Fair Square Medicare, a tech-enabled concierge healthcare platform for seniors, has raised $15m in its Series A.
Define Ventures served as the lead backer, with commitments also coming from Slow Ventures, YCombinator and several unnamed angel investors.
Fair Square Medicare claims to be revolutionising how seniors engage with the US healthcare system. It launched in 2020 out of YC and helps thousands of seniors navigate Medicare coverage options.
It plans to scale its platform to become a full-service care navigator for seniors.
A report from Kaiser Family Foundation found that around 60% of Medicare enrolees do not review or compare their coverage options annually, because of overwhelming choices.
Fair Square Medicare focuses on educating instead of selling seniors and use algorithmic intelligence to sort and present the most-relevant Medicare plans based on their budget and preferences, regardless of commission. Its platform also boasts a web portal that allows users to take advantage of their available benefits.
The company plans to launch new services that assist seniors with their healthcare journey. New features include finding and scheduling appointments with preferred providers, setting up annual preventive health and dental services, finding the lowest-available price on their prescriptions, provide access to digital health services to help them manage chronic conditions, and more.
Fair Square Medicare founder and CEO Daniel Petkevich said, “The average person has 50 health insurance plans to choose from when they turn 65. They turn to a broker for help, who then almost always recommends the plan that pays them the most to sell.
“I saw my parents have this experience, so I decided to build the brokerage I wish they had.”
The company has raised a total of $19m in funding, to date.
Earlier in the year, Homethrive closed its $20m in its Series B round. The company is helping unpaid family caregivers and their loved ones. Members have 24/7 access to one-of-a-kind resources tackling subjects such as Medicare, Alzheimer’s, long-term care, family care and dynamics, self-care, special needs support, and more.
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