Uber driver? You’re probably leaving money on the table.
Today, I’m thrilled to announce that Stride Health has officially launched Stride Drive, an app that maximizes independent drivers’ take-home earnings by easily managing their expenses and income. With the release of Stride Drive, we’ve made a leap into solving the financial health challenges of independent workers’ benefits.
What does healthcare have to do with financial stability in the On-Demand Economy?
When we launched Stride in 2014, we tackled one of the biggest hurdles independent workers face: finding affordable health insurance. We’ve since proven $400+ per year in typical healthcare savings by Stride guiding users to an optimal health plan, providing access to government subsidies, and offering award-winning guidance year round at no additional cost.
While helping contractors access better coverage and use care, we’ve also spanned the critical links between health and financial wellness. In coverage, our members look to Stride for financial stability and to protect their income should something go wrong. They want access to physical well-being and care, but they also need complete financial security. Stride delivers the support our members need to live sustainably while they work flexibly.
Secondly, getting healthcare nowadays also means getting tax credits to pay for health insurance under the Affordable Care Act. Most 1099s overlook a key component in accessing those credits: since every tax deduction taken lowers your taxable income, it also means a potential increase in government health premium subsidies. Additionally, there are weekly and monthly swings in income for this workforce that directly affect their ability to keep their subsidies and stay compliant.
The future of Ridesharing? Long-term, reliable income.
We recently surveyed more than 1,000 drivers and analyzed millions of dollars in income and expenses. We found 51% of drivers have other full or part-time jobs and 50% plan to continue driving for at least another six months to a year. Over 37% want to keep driving for more than a year!
For some context, 2 years ago this number was half that amount. Independent work is here to stay, it’s part of a broader personal income portfolio, and rideshare drivers are seeking ways to live more sustainably while they work more flexibly.
Drivers are counting on this new income stream to make ends meet, but are also faced new and complicated income and expense management. They don’t have anyone or anything to help them manage these complex responsibilities. As a result, they leave a lot of money on the table. In order to support the macro trends in labor, services like Stride will have to solve new worker benefits challenges.
Maximizing Earnings for On-Demand Workers
Stride Drive was designed specifically for our rideshare driver members: we’ve leveraged tax code expertise and several years of tax data from this burgeoning workforce to solve rideshare drivers’ daily set of expense and compliance challenges.
With just two clicks a day drivers now deduct hundreds of dollars per week in mileage expenses. Stride Drive also uses smart expense tracking, directly integrating with drivers’ bank accounts, to guide them in correctly categorizing and maximizing all deductions. Drive links an individual’s daily income and expenses to their personal benefits, ensuring they have the right mix of coverage necessary for a business-of-one. Stride’s healthcare and benefits guidance are also now available directly in the Drive app.
Uber’s Investment in Driver Earnings, Income Education
We have been working closely with Uber drivers since mid-2014, when the workforce was a fraction of what it is today, and have been building towards a complete suite of flexible benefits for this population. There are exciting movements in retirement and long-term planning, but much of this workforce still needs help understanding how much they’re making every day, and how to manage their newly formatted paycheck.
One key area we saw drivers missing out on was taking advantage of the tax deductions now available as a 1099. We already delivered perhaps their largest deductions of the year — subsidy-eligible customers get $300+ per month in premium assistance in form of tax credits — but there was a 2nd frontier of savings vehicles in supporting their daily sustainability.
Nobody was solving this problem. And nobody was educating this population with the specificity this workforce needs.
This summer, our partners at Uber piloted Stride Drive with 20,000 drivers, who quickly racked up more more than $15 million in expense deductions. I’m excited to announce that this week Uber is rolling Stride Drive out to driver-partners nationally. Coupled with their healthcare savings, typical Stride Drive users are on pace to save more than $3,500 per year.
With just a few clicks per day, Stride Drive enables workers to keep more of what they earn when it comes to taxes, and it links directly into their benefits.
The Future of Benefits in the Future of Work
We’re just getting started here at Stride. We’re lucky enough to sit at the intersection of over a dozen of New Economy labor marketplaces and what we hear overwhelmingly from workers is: I love the flexibility and I want to keep doing this. But they need help maximizing their opportunity, staying healthy, and protecting their family’s income. Doing it right means assessing health, income, expenses and work lifestyle to deliver the optimal suite of benefits.
At Stride, that’s our job.
Curious to try Stride Drive?
Try it for FREE in the Apple App Store today!