Health benefits firm Gravie is expanding members’ access to its pay-over-time solution Gravie Pay, which lets customers pay for medical bills in interest-free installments.
According to a Thursday (Sept. 1) news release, the solution was inspired by buy now, pay later (BNPL) offerings in other industries and follows a yearlong pilot of Gravie Pay.
“We believe that people shouldn’t have to choose between getting the care they need and risking their financial future,” said Marek Ciolko, Gravie co-founder and co-CEO. “With Gravie’s Comfort plan, our members can already access most of their primary care with no out-of-pocket cost, and now with Gravie Pay, they will have a flexible way to pay for the rest of their healthcare expenses.”
Gravie said its flagship health plan Comfort offers an extensive list of no-cost services in a bid to ensure members are rarely responsible for out-of-pocket expenses.
“For those less common situations, Gravie Pay offers a way to ease the financial burden and provide even more peace of mind,” the release said. “Members will have access to Gravie Pay through their member portal that will allow them to pay for out-of-pocket expenses at their own pace, making it possible to prioritize their health without compromising their financial wellbeing.”
See also: The Healthcare Head Fake Heard Round the World
Gravie Pay requires no credit check, allowing users to spread out payments for up to 12 months with no fees or interest. After paying their provider with Gravie Pay, members can pick a monthly repayment plan that can be automatically set up as a payroll deduction.
Recent research by PYMNTS found that many consumers are putting off healthcare out of concerns about cost. According to the “Wellness and Affordability” report by PYMNTS and CareCredit, roughly 21% of consumers who have avoided getting medical care said that cost was the key reason.
As many as 22% of consumers said that they outright could not afford treatment, while a smaller percentage said they didn’t receive timely information about what they would need to pay.
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