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Home Healthcare Plan News Fair Square Medicare raises $15 million Series A

Fair Square Medicare raises $15 million Series A

Posted on August 25, 2022 Written by Annalyn Frame

Fair Square Medicare is a tech-enabled senior concierge healthcare platform. Today, they announced $15 million in Series B funding. Define Ventures led the round with participation from Slow Ventures and YCombinator (YC), as well as angel investors. To date, the company has raised $19 Million.

Fair Square Medicare is changing the way seniors interact with the U.S. health care system. The company was founded in 2020 by YC and helps seniors navigate the maze of Medicare coverage options. It plans to expand its platform to provide full-service assistance for seniors.

A Kaiser Family Foundation study revealed that almost 60% of Medicare beneficiaries don’t compare their coverage options each year due to overwhelming options. This is a problem that gets worse for those who are older and have poorer health.

“The average person will have 50 options for health insurance when they reach 65.” Fair Square Medicare CEO Daniel Petkevich said that most people turn to a broker to help them choose the best plan. “I watched my parents go through this, so I decided that I would build the brokerage that I wished they had.”

Fair Square Medicare is focused on seniors education and not selling them. It uses algorithmic intelligence and a combination of budget and preference to find the best-suited Medicare plans for them. A web portal allows seniors to access all of their benefits.

Over 54 million Americans are 65 years old or older in the United States. An estimated 10,000 people turn 65 each day. These numbers are expected to rise as Baby Boomers age. Many people struggle to determine which Medicare plan is best for them. They often turn to traditional insurance brokerage firms, who are paid high commissions to recommend plans. They’ll end up enrolling in the wrong plan, and then switch within a year. This is why large public brokerage firms have customer turnover rates exceeding 40 percent.

Fair Square Medicare, on the other hand, retains over 90 percent of its customers. It also has a net promoter score of 95. In the U.S., the average NPS was 34 in 2021. It has fluctuated as low as 9 in the past decade. Fair Square Medicare can steer customers to higher-commission plans but many customers are enrolled with lower-commission Medicare Supplement plans.

Fair Square Medicare has built trust with its customers and is poised to be a digital-care-navigation platform that provides comprehensive senior care. The company plans to make use of the investment to launch new services to assist seniors in more aspects of their healthcare journey.

— Schedule appointments with preferred providers by scheduling an appointment
— Establishing annual preventive and dental services.
— Finding the lowest price for their prescriptions
— Access to digital health services for chronic conditions management.
— Instant access to all benefits of health insurance
— You can access on-demand consultations with a physician to answer any impromptu questions.

Chirag Shah, partner at Define Ventures, stated that seniors deserve a trusted partner in healthcare who will always act in their best interests. Fair Square Medicare builds trust with seniors because it treats them as family. If you value the long-term relationship you have with your customer more than short-term financial gain, customers will trust you with their health more. This is the key to sustainable growth. Fair Square Medicare’s future is proof of this.

Fair Square Medicare operates in 49 states, Washington D.C. and Chirag Shah will be joining the Fair Square Medicare Board.

Filed Under: Healthcare Plan News

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About Annalyn Frame

Annalyn Frame
Editor-in-Chief, Health Plan News

Annalyn Frame
Editor-in-Chief, Health Plan News

Annalyn Frame is a dedicated registered nurse and accomplished healthcare journalist known for her commitment to promoting accessible and accurate healthcare information. With a unique blend of medical expertise and editorial prowess, Annalyn serves as the Editor-in-Chief of Health Plan News, a leading online platform at the forefront of disseminating essential insights into the ever-evolving landscape of health plans, wellness strategies, and healthcare policy.

Professional Background:
Annalyn's journey in healthcare began as a passionate registered nurse, where she honed her clinical skills and developed a deep understanding of patient care. Her experience in various healthcare settings, ranging from bustling urban hospitals to rural community clinics, has given her a comprehensive perspective on the challenges and opportunities within the industry.

Driven by her desire to bridge the gap between medical knowledge and public awareness, Annalyn transitioned into healthcare journalism. Her keen ability to dissect complex medical concepts and translate them into easily digestible content quickly set her apart as a prominent voice in the field. Her articles, renowned for their clarity and accuracy, have empowered individuals to make informed decisions about their health and well-being.

Editorial Leadership:
As the Editor-in-Chief of Health Plan News, Annalyn Frame brings her healthcare expertise to the forefront. Under her guidance, the publication has become a trusted resource for professionals and consumers alike, offering timely updates on health insurance trends, legislative changes, cost-saving strategies, and innovative healthcare solutions. Annalyn's commitment to journalistic integrity ensures that readers receive information that is not only up-to-date but also reliable, enabling them to navigate the complexities of healthcare with confidence.

Advocacy and Impact:
Beyond her role as an editor, Annalyn remains a staunch advocate for accessible healthcare and health literacy. She frequently participates in community health workshops, seminars, and public speaking engagements, where she empowers individuals with the knowledge they need to take charge of their health. Annalyn's dedication to improving healthcare access extends to her volunteer work with underserved populations, where she leverages her nursing background to provide hands-on care and education.

Education:
Annalyn Frame holds a Bachelor of Science in Nursing (BSN) degree from a respected institution. Her academic foundation, coupled with her hands-on experience, allows her to offer a well-rounded perspective on healthcare matters.

Annalyn Frame's dynamic blend of nursing expertise and editorial leadership has made her a driving force in both healthcare and journalism circles. Her unwavering commitment to delivering accurate, approachable healthcare information through her role as Editor-in-Chief of Health Plan News underscores her mission to empower individuals and promote positive change within the healthcare industry.

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