Savvy provides a Health Reimbursement Arrangement (HRA) administration platform that enables employers to reimburse employees for health insurance, offering flexibility and choice in benefits. This solution reduces administrative burdens, allowing companies to manage employee benefits efficiently while saving an average of 20-35% on costs.
Funding
$2.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
+1Founders
Product
Problem
Many employers, especially small businesses, face challenges in providing comprehensive and cost-effective health benefits to their employees due to the complexities and rising costs associated with traditional group health insurance plans. This often results in limited employee choice and potential financial strain for both the employer and the employee.
Solution
Savvy (formerly Take Command Health) offers a Health Reimbursement Arrangement (HRA) administration platform that allows employers to reimburse employees for individual health insurance premiums and other qualified medical expenses. This approach gives employees greater flexibility to choose health plans that best suit their individual needs, while providing employers with a predictable and manageable healthcare budget. Savvy's platform simplifies the HRA administration process, handling legal requirements, employee onboarding, and claims management. By using Savvy, employers can offer competitive health benefits, control costs, and reduce the administrative burden typically associated with traditional health insurance. The platform supports both Individual Coverage HRAs (ICHRAs) for organizations of all sizes and Qualified Small Employer HRAs (QSEHRAs) designed for small businesses with fewer than 50 employees.
Target Audience
Savvy targets small to large businesses, including non-profits, startups, and multi-state organizations, as well as benefits consultants seeking flexible and cost-effective health benefit solutions for their clients.
Features
- HRA plan design and customization to align with employer budgets and employee needs
- Automated employee onboarding and enrollment support
- Claims processing and reimbursement management
- Compliance monitoring and legal documentation support
- Integration with individual health insurance marketplaces for easy plan selection
- Employee communication and education resources
- Reporting and analytics dashboard for tracking HRA utilization and cost savings
- Support for both ICHRA and QSEHRA administration