BOSTON--(BUSINESS WIRE)--According to recent studies, 50% of Americans have $1000 or less on hand to pay for an unexpected expense, and with 81% of employers offering high-deductible health plans to their employees this year, the average american employee is just one trip from the emergency room away from financial hardship. To address this problem, Maxwell Health announced a partnership with Kashable today which will enable companies working with Maxwell across the country to extend fast, responsible credit to their employees. Kashable is a socially responsible financing solution for employees offered as an employer-sponsored voluntary benefit program. Their innovative technology to provides employees low-cost, term loans that can be taken online instantly and repaid automatically through equal installment payroll deductions.
Kashable’s program provides disciplined, affordable and easy to manage credit at low rates starting at 6% APR with a 6-12 month term. Employees register with Kashable and apply for a loan online in a matter of minutes. Kashable disburses the funds directly to their bank account in three business days and repayment is done through payroll deductions over the term of the loan. The system integrates seamlessly with employer payroll systems to manage payroll deductions with no additional action needed on the part of the employee.
“Although they provide loans to cover any employee need, Kashable is an especially important partner for us because they provide employees an option that covers the cost of the deductible for unexpected medical expenses, eliminating the need to borrow from retirement plans, predatory lenders, or high-rate credit cards,” said Bob Gaydos, VP of Strategic Partnerships at Maxwell Health. “We are completely aligned in our mission to provide solutions to empower American families to take charge of their health, wealth and wellness, and we’re incredibly excited for this partnership.”
Maxwell Health is an end-to-end operating system for employee benefits, partnering with carriers, brokers, third party administrators and professional employment organizations to deliver “health-as-a-service” to companies as small as just two employees across the country. The platform features an intuitive, lifestyle-based decision support and enrollment system, and a mobile app to engage employees and provide streamlined access to benefits information and resources 24/7 -- all within a beautiful, modern user interface. For HR teams, Maxwell provides a comprehensive HR and benefits administration solution, supporting complex benefits strategies for groups of any size with integrations to HRIS and leading payroll services.
Maxwell provides companies the ability to create a custom benefits marketplace where employees can enroll in a variety of benefits including medical, dental, vision, life, short and long-term disability insurance, along with financial benefits such as HRA/HSA/FSA. These can be combined with other innovative best-in-class products and services, including Doctor on Demand for telemedicine, Care.com for child care services, Health Advocate’s health concierge services, HelloFresh for healthy meal delivery, identity theft protection from ID Watchdog, biometric screening from BioIQ, and now, employee loans from Kashable.
“Maxwell Health has designed the industry’s most advanced benefits platform that transforms the way employers provide and employees access benefits in an intuitive way, year-round,” said Einat Steklov, Founder of Kashable. “Like Maxwell Health, Kashable is revolutionizing the benefit industry by transforming the way working America accesses credit. As a value-add, non-insurance product offered at no cost and no risk to the employer, Kashable is available to all eligible employees, 24 /7 to help bridge the financial gap of out-of-pocket medical expenses and other emergencies.”
About Kashable
Kashable® is a socially responsible financing solution for employees, offered as an employer-sponsored voluntary benefit program. With Kashable, employees apply online and take low-cost term loans instantly, then repay them automatically through equal installment payroll deductions. Kashable is transforming the way working America accesses credit. For more information, visit www.kashable.com.
About Maxwell Health
Maxwell Health, a fast-growing industry leader in health IT, is the first Health as a Service platform. This revolutionary operating system for employee benefits engages employees, incentivizes a holistic view of health, and provides a centralized place to access health and benefits services. Maxwell's web portal and mobile app enhances the benefits experience by leveraging data from multiple sources, meaning better, more informed health solutions. Benefits brokers, TPAs, insurance carriers, PEOs and other vendors license Maxwell's technology to use with their employer clients. For more information, visit www.maxwellhealth.com.