Vericred Powering Individual Coverage HRA Solutions

▤ Summary

NEW YORK--(BUSINESS WIRE)--Vericred, a data services platform delivering digital infrastructure for the distribution and fulfillment of health insurance and employee benefits, today announced the launch of its HRA Development Kit, a suite of APIs enabling InsurTech and HRtech companies to build solutions that empower businesses to take advantage of new Individual Coverage Health Reimbursement Arrangement (ICHRA) rules. As the only data platform partnered with hundreds of health insurance carriers serving both the group and individual markets, Vericred is uniquely positioned to help tech companies, and their customers, capitalize on changes to HRA regulations, which, beginning in January 2020, are expected to transition millions of employees from traditional, employer-managed group health insurance plans to individual market plans. “Equipped with Vericred’s data solutions, our customers — online insurance marketplaces, quoting systems, BenAdmin and HR platforms — can ease brokers, employers and employees through this complex and evolving ICHRA landscape,” said Michael W. Levin, Vericred’s co-founder and CEO. Vericred is positioned to mitigate the time and expense that would otherwise be required to build and maintain such functionality.” HRAs are a type of employer-sponsored benefits arrangement in which businesses reimburse their employees a set, tax-free amount for eligible health insurance expenses, such as monthly premiums, deductibles, and out-of-pocket medical costs. In June 2019, the Trump administration finalized new HRA rules that, starting next year, will permit employers of any size to allocate a fixed amount for their employees to purchase health plans on the individual market, including the healthcare.gov website, state-based exchanges, and InsurTech platforms.

▦ Linked Companies

Vericred

$10M to $25M