The President and CEO of E-Duction, Inc., Paul Chicos, describes the financial services his company provides to the individual consumer in regards to their healthcare.
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What financial services does E-Duction provide in relation to healthcare? Paul Chicos: What we have developed is a payroll deduction platform that enables us to actually create micro-loans on a payroll deduction basis. And we have created - we secure the repaying of credit through payroll, and because of that financial institutions are willing to lend money to individuals who otherwise couldn't get a reasonably sized credit option. And so we secure repayment through payroll, we fund HSA accounts and we can even collect voluntary benefit premiums but that's less of what we do. So what we have done is we have developed what we call guaranteed issue, low cost credit solutions that can be used to pay for healthcare expenses or other everyday living expenses. Specifically what we have done is for the healthcare market, and actually we are creating fixed period loans, some are interest free, some are prime-rates so they are very low cost. If it's for a non-healthcare to two month interest free loan with low cost, if it's for healthcare, it's a six month interest free or low cost, so it's not a teaser rate, it's that at the end of that period you would pay it off. So we get people the ability basically to smooth out the repayment of an expense that they otherwise can't pay for out of one paycheck. Can your service be used for a non-medical related purpose? It can be a work-life benefit that makes some sense or it can be a more healthcare specific benefit. So it's good for recruitment and retention basically of lower pay people or it's good to give you flexibility and design of your healthcare plan to enable greater sharing of cost without leaving somebody unable to pay their liability.