Thatch

Thatch is a health benefits platform founded in 2021. The company aims to simplify and personalize healthcare benefits for businesses, particularly startups and SMEs. Thatch's platform leverages the Individual Coverage Health Reimbursement Arrangement (ICHRA) law, which allows employers to provide tax-free dollars for employees to purchase their own health insurance plans. The company's solution includes a tech-enabled Health Savings Account (HSA), a Thatch Visa debit card for healthcare expenses, and on-demand access to experts for resolving billing issues via text.

Thatch's platform enables employers to set a healthcare budget for their employees, who can then allocate this budget toward their preferred health insurance plans and additional healthcare costs. If employees spend less than their budgeted amount on insurance, they can use the remaining funds for other healthcare expenses such as prescriptions, co-pays, and therapy. The company utilizes modern financial technology to streamline providing healthcare benefits and handling the complexity, time, and administrative work associated with healthcare management.

A key feature of Thatch's offering is ThatchBot, an AI-powered service available 24/7 to employees. Users can text ThatchBot to check if expenses are covered by their budget, upload receipts for reimbursement, and get instant assistance with account-related queries. Thatch's platform is designed to be user-friendly, allowing employers to set up benefits in as soon as five minutes, saving time and potentially eliminating the need for dedicated benefits personnel.