Budgie Health

Reduce employer healthcare spend while improving employee financial wellness with data-based plan recommendations.

Transcription:

What is Budgie Health?

Budgie Health is a financial wellness solution that guides employees to the right health plan during open enrollment. The way we do this is with real-time claims analytics so that we can create a truly personalized recommendation as well as personalized communications and educational content for employees. We then take what we learn from those employees during the open enrollment, both their claims data and their engagement data, and we surface that as insights for benefits teams so that they can help with their ongoing planning for the next years. So this results in both savings for employers and employees.

How is Budgie Health different?

Well, we are really, really personalized. We leverage newly mandated insurance APIs that enable us to access employees' claims data with direct authorization. Now, this doesn't matter what the group size is, it can be a small, fully insured group that individual is authorizing us to access their claims. So even if you don't have access to those claims as a group that's not self-funded, we're able to get it. And what we're doing with that is then creating a recommendation where we're essentially taking that claims data, re-adjudicating it against different plan options, factoring in what your contribution strategy is and your premium costs out of your paycheck, as well as any pretax contributions from your employer to give a holistic personalized dollars and cents recommendation for what's the best financial option for you. So all of that data, as well as your demographic data goes into our recommendation engine, which spits out your recommendation as an employee.

Who is a good fit for Budgie Health?

Well, any employer that really wants to help their employees make the right benefits decisions. We know that employees are really bad at this. And what we found already with our results is we get super high engagement around 50% plus if it's optional and savings across the board from this win-win situation where employees tend to choose the wrong plans, and they often over-insure. From a broker's perspective, the value is really on top of that. We're able to provide aggregate level claims data for employees that go through this even if they're from a small group that's fully insured where you don't have access to their claims data. So great when you're thinking about ongoing planning for that group.

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Duration: 02:47

Posted: Thursday, August 11, 2022

Video tags: 51 - 100 EEs, 101 - 250 EEs, 251 - 500 EEs, 501 - 1000 EEs, 1001 - 2500 EEs, 2501 - 5000 EEs