StretchDollar - 3x3x3 Challenge with Marshall Darr
Instant and compliant ICHRA policies for hyper small businesses (with on demand broker support for the employees).
Transcription:
What is StretchDollar?
StretchDollar is the easiest way for small employers to give their employees tax-free funding that their employees can use on health insurance premiums. We've noticed that traditional group options don't always work great with the hyper-small employers. We tried to create a way where they can set their own budget, apply it tax-free, and have all of that money go directly to employee-owned health plan premiums. We manage that process with our three main components, as you can tell from these cuties; but we have an automated and compliant ICHRA plan creation tool, as well as a third-party administrator to run those policies for you in an ongoing capacity. So that'll actually move the money for you. You really just have to pop in, approve, and move on. We also have a brokerage to match your employees with policies if they don't have one.
How is StretchDollar different?
We're fanatically focused on that 10 and under employee segment, and as such, we've created a lot of tools to help these people self-serve. We noticed that these small business owners are busy. They don't often have time for several sales calls, so we tried to really design something they could go end-to-end through in one sitting, ideally in less than 10 minutes. We also are priced at about the lowest side of the market, with just $15 per eligible employee per month.
Who is a good fit for StretchDollar?
The 10 employee and under segment is really where we shine and the brokers that serve them. As you know, with a lot of these downmarket self-funding options, times are tough if you're a small employer looking to provide benefits 'cause odds are you don't qualify for some of the more popular stuff. We wanted to provide that in-between option. A lot of people are stuck with the concept of do I pay a thousand dollars per employee per month, or do nothing at all? And we thought there's really space for an in-between option. So we're shooting to do that.
Transcription:
What is StretchDollar?
StretchDollar is the easiest way for small employers to give their employees tax-free funding that their employees can use on health insurance premiums. We've noticed that traditional group options don't always work great with the hyper-small employers. We tried to create a way where they can set their own budget, apply it tax-free, and have all of that money go directly to employee-owned health plan premiums. We manage that process with our three main components, as you can tell from these cuties; but we have an automated and compliant ICHRA plan creation tool, as well as a third-party administrator to run those policies for you in an ongoing capacity. So that'll actually move the money for you. You really just have to pop in, approve, and move on. We also have a brokerage to match your employees with policies if they don't have one.
How is StretchDollar different?
We're fanatically focused on that 10 and under employee segment, and as such, we've created a lot of tools to help these people self-serve. We noticed that these small business owners are busy. They don't often have time for several sales calls, so we tried to really design something they could go end-to-end through in one sitting, ideally in less than 10 minutes. We also are priced at about the lowest side of the market, with just $15 per eligible employee per month.
Who is a good fit for StretchDollar?
The 10 employee and under segment is really where we shine and the brokers that serve them. As you know, with a lot of these downmarket self-funding options, times are tough if you're a small employer looking to provide benefits 'cause odds are you don't qualify for some of the more popular stuff. We wanted to provide that in-between option. A lot of people are stuck with the concept of do I pay a thousand dollars per employee per month, or do nothing at all? And we thought there's really space for an in-between option. So we're shooting to do that.