Flex Benefits Launches New Insurance Solution To Address Runaway Health Crisis By Paying for Costs Not Covered by Most Health Plans. Company Offers Flexible and Innovative Products to Complement Healthcare Portfolios
May 21 2024 - 9:52AM
Business Wire
Insurance coverage includes accident, sickness
and critical illness insurance plans with optional disability
income, optional hospital indemnity, physician and Urgent Care
visits, and emergency room benefits
Flex Benefits Insurance Services announces its official company
launch. The company offers proprietary product solutions that help
individuals and families obtain insurance protections to combat
ever-soaring high deductibles and out-of-pocket responsibilities
when accidents, sickness, or critical illness strike. In addition,
flexbenefits.co has created revolutionary flexibility for consumers
to temporarily pause their monthly premiums without terminating
their insurance policy when other financial obligations become more
imminent.
This is the seventh company in the last 18 years started by
founder Jeff Smedsrud. Other companies include Healthcare.com,
Pivot Health, IHC Specialty Benefits and HealthValues.
“America has a runaway medical debt crisis in which one in three
individuals who buy individual health insurance – both under age 65
and over – end up with debts they cannot pay caused by insurance
that often does not cover the first $10,000 in healthcare bills.
Today we begin to fix this problem with the official launch of Flex
Benefits. Founded on the principles of flexibility, innovation, and
customer-centricity, Flex Benefits aims to reshape the insurance
buying landscape,” said Smedsrud.
“The insurance industry can be like yesterday’s bread – stale
and rigid. We are determined to solve the number one consumer need:
How to pay for the costs regular health insurance doesn’t cover.
Even those on Medicare plans have large out-of-pocket costs. Flex
Benefits has affordable solutions to change the status quo,
providing a creative solution to help address these coverage and
financial needs.”
Flex Benefits has identified multiple personas that could
benefit from its insurance solutions, including early retirees not
yet eligible for Medicare but paying the highest level of premium
costs for health insurance, those in the service industry without
disability protections, or a 65+-year-old, particularly those
enrolled in Medicare Advantage who are still responsible for over
$8,800 a year of maximum out-of-pocket expenses. The company
projects the total addressable market for its kind of products is
more than $10 billion.
Smedsrud said he is especially pleased that long-time industry
veteran Brian Dow has joined the team to lead operations.
“Having employer-sponsored benefits isn’t as meaningful as it
used to be. Workers pay 22% more for health insurance provided by
an employer than they did in 2018, totaling an average of $8,435 in
annual premiums. And that’s before deductibles, copays, and
coinsurance are required,” said Brian Dow, President of Flex
Benefits. “We aim to help educate consumers with simple steps they
can take to reduce their out-of-pocket healthcare expenses when
their health insurance plan isn’t available for the first $5,000 or
$10,000 of costs.”
For licensed insurance brokers interested in adding Flex
Benefits accident and critical illness coverage to their sales
portfolio, visit www.flexbenefits.co or contact 866-299-FLEX to
learn more.
About Flex Benefits
Flex Benefits is the newest provider of flexible and
personalized health insurance solutions committed to product
innovation, flexibility for insurance brokers, and customer
satisfaction to help lower healthcare costs. Flex Benefits offers a
range of products, including accident and critical illness
insurance, designed to meet the diverse needs of individuals and
families.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240521333772/en/
Colleen McGuire | colleen@colleenmcguire.com | 651-338-8822