Flex Benefits Launches New Insurance Solution To Address Runaway Health Crisis By Paying for Costs Not Covered by Most Health Plans. Company Offers Flexible and Innovative Products to Complement Healthcare Portfolios

Insurance coverage includes accident, sickness and critical illness insurance plans with optional disability income, optional hospital indemnity, physician and Urgent Care visits, and emergency room benefits

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
Flex Benefits Insurance Services announces its official company launch. The company offers proprietary product solutions that help individuals and families obtain insurance protections to combat ever-soaring high deductibles and out-of-pocket responsibilities when accidents, sickness, or critical illness strike. In addition, flexbenefits.co has created revolutionary flexibility for consumers to temporarily pause their monthly premiums without terminating their insurance policy when other financial obligations become more imminent.

This is the seventh company in the last 18 years started by founder Jeff Smedsrud. Other companies include Healthcare.com, Pivot Health, IHC Specialty Benefits and HealthValues.

“America has a runaway medical debt crisis in which one in three individuals who buy individual health insurance – both under age 65 and over – end up with debts they cannot pay caused by insurance that often does not cover the first $10,000 in healthcare bills. Today we begin to fix this problem with the official launch of Flex Benefits. Founded on the principles of flexibility, innovation, and customer-centricity, Flex Benefits aims to reshape the insurance buying landscape,” said Smedsrud.

“The insurance industry can be like yesterday’s bread – stale and rigid. We are determined to solve the number one consumer need: How to pay for the costs regular health insurance doesn’t cover. Even those on Medicare plans have large out-of-pocket costs. Flex Benefits has affordable solutions to change the status quo, providing a creative solution to help address these coverage and financial needs.”

Flex Benefits has identified multiple personas that could benefit from its insurance solutions, including early retirees not yet eligible for Medicare but paying the highest level of premium costs for health insurance, those in the service industry without disability protections, or a 65+-year-old, particularly those enrolled in Medicare Advantage who are still responsible for over $8,800 a year of maximum out-of-pocket expenses. The company projects the total addressable market for its kind of products is more than $10 billion.

Smedsrud said he is especially pleased that long-time industry veteran Brian Dow has joined the team to lead operations.

“Having employer-sponsored benefits isn’t as meaningful as it used to be. Workers pay 22% more for health insurance provided by an employer than they did in 2018, totaling an average of $8,435 in annual premiums. And that’s before deductibles, copays, and coinsurance are required,” said Brian Dow, President of Flex Benefits. “We aim to help educate consumers with simple steps they can take to reduce their out-of-pocket healthcare expenses when their health insurance plan isn’t available for the first $5,000 or $10,000 of costs.”

For licensed insurance brokers interested in adding Flex Benefits accident and critical illness coverage to their sales portfolio, visit www.flexbenefits.co or contact 866-299-FLEX to learn more.

About Flex Benefits

Flex Benefits is the newest provider of flexible and personalized health insurance solutions committed to product innovation, flexibility for insurance brokers, and customer satisfaction to help lower healthcare costs. Flex Benefits offers a range of products, including accident and critical illness insurance, designed to meet the diverse needs of individuals and families.

src="https://cts.businesswire.com/ct/CT?id=bwnewssty=20240521333772r1sid=acqr8distro=nxlang=en" style="width:0;height:0" />

View source version on businesswire.com: https://www.businesswire.com/news/home/20240521333772/en/

Colleen McGuire | [email protected] | 651-338-8822

Source: Flex Benefits