Platforms that serve the aging baby boomer generation

Medicare Advantage plans are offered by private companies, but approved by Medicare. These plans, including HMOs and PPOs, are legally required to offer comparable benefits and services to Medicare.

However, many Medicare Advantage plans incorporate additional coverage including prescription drug coverage. Vericred is launching Medicare Advantage now, and will expand into Medicare Supplement plans, also known as Medigap plans, later this year to better enable technology companies serving the Medicare market.

Vericred's Medicare Advantage plan design and rate data contains hundreds of data elements, including where the plan is available, how much each plan costs and what it covers. This information includes plan names, deductibles, co-pays and other relevant benefit design information.

Vericred's provider-network data represents hundreds of millions of plan-provider relationships, with details on the doctors and facilities participating in each Medicare Advantage network. Its formulary data provides information on which drugs are covered by which plan, in addition to their tier level and restrictions, for all Medicare Advantage plans nationwide.

"Seniors are typically high utilisers who maintain established relationships with multiple providers, and who often take multiple drugs. At the same time, there are numerous coverage options in the Medicare space".

"As a result, plan choice is a particularly complex process that, to date, has been underserved by technology," says Michael W. Levin, Vericred's co-founder and CEO. "Now innovators will have access to the data they need to build solutions for this demanding market."

Vericred serves health technology companies that are transforming the way health insurance is quoted, sold, enrolled and used. The company delivers its granular and structured health insurance data through a single point of integration, a modern REST API.