There are nearly one-third of Americans who are dealing with healthcare-related debt, and about half of individuals’ medical debt exceeds $2,000. And to lessen the burden of healthcare costs for small business employees, health benefits startup StretchDollar has partnered with Resolve Medical Bills, a medical debt solution company.
Even though 92% of Americans have some form of health insurance, more than half of all adults between 19 and 64 years old find it very or somewhat difficult to afford their healthcare costs, according to the Commonwealth Fund’s Health Care Affordability Survey. And Resolve has saved customers nearly $40 million on medical bills and on average, saves each customer 50+ hours on frustrating communication. According to Resolve, the top three offenders when it comes to medical bills are: 1.) hospital price inflation, 2.) wrongfully denied claims, and 3.) billing mistakes.
How It Works with StretchDollar-Resolve:
Resolve lowers medical bills for StretchDollar customers in just three steps:
— An employee submits the medical invoice to the StretchDollar-Resolve portal.
— A Resolve Advocate creates a customized plan that may include taking over communications with the employee’s providers and insurance company.
— A new discounted bill is sent to the employee.
— All employees enrolled in StretchDollar health benefits will have access to Resolve medical debt solutions. And if Resolve successfully reduces the medical bill, the employee will be billed a small percentage of the total savings.
StretchDollar launched this year with the aim of making health benefits simpler and more affordable for small businesses, startups and nonprofits. And with StretchDollar, employers can give a pre-tax, fixed contribution to employees to pay for the premiums of health plans they buy and own with help, if needed, from StretchDollar’s brokers.
“Access to affordable health benefits is just one part of our promise to our small business customers. We also want to make the health insurance experience better for small businesses. A big step in that direction is finding ways to reduce healthcare expenses for their people.”
– Marshall Darr, Co-Founder and CEO of StretchDollar
“When dealing with a medical crisis, your focus should be on recovery, not the bill. Our goal is to ease the financial and time burden, so that people can concentrate on what matters most – getting well.”
– Braden Pan, CEO of Resolve