In recent years, advisors have begun to consider health care planning as an important part of comprehensive financial planning, but often lack the tools to make it happen.
That situation is likely to ease with Move Health acquiring Caribou Health Technologies Inc., a health planning app for financial advisors.
The combined firms will offer advisors and financial planners the first end-to-end, unbiased healthcare planning solution tailored to their needs, according to the principles of both firms.
“Caribou HealthPlanner's award-winning technology and Move Health's enrollment process will create a frictionless experience for clients and advisors,” said Caribou's founder and CEO. Christine Simoneone of WealthManagement.com's Ten to watch in 2024.
The two companies are already integrating their platforms. Over the coming months, the best features of the HealthPlanner platform and Move Health's software will combine to form a seamless experience from healthcare planning and analysis to enrollment in selected products and plans for end customers.
Currently, the biggest benefit for Caribou advisor users is the ability to enroll end clients in their plan of choice with Move Health guidance from federally licensed and certified agents, and to provide access to plan options beyond Medicare and Marketplace, according to Simone.
“We can also offer additional health care planning options to customers outside of Medicare and the Marketplace, including ancillary coverages like dental and vision, as well as Marketplace coverage alternatives,” thanks to the merger, she said.
In 2024, Caribou's HealthPlanner technology won a WealthManagement.com Industry award in the category of technology providers for specialized planning applications. The app was also named a T3 Technology Tool for Today's Software All-Star in the annual T3/Inside information survey.
Terms of the acquisition were not disclosed, but Simone will join Move Health as a partner and member of the management team.
“Move Health and Caribou's partnership ensures that our customers experience the best of both worlds – the personalized attention of Move Health's white-glove service, now complemented by Caribou's health plan optimization software,” said the co-founder and Chief Strategy Officer of Move Health. & Finance Josh Mushlock.
It moves health was co-founded by Cole Craven, Drew Shockley and Mushlock in 2023. While there is a starter package limited to $550 per advisor annually, most advisors doing comprehensive finance will opt for the Core package, which is $750 per advisor annually and gives full access to Caribou HealthPlanner platforms and unlimited enrollment referrals to clients. Firm or enterprise package licenses are negotiated on a case-by-case basis.