Portland, Maine – Less than 10 percent of employees update their health benefits during open enrollment and more than half admit that avoiding this annual stress costs them money—probably a considerable amount. MyHealthMath’s new individual Claims-Based Health Savings Report, coupled with phone-based consultations with highly skilled analysts, eliminates this confusion. This innovative report uses an individual’s own claims data to forecast the cost of each of their health insurance options for the following year. If desired, employees can speak with MyHealthMath analysts to discuss and update the report to include their personal forward-looking information. The result is an individualized, side-by-side comparison of the predicted savings available with the optimal plan—potentially worth thousands of dollars in savings.
Health insurance claims provide reliable retrospective information about health expenses, from prescription costs to wellness checks to emergency room visits. This data belongs to the user but is often not readily accessible, comprehensible, or useful to them. MyHealthMath’s decision-support technology was built to solve this by combining medical and pharmacy data with each health plan’s parameters and the employer’s cost sharing structure. MyHealthMath’s system performs thousands of calculations and then shares the results in a simple report that compares the potential savings offered by each option. The side-by-side comparison and individual human support give consumers unparalleled insight and comfort when choosing an optimal plan.
“It’s simple: we’re giving data back to consumers, so they can make informed decisions about which health plan is best for them,” says MyHealthMath Chief Mission Officer Elizabeth Coté, MD, MPA. “During open enrollment, there’s a lot of pressure on employers to provide their employees with clear and comprehensive health plan decision-support. Our proprietary algorithm does the math that employees can’t do on their own, and our consultative approach ensures they feel supported and empowered during every step of the decision-making process.”
The Claims-Based Health Savings Report is an Aspen Global Leadership Network Venture led by Coté, who is an Aspen Institute Health Innovators Fellow.
About MyHealthMath (MHM)
MyHealthMath is an Insurtech firm that uses innovative decision-support technology to simplify health insurance planning so people can choose plans that best fit their needs and support their optimal health. By making it easier for employees to analyze their health insurance options, MyHealthMath transforms individuals into informed consumers, saving money for both employers and employees. Based in Portland, Maine, MyHealthMath has direct and SaaS clients throughout the US. As a neutral third-party, MyHealthMath guarantees confidentiality for all individual use data collected from claim reports and individual interviews.