Softheon Launches Private Exchange, Offering Capabilities to Serve the Subsidized Population with 32,158 Plans from 249 Carriers

Improving the Health Insurance Shopping Experience by Empowering Brokers, Agents, and Consumers with an End-to-End Enrollment Platform

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Softheon

Sep 29, 2015, 01:55 ET

STONY BROOK, N.Y., Sept. 29, 2015 /PRNewswire/ -- Softheon™ a proven leader in health insurance marketplace integration and certified Web Broker Entity, today announced its private exchange platform, Welltheos. Designed to provide relevant health plan information, while reducing the complexity of purchasing coverage through the Marketplace, Welltheos is set to enroll tax subsidy-eligible residents in the 37 states where healthcare.gov is utilized.

Welltheos serves as an Enrollment channel for subsidy eligible consumers into Qualified Health Plans (QHPs), offering access to 32,158 brand name health insurance products, from 249 health insurance issuers participating on and off the Federally Facilitated Marketplace (FFM). The platform hosts a variety of consumer decision support tools, including real-time eligibility determinations and subsidy estimations. This is achieved through accessing the federal data hub, CMS, the Internal Revenue Service (IRS), and other federal agencies to verify applicants' identity and income.

Welltheos' expertise in enhancing the consumer health insurance shopping experience merged with Softheon's proven technology will provide consumers and brokers with a unique advantage. Beginning November 1, 2015, licensed brokers and agents may register with Welltheos, at no cost, to power their enrollment activities and grow their Exchange business. The platform is designed to enhance the consumer experience, while offering the tools that brokers and agents require.

The Affordable Care Act allows states to authorize licensed online health insurance marketplaces to provide consumers with more ways to purchase qualified health plans. These authorized marketplaces known as web-based entities or WBEs can assist state policymakers in obtaining their enrollment goals, while helping consumers find the health insurance coverage they need. As of July 2013, the Centers of Medicaid and Medicare Services agreed to allow brokers to enroll subsidy-eligible customers in healthcare.gov plans to help drive enrollments.

Quotes & Commentary

"Our goal is to provide insurance carriers with the opportunity to both increase their membership and improve their customer service, while assisting brokers to grow and retain their client base," stated Eugene Sayan, Softheon Chairman, President, & CEO. "Welltheos is the only solution where consumers, as well as licensed brokers and agents, can acquire and utilize an end-to-end enrollment platform at no cost," added Sayan.

"The adoption of private HIX technology by U.S. healthcare payers continues to increase. The majority of larger payers have implemented a single-carrier private exchange solution or are participating on a broker multicarrier exchange," noted Constance Sjoquist*, Research Director at Gartner.

"With the rollout of Welltheos, Softheon will offer a top-level exchange system at no cost for agents & brokers looking to expand their market reach during the 2016 Open Enrollment. Softheon's recent activities & experience in developing exceptional operational platforms for insurance carriers will transcend into the agent/broker community – while maintaining a first class experience for health insurance consumers. This will be an incredible opportunity for agents & brokers in select FFM markets and certainly a game changer for the future of our health insurance distribution model," added Wayne Sakamoto, President of Health Insurance Interactive, Member of the National Association of Health Underwriters (NAHU), and Member of Health Agents for America (HAFA).

Supporting Resources

*Market Guide for U.S. Healthcare Payer Private Exchange Technology, May 2015, Constance Sjoquist, Published: 26 May 2015

About Welltheos

Welltheos is an easy-to-use, private exchange platform designed for consumers, brokers, and agents. The platform is designed to enhance the consumer experience, while offering brokers and agents the tools to power their enrollment activities and grow their business. Welltheos is committed to increasing health coverage accessibility and enabling consumers to easily compare and shop for brand-name insurance products, offered through healthcare.gov. By establishing relationships with Issuers, Welltheos represents 32,158 qualified health plans offered by 249 issuers participating on and off the Federally Facilitated Marketplace. For more information, visit www.welltheos.com

About Softheon

Empowering the nation's first state health benefit exchange since 2008, Softheon's vision and strategic direction address healthcare payer, provider, and government agencies' goal of meeting Affordable Care Act (ACA) milestones. Softheon provides HIX Integration, Direct Enrollment, Premium Billing, and Edge Server solutions for insurance carriers of all sizes participating in Federal and State Health Insurance Exchange (HIX) Marketplaces. Softheon's Marketplace Connector Cloud (MC2) has been trusted by health plans, in all 50 states, as an accelerated federal, state, and private exchange integration platform. Nearly 10% of all Americans who enrolled in Federal and State Based Marketplaces in 2015 coverage use Softheon MC2 platform for enrollment, premium billing, and member services. Softheon MC2 is a Software-as-a-Service (SaaS) solution where insurers pay a one-time activation and ongoing PMPM fees for exchange members only, while eliminating most, if not all, risks associated with ACA enrollment compliance and other mandates. Softheon is an authorized Web Broker Entity (WBE) and approved by the federal government to offer subsidized health insurance to Americans. To learn more, visit www.softheon.com

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SOURCE Softheon