 55% of Americans are living paycheck to paycheck, regardless of what their income is. Not only that, 64% of employees avoid or delay care due to cost, according to CarePayment research.
On the flip side, for those who do end up seeking care, according to a survey conducted by Salary Finance, approximately one third of Americans currently have some form of medical debt, and a third of that group owes $10,000 or more.
This just goes to show that so many people across the country face financial hardship because of medical bills, and not everyone can afford to pay the total bill by the due date. 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. And it’s why we see so many who wait to see a doctor until their health issue escalates into a larger health emergency.
People shouldn’t have to choose between getting the care they need and risking their financial future. 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.
Individuals are hungry for buy now, pay later models
These days, buy now, pay later services are becoming more and more popular for consumers, and it’s time that the healthcare industry caught up. According to a recent survey completed by The Ascent, 56% of consumers have used a buy now, pay later service – an increase of almost 50% in less than one year.
The retail arena is a different landscape, but this does reveal consumers’ ability and desire to pay for almost anything on payment plans thanks to growing availability through companies like PayPal. While there’s been growth in the use of these payment plans for users of all ages, younger generations, especially Gen Z, have paved the way with the desire or need to spread out payments and a wariness for using credit cards.
These trends show it’s not just individuals dealing with catastrophic medical bills who want a repayment option like this. Pioneering this solution for the healthcare industry, Gravie is making it easier for individuals and families to gain the financial flexibility they need to manage the burden of out-of-pocket medical expenses.
Heading into open enrollment, brokers can help employers be mindful of these significant challenges their employees may face regarding health care expenses. Solutions like Gravie Pay offer a differentiated benefit to attract and retain talent and will delight members along the way.
Gravie Pay will be offered to select groups beginning Jan. 1, 2022, with availability to more customers to follow. To learn more about Gravie Pay, contact us.