EasyHealth, a startup focused on navigating the Medicare experience, announced a $135 million Series A round on Thursday. EasyHealth has a simple purpose: to help enroll, and follow-up with (more on this later), people eligible for Medicare. But the bigger picture is that the company is aiming to fill a major “information gap” facing insurance companies along the way.
EasyHealth was founded in 2020 (initially under the name Medicare Advisors 365, but has since rebranded to EasyHealth), and this most recent round represents the company’s total financing. The $135 million Series A consists of a $100 million credit facility and $35 million in equity financing. The round was led by Anthemis Group and QED Investors and included Victory Park Capital, Nationwide Ventures, Healthy Ventures, Brewer Lane, and Operator Partners.
In some sense, EasyHealth is reminiscent of insurance brokerages — third parties that help people pick between Medicare-eligible insurance plans. EasyHealth can connect users with Medicare Advantage plans (Medicare-approved plans offered by private insurers) or other Medicare supplements or prescription drug plans that partner with Medicare.
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Picking these plans can be a fraught process. In New York alone, there are 280 Medicare Advantage Plans and 19 standalone Medicare prescription drug plans to pick from, according to the Center for Medicare & Medicaid Services.
That’s a lot of insurance jargon to weed through. In response, about 96% of Medicare Advantage and Part D (the drug add-on) plans to contract with agents to help sell plans. (Though some studies have suggested that these agents don’t represent all the available options.)
EasyHealth represents about 30-40% of Medicare Advantage plans, said CEO David Duel.
So far, the company has managed to enroll about 40,000 people in Medicare-based plans, per Duel. However, it’s aiming to be more than a broker. EasyHealth is particularly interested in follow-up up with enrollees.