Today, employees have to navigate a complicated maze of policies, accounts, and laws when they select and use their benefits. As a result, employees often choose health insurance at random and don’t use benefits that could provide a much needed safety net.
61% of employees elect into health benefits they don’t use, and undercontribute to tax-advantaged accounts like 401ks and HSAs. Less than 10% of employees complete their preventive health screens and nearly 20% use out-of-network services.
This is a big problem for companies. Companies are overspending on their benefits (30% of their total compensation budget) due to poor plan elections, out-of-network claims, overuse of emergency care, compliance, and employee dissatisfaction.
As a Certified Financial Planner® I know first-hand how impactful benefits can be for a familiy’s financial, physical and mental health. I also know that offering benefits that don’t receive engagement from employees can cause significant wasted spend for companies.
Thanks to Pasito’s incredible team and investors, we are simplifying health and wealth benefits for employees, while saving companies and families money.
Our seed round
We’re excited to share today the news of our seed raise. Pasito raised $3.25 million in seed funding with participation from Google, Y Combinator, Core Innovation Capital and FiDi Ventures. Strategic angels from insurance, healthtech, and SaaS also participated in the round, including the founders of Dropbox, Simply Hired, Namely, Bennie, and Papa. The additional funding will be used to drive product development, additional data and HRIS integrations, and hire engineering resources.
Pasito’s technology integrates directly with a company’s HR systems and processes census, health, financial, and family data to guide employees through benefits selection and engagement throughout the year.
Employees save thousands of dollars on average every year optimizing their benefits, while companies drastically cut wasted benefits spending. A company with 1,000 employees can reduce up to $1 million in wasted spend every year.
Companies are scrambling to find ways to reduce healthcare costs while balancing employee demand for better benefits in a tight labor market. The rise in healthcare costs is unsustainable for companies. Through Pasito, not only do companies save money on their benefits program, but their employees also save their hard-earned money, while experiencing a superior benefits experience throughout the year.
Pasito is led by founders with deep experience in data, risk, and growth. Pasito Chief Executive Officer Pauline Roteta is a Certified Financial Planner® with experience at BlackRock. Chief Technology Officer Ignacio Ampuero played a key role building Amazon Alexa’s knowledge graph at Graphiq (acquired by Amazon). Chief Growth Officer Julie Scotland led growth at MyCase (acquired) within AppFolio (IPO). Pasito’s advisors include founders and experts within the health, insurance, finance, HR, and technology sectors.
Reach out to learn more about how Pasito can support you and your employer.