Bennie, an employee benefits platform designed to make benefits more accessible and easy to understand, has acquired third-party administrator People 1st Health Strategies to expand its products and services. Bennie is excited to introduce Better Health Plan, a self-funded option for Medical, Dental, and Vision employer-based care through this acquisition. This new suite of products allows small and mid-sized employers to enjoy the benefits of self-funding with lower monthly payments than most fully-insured plans.
“Today, less than 20% of companies with fewer than 200 employees utilize self-funded health plans, despite the fact that self-funded plans can often result in lower employer healthcare costs,” says Matt Straz, Founder and CEO of Bennie. “While fully insured plans will continue to be widely popular with our customers, we expect to increase access for small and mid-sized companies to a self-funded approach with our Better Health Plan.”
Employee benefits are increasingly important for today’s workforce; staying competitive and retaining talent will require employers to enhance their offerings. With Better Health Plan, employers can choose their monthly payments for Medical, Dental, and Vision plans and simplify how they evaluate, administer, and run their programs.
Better Health Plan integrates with the Bennie App to provide employees with top-notch employee support, access to benefits information, the Find a Doctor feature, and more. Providing employees with better benefits just got easier, and now, organizations can enjoy a health plan that both finance and employees will love.
“This combination of benefits administration services and user-friendly benefits technology creates a unique opportunity for small and mid-sized employers to leverage the full potential of self-funded plans,” says Nancy Vinson, CFO of People 1st Health Strategies. “We couldn’t be more excited to embark on this growth opportunity for People 1st, level up our services to existing clients, and reach new customers.”
Bennie’s Better line of self-funded products is licensed in 23 states, with many more states slated for the near future.
About People 1st Health Strategies
For over 15 years, People 1st Health Strategies has helped small to mid-size employers solve one of their toughest challenges: providing the right benefits to their workforces within their financial constraints. The organization pursues ways to implement health plan solutions that fit the situation while constantly evaluating each plan’s performance and improving the employer’s return. The People 1st team brings together expertise in underwriting, plan design, Third Party Administration (TPA) services, plan funding, cash flow management, analysis of plan performance, and ACA compliance.
Bennie provides a modern, cost-effective approach to employee benefits with a user-friendly app and world-class brokerage services. The Bennie App serves as a go-to resource for employees and employers to access and understand benefits information. From viewing ID cards to finding in-network providers to browsing a voluntary benefits marketplace, Bennie members have up-to-date benefits information and tools at their fingertips.
Bennie’s healthcare concierge, Ask Bennie, is the ultimate tool for dedicated member support. Members can chat with Ask Bennie to get help with questions about open enrollment, benefits, bill negotiations/mistakes, finding providers, and more. Users have an advocate available to help them make sense of their benefits, and HR administrators can spend less time looking for answers to complex benefits questions.
Bennie is committed to helping companies create healthier workplaces and building a better world. Through Pledge 1%, we've pledged 1% of our company’s equity to support our community and health-related causes. As our company grows, so does the size and scope of our commitment.