BENEFITFOCUS® Marketplaces provides insurance carriers with private exchange solutions for the group and individual markets. Benefitfocus Marketplace Solutions incorporate engaging educational tools throughout the plan shopping and enrollment processes to help consumers make more informed benefits decisions.
Support a Defined Contribution Model
Benefitfocus Marketplace Solutions support defined contribution so employers can offer a variety of insurance products for their employees to choose from.
Cost estimators and plan comparison tools personalize the benefits shopping experience, helping consumers understand not only what they’re getting, but also what to expect financially. As employees shop and enroll in benefits, a virtual shopping cart tracks the allocation of employer-sponsored contributions and employee out-of-pocket costs.
The Individual Consumer Market
Consumers shop and apply at their own pace in an easy, Q&A style format. Self-service features include decision support tools like out-of-pocket cost estimators, questionnaires and online videos. After selecting and applying for a plan, users manage their accounts online and can set up payment through several billing methods, including credit cards, auto-draft and PIN-less debit.
In addition to helping users find the right plans, Benefitfocus Marketplace Solutions manage the intricate eligibility rules, rating criteria and data collection for multiple markets and products.
- Filter plans using configurable pre-qualification data
- Verify eligibility for public programs, premium tax credits or subsidies
- Analyze consumer shopping habits
- Enforce business rules at all levels
- Integrate online billing
Benefitfocus Marketplace Solutions display relevant and available plans to each individual based on eligibility rules. This private exchange technology offers support throughout the entire benefits lifecycle – from new enrollment to life events and renewals. All data is securely stored and managed in the Benefitfocus Cloud.
Benefitfocus Marketplace Solutions support public exchange integration for individuals to determine subsidy eligibility while shopping within a private exchange as part of the CMS Issuer Direct Enrollment model. Consumers can interact with an insurance carrier’s private exchange and public exchanges as part of new sales, life events and annual renewal periods.
With Benefitfocus Marketplace Solutions, individuals shopping for benefits through an insurance carrier’s private exchange can also apply for federally subsidized medical coverage within the same workflow. The integration includes 834, 999, 820 and web service integration with public exchanges.
Benefitfocus Marketplace Solutions also support payment redirects, which allows insurance carriers to collect initial payments from consumers who shop and purchase their Qualified Health Plans directly from a public exchange.