In an era when fintech solutions are helping individuals take control of their financial lives, CoverRight is bucking the trend of startups building technology for millennials and Gen-Z and steering the path towards uncomplicated Medicare decisions for those approaching retirement. Helmed by Richard Chan, the company aims to bring clarity to a complex system and has already established itself as a formidable player in the industry.
Richard Chan’s journey into the labyrinth of health insurance, particularly Medicare, was marked by the realization that his past experiences abroad had not fully prepared him for the intricacies of the U.S. healthcare system. His ambition to demystify the process became the guiding principle behind the establishment of CoverRight.
CoverRight’s mission is to become the go-to retirement concierge platform, operating as compass for consumers at the intersection of digital health and finance (think of them as ‘Credit Karma’ for retirees). The company believes it is tackling an untouched but much-needed service as health costs become an ever-increasing share consumers’ wallet (healthcare inflation has traditionally outpaced inflation in the rest of the economy).
The company’s first product is in Medicare, tackling one of the most complex health-related topics; guiding those on the threshold of retirement toward an informed decision on the best health coverage. CoverRight operates as a digital sherpa, cutting through layers of confusion and technicality to provide a simple, transparent, and efficient experience. This is done by leveraging its sophisticated digital platform paired with the dedicated work of its team of Medicare experts.
“60% of consumers we surveyed who are close to retiring or have recently retired indicated they prefer a digital or online-assisted solutions when shopping for coverage and we think there is a significant and rapidly accelerating shift in preferences for this demographic,” said Chan. “Gen-X are on the cusp of retiring and last of the Boomer generation have been in the workforce for many years using technology day-to-day, we see an opportunity to create a transformative experience at one of life’s most critical moments – retirement, making a complex process easily navigable with minimal friction on the user’s end.”
CoverRight’s model recognizes the shift towards digital interactions, a trend set to grow further. The company also acknowledges the increasing desire of consumers to take charge of their own Medicare and health decisions as the consumerization of health continues to proliferate. These evolving patterns informed CoverRight’s commitment to offering a digital plan selection experience with highly customized advice tailored to each individual’s needs, aligning perfectly with their mission to make Medicare more transparent and accessible.
As the regulatory environment around Medicare continues to evolve, CoverRight is poised to adapt and grow. Chan noted the surge in regulatory oversight on deceptive and misleading practices that has plagued the industry in recent years, namely celebrity-endorsed commercials. The potential for upcoming changes could reshape the Medicare landscape and CoverRight is set to turn this challenge into an opportunity to further refine its services and better assist its customers.
“In an industry with a high potential for deceptive behavior, CoverRight stands ready to assist consumers who are looking for a simple, transparent and independent experience. We see the upcoming regulatory shifts as a potential tailwind for CoverRight and a chance to further differentiate through our transparent, personalized digital experience,” Chan shared.
One of the company’s significant accomplishments has been assembling a diverse, driven, and passionate team. This collective workforce has one unified objective: to make Medicare and health decisions in retirement easy for all. Recognizing Medicare coverage as a crucial choice for Americans, CoverRight is on an unwavering mission to ensure that America’s 60 million Medicare recipients have access to transparent and simplified Medicare solutions.
CoverRight’s proprietary technology and its team of friendly advisors streamlined what has traditionally been a complex, opaque, and stressful decision-making process. Through these concerted efforts, they are poised to help the 10,000 people retiring every day in the U.S. find, select, and enroll in the right Medicare insurance plan.
The company was founded on the premise of mitigating the overwhelming complexities faced by consumers when choosing the right Medicare insurance plan. With the retired segment of the U.S. population expected to reach 81 million by 2040 (up front 56 million in 2020), CoverRight stands at the forefront of transforming the way consumers will navigate health and finance in retirement, paving the way for a new age of digitized, customer-centric experience for retirees.