Insurance is increasingly being sold directly to consumers, but the value of each plan is often difficult to understand. Consumers want more choice and better information informing insurance decisions. Following the Affordable Care Act, an increasing number of Americans are shopping for insurance, and practical technological solutions are in high demand. One factor consumers consider is the coverage and price of medication. Drug formularies, or lists of prescription medications covered by a given plan, are key in demystifying the unpredictable nature of medication costs, but the data is either obscure, inaccessible, or underutilized.
The Robert Wood Johnson Foundation (RWJF) is the largest philanthropic foundation focused solely on health. The foundation is funding a challenge to encourage the creation of new consumer tools to help users on the health insurance exchange marketplace by providing a better understanding of member out-of-pocket costs. This technology could eventually help any individual looking to purchase insurance. In direct response to RWJF’s mission to improve the health and health care of all Americans, the foundation's implicit goal is to ultimately cut the cost of healthcare and decrease the number of uninsured by spreading education surrounding formularies and allowing increased access to information.
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Vericred, Inc. is a healthcare technology company enabling the transformation of the health insurance shopping experience. Its provider-network, formulary, and plan design and rate data for the individual and small group markets form the basis of decision-support functionality that brings transparency to the health plan search and selection process. Vericred’s data are available through a REST API in formats easily ingestible into health insurance search, quoting, and sales technology platforms, including private exchanges and marketplaces.
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