To integrate with the Federally Facilitated Marketplace (FFM) Medical Mutual of Ohio has selected Benefitfocus, a cloud-based benefits software provider, to build a private insurance exchange for both group and individual market segments.
Benefitfocus Marketplace technology creates a full-service online private insurance marketplace with interactive multimedia features such as intelligent virtual assistants, animated videos and mobile capabilities, as public exchanges come into play on Jan. 1, 2014, according to Benefitfocus. The Medical Mutual Marketplace is expected to be available for employer groups and individuals starting in October of this year.
The integration with the FFM is intended to create a seamless consumer-centric shopping experience, allowing individuals eligible for government assistance to apply subsidies to their purchases within the Medical Mutual Marketplace. Similarly, the marketplace will be able to support defined contribution models for employers wanting to specify a fixed-dollar amount or percentage of the premium for each employee purchasing benefit plans, Benefitfocus said. As plans are selected, a personal shopping cart displays the allocation of the employer’s contribution or subsidy and the individual’s out-of-pocket costs.
With its configurable rules-based engine, Benefitfocus Marketplace technology is designed to enable insurance carriers to verify eligibility and enforce employer business rules and tailor their offerings to the individual by analyzing consumer shopping habits.
