Vericred,
a data services platform powering the digital distribution of health
insurance and employee benefits, announced today a Medicare Advantage
rating API enabling InsurTech and digital health companies to build
innovative solutions that serve the fast-growing Medicare-eligible
population.
Using Vericred as their data foundation, technology companies building
Medicare Advantage plan search and quoting solutions can now do so
without acquiring and maintaining the necessary underlying data and
logic. Vericred’s Medicare Advantage API returns detailed information
for all relevant Medicare Advantage plans, including plan type, star
rating, premiums, and cost sharing for in-network and out-of-network
services. Further, the API enables powerful plan search functionality
including shop-by-doctor and shop-by-drug, delivering actionable
insights into provider and drug coverage of each plan.
“There are more coverage options in the Medicare space than ever before,
and as a result, plan choice can be a particularly complex and daunting
process for seniors and brokers alike,” said Michael W. Levin,
Vericred’s co-founder and CEO. “Vericred’s Medicare Advantage API
enables InsurTech platforms, online brokers and other innovators to
develop solutions for this growing and intricate market. This data
infrastructure, upon which our customers build their consumer and
broker-facing products, will open new opportunities and functionality
for our wide-ranging roster of clients.”
Medicare Advantage – also known as Medicare Part C – is a program in
which individuals who qualify for Medicare enroll in certified health
plans offered by private insurance companies, instead of the
government-run Medicare plan. By providing supplemental, flexible
benefits and low premiums, Medicare Advantage plans have proven
increasingly attractive to Medicare enrollees. Nationwide, according to
the Centers for Medicare & Medicaid Services (CMS), the number of
Medicare Advantage enrollees has expanded this year to an all-time high
of about 22 million, a 32 percent increase since 2015, and 91 percent of
Medicare beneficiaries have access to 10 or more Medicare Advantage
plans.
Additional plan options have generated a diverse, competitive over-65
insurance market where insurance carriers now vie for enrollees by
offering differentiated benefits, such as vision and dental coverage,
in-home support services and wellness programs. Vericred’s comprehensive
Medicare Advantage API supports technology companies with the critical
data required to serve seniors, employers and brokers in this burgeoning
market.
About Vericred
Vericred (www.vericred.com) is
a data services platform powering the digital distribution of health
insurance and employee benefits. Vericred serves as a data translation
layer between insurance carriers and technology companies that are
transforming the way health insurance and employee benefits are quoted,
sold, enrolled and managed. Vericred offers robust solutions for
technology companies focused on the under 65 individual, Medicaid and
Medicare markets, as well as the group market. For more information
visit www.vericred.com or
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