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ICHRA Startup Secures $6M to Streamline Health Benefits for Small Businesses
MedCity News December 5, 2024
StretchDollar’s $6 million raise was led by Fika Ventures and Oscar Health and included participation from Precursor Ventures and Springbank.
StretchDollar, a health benefits company, has raised $6 million in funding to support small businesses, the company announced Tuesday.
San Francisco-based StretchDollar offers an ICHRA-focused model (Individual Coverage Health Reimbursement Arrangements), which allows employers to provide their employees pre-tax funding so they can buy individual insurance plans. Through StretchDollar’s platform, small businesses can fill in basic info and pick a monthly pre-tax allowance. They can then invite their employees to join the platform, and the pre-tax dollars are sent monthly from the business’ bank account to the employees.
“A traditional small group health plan often takes 100+ hours to set...
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