Shopping for Insurance? We’ve Got You Covered
Is my prescription covered? What’s my copay? Choosing a health insurance plan that gets you the most bang for your buck is daunting. For many, medication price and coverage is a crucial decision factor. Meanwhile, drug prices vary under different plans and comparing costs is a necessary, but messy, step in selecting the best plan.
Lucky for us, tech-enabled solutions have the potential to revamp the insurance shoppingexperience. Think: Black Friday-like madness becomes your very own virtual personal shopper in the palm of your hand. The Rx Cost and Coverage Challenge, sponsored by the Robert Wood Johnson Foundation (RWJF) in collaboration with Vericred, encouraged the creation of new consumer tools to help users directly compare insurance plans based on medication and out-of-pocket costs.
Dozens of teams created and submitted novel consumer tools for selecting a plan on the health insurance exchange marketplace. The submissions incorporated data and APIs supplied by Vericred, PokitDok, Iodine, and GoodRx, such as formulary data and information corresponding to drug costs, for accurate and effective solutions. Industry experts then evaluated the submissions, and sent five teams to the final round. Of the five finalists, three solutions came out on top as the most helpful consumer tools.
Taking home the grand prize of $50,000 is HonestHealth, Inc. This platform makes it so easy to compare insurance plans that people may actually want to find shop for insurance. Once the user has filled out minimal information such as age, location, and medications taken, the platform’s gliding tool offers a robust, yet comprehensive, list of insurance plans based on estimated out-of-pocket drug costs. The tool also offers information about drug tiers, what pharmacy to go to, and suggests GoodRx coupons right in the insurance selection tool. This tool gives consumers even more ways to save on health care costs and ultimately eases the burden of decision-making. HonestHealth’s CEO, Emilio Galan was excited to participate in the challenge because “with drug costs rising faster than wages” he felt that HonestHealth could “provide a consumer-friendly way to manage drug expenses,” and that they did.
CleaRx, came in at second place, with a beautifully user friendly platform that requires little effort or information from the user. The tool provides an extensive list of options and allows the user to sort by what is most important to them, such as customer ratings, annual out of pocket costs, and other criteria. CleaRx Custom Drug Search provides an additional tool for consumers to compare alternative drug options. The tool provides a truly personalized insurance shopping experience.
In third place, Clear Health Analytics collects information from users in order to create an estimate of projected annual use of medical services and medications. Using these predicted numbers, the tool provides a list of recommended health insurance plans and the costs anticipated. It allows the user to highlight favorites and compare them side by side.
This winners of the challenge are making over the health insurance shopping experience, helping you find your best health insurance value. So, don’t fret about finding an insurance plan that is best for you. We got you covered (literally).
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