Product Spotlight: Get to Know Discovery Marketplace
April 16, 2018
When individuals covered under your health plan experience a qualifying event, COBRA guarantees them the right to retain the coverage they had under their employer-sponsored health plan. But COBRA coverage comes at a price for you and your qualified beneficiaries.
That’s why it’s important to offer alternative coverage from a marketplace, such as Discovery Marketplace.
What is Discovery Marketplace?
Discovery Marketplace provides continuation coverage options as alternatives to COBRA health insurance, and those options can reduce costs for you and your qualified beneficiaries. This solution makes it simple for qualified beneficiaries to shop for customizable, affordable coverage as an alternative to COBRA. Individuals search public and private exchanges and find coverage that meets both federal requirements and their needs.
How does it work?
Individuals search for coverage by going to the Discovery Marketplace website and creating an account. Once their accounts are verified, they’ll be asked to name who the coverage is for and enter a ZIP code (since rates vary by state). Discovery Marketplace will also let them know if they qualify for a tax credit to help them save even more.
Then, they can:
- Search a variety of coverage plans, including medical, dental, vision and short-term disability.
- Filter results based on plan types, coverage levels, included benefits and costs.
- Find out if their doctor, hospital, dentist and/or pharmacy would be in their network for each plan.
The individual chooses the right plan(s), clicks “Start Application” and provides a little more information. Once coverage is active, they can work directly with their selected carriers.
What are the benefits to offering Discovery Marketplace?
You’ll see a number of benefits when you offer Discovery Marketplace to your qualified beneficiaries, such as:
- You’ll potentially save money. It’s free to offer Discovery Marketplace to qualified beneficiaries. And you might see lower premiums, since fewer COBRA elections can lead to fewer claims, which reduces your costs.
- You’ll minimize risk. COBRA members are more likely to have a higher volume of claims than employees on your employer-sponsored health plan. When individuals choose coverage from a marketplace, the risk associated with beneficiaries’ claims is taken on by the provider they choose.
- You’ll build goodwill. Providing your qualified beneficiaries with options helps them save money. The average employee pays only about 18 percent of the cost of their employer-sponsored health plan, while COBRA members pay 100 percent of the cost. On average, a single person saves $150 per month and a family saves $675 per month with coverage through Discovery Marketplace rather than COBRA. They also can choose customizable coverage that’s right for them.
Check out our infographic to learn more about how you can save when providing affordable coverage through Discovery Marketplace.