Marketplace name: My Plan by Medica
Technology used to power platform: Bloom Health
CEO or Practice Leader: Scott Reid, Vice President Product Strategy & Development at Medica
Main Location / Headquarters: Minneapolis, MN
Founded / Exchange Launched: Fall 2011
Website: Please click here
Membership/number of lives currently on platform: Approximately 30,000 members enrolled for 2014, from employers with between 50 and 3,000 lives.
Segment size preference (“target business size”): Mid to large companies
States of operation (if available): Minnesota and Wisconsin Market
Are employers required to use a defined contribution: Yes
Carriers Offered: Medica My Plan’s approach is to offer four different ACO networks, a product that is unique to its private exchange environment.
Decision Support: An online enrollment tool, proprietary to Medica and powered by Bloom Health, asks each employee a series of questions about their financial situation, health status and risk tolerance and provides a custom list of three group plans that best match each individual’s needs. Additional support is available via phone from My Plan by Medica advisors.
Decision Support is focused around: a health, wealth and risk profile to recommend a plan type, followed by a network education process to select between the network options, including the four ACO’s.
How does exchange get compensated: TBD
Standard or Custom Product Configuration: My Plan by Medica is available in six different packages. The standard package – originally introduced during the rollout of My Plan by Medica — features 20 plan options. Medica also has introduced five additional packages that allow an employer to choose plan options that align with their benefits strategy and business goals. The packages include eight to 10 plan offerings and feature an emphasis on standard open access network plans, health savings accounts or a balance of both. No matter which package an employer selects, they choose their contribution level and employees choose their own plan.
Single-carrier or Multi-carrier: Single-carrier