Shortly after the new healthcare legislation was signed into law, the Maryland Health Care Commission (MHCC) partnered with Benefitfocus to present Virtual Compare, a configurable portal where small employers can research, view and compare insurance plans from multiple carriers.

On Virtual Compare, Benefitfocus provides comparison tools for benefit details, plan limitations, cost sharing levels and premiums, and employers can search for registered brokers in their area who can help them purchase coverage.

The BENEFITFOCUS® Platform provides technology to reach the millions of employers and consumers purchasing healthcare coverage from state-based insurance exchanges. As a marketplace, the Platform allows users to compare plans from multiple insurance carriers and apply and pay for the plans that fit their needs.

From user-friendly plan shopping and benefit education to business intelligence and data exchange, Benefitfocus provides the technology for a successful online marketplace.

The Benefitfocus Platform offers a single source for individuals and small businesses to easily shop, compare, and apply for coverage from multiple insurance carriers, all from one online portal. An intuitive user interface makes shopping for benefits a simple, straightforward process.

• Compare benefit products side by side and quickly identify key differentiators
• Estimate out-of-pocket costs with personalized online calculators
• Shop and enroll in benefits on a One-Thought-Per-Screen platform that accommodates all levels of technology expertise and benefit knowledge
  

As they shop, users have the option to sort and filter by numerous plan attributes, including premium, deductible, and plan type. Tools like online calculators and usage categories personalize plan selection and help users understand the relationship between their healthcare usage and healthcare costs.

Informed decisions require education. Benefitfocus includes customizable text and hundreds of ready-to-go videos that explain common, but sometimes confusing, healthcare and HR terminology in simple and accurate language. For example, if a shopper is unfamiliar with the concept of an “HSA,” a short video is readily available to explain the term.

• Access detailed, easy-to-understand information about available benefit products, rates and quality ratings
• Watch videos that explain common healthcare and benefits terminology and assist in the decision making process
• Learn about basic components of the healthcare reform law and its impacts

Managing an exchange’s administrative functions is a complex business. In addition to helping users find the right plans, the exchange must manage intricate eligibility rules, rating criteria and data collection for multiple markets and products.

Benefitfocus has this complicated process down to a science. The Platform easily manages the many layers of requirements from carriers, employers and legislative bodies. Information is entered once, and from there the Platform enforces plan-specific requirements, minimizing administrative legwork for the marketplace administrator.

• Filter plans using highly configurable prequalification data like ZIP codes so users can quickly view available options
• Verify eligibility for public programs, premium tax credits or subsidies to help reduce the cost of coverage
• Analyze consumer shopping habits with a reporting framework that provides details about products searched for and compared
• Enforce business rules at all levels
• Manage online bill presentment, adjustment and payment for both individuals and small businesses

The Platform also automatically enforces date rules for new hires, life changes or Open Enrollment, and Benefitfocus' industry-leading data exchange service manages all product rates, updates and enrollment data.