MyHealthily’s Key Differentiators
What are MyHealthily’s key differentiators compared to the competition / other companies focused on small business health insurance?
For Small Groups
- My Healthily offers a complete healthcare solution – Access to 100,000 plans, 130+ carriers, extensive ancillary lines, telemedicine, and employer ease of use – in all 50 states.
- MyHealthily offers (at least) 20% cost savings now and + future savings to mitigate increases.
- We pay-back unused claim dollars on level-funded plans.
- MyHealthily offers medically underwritten plans for groups starting at 2 employees, nationally.
- We have products to support part-time and seasonal workers and Mom & Pop businesses.
- We have licensed consultants that help with the health benefits journey.
- MyHealthily has a dedicated, licensed Customer Solutions team.
- All MyHealthily plans include – at no cost – an Employee Assistance Program (EAP) that we call Prosper Benefits.
- The platform increases the speed and simplicity for Small Group Benefits – with a completed census, brokers can quote, set contribution strategy, complete the application, and start enrollment in a 45-minute phone call. (The norm is 5-14 days and a lot of paperwork). In fact, our brokers tell us the paperless system saves them 70% of the time and effort.
- The platform leverages a streamlined, technology-enabled Medical Questionnaire.
- Brokers can offer their clients an innovative, simplified shopping and enrollment experience.
- No need for Benefits Admin system – quoting, enrollment, QLE’s, and benefits admin is all in the platform.
- The platform gives brokers a differentiating strategy because they can offer more choices to their clients.
- MyHealthily offers over 130 carriers, including multiple, exclusive API integrations.
- MyHealthily offers one-click proposals to help brokers present to small groups.
- Renewals are easy due to our automation.
- The platform gives brokers profits from small group health benefits due to an automated, streamlined process. (Brokers typically don’t make money on groups that are <50 employees).
- The broker keeps 100% of retail commissions. (MyHealthily is paid the General Agent portion).
- The broker can sell to MyHealthily’s associations, buying groups, Chambers of Commerce, and co-ops.
- MyHealthily offers a library of marketing materials for brokers to customize and use to market to their clients and prospects.
Our Plan Focus
MyHealthily does NOT offer Association Health Plans (AHP). We work with Associations to offer their member’s a health benefit program – each small business/group gets their own plan – often medically underwritten. We plan on entering the individual coverage HRA (ICHRA) market in the latter half of 2022.
Tech vs Manual
A significant portion of the MyHealthily platform is tech-enabled. Our current gross margins are 35% and is projected to go higher as we automate more of our system.