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Precisely assess and compare differing health benefit plans, addressing the intricacies of cost-sharing and member demand shifts using a straightforward, web-based solution.
For insurers, brokers, and consumers, comparing health plans is no small task. With different deductibles, copays, and cost-sharing details, it’s hard to pinpoint which plan truly offers the best value. The maze of insurance calculations often leaves users puzzled about their best options.
CORAL makes navigating the intricacies of cost sharing and actuarial value straightforward. This powerful tool simplifies comparisons between benefit plans, taking the guesswork out of assessing relative cost. CORAL translates complex data into actionable insights, empowering insurers, brokers, and consumers to confidently make informed decisions and supporting more accurate underwriting.
Harness the power of web-based actuarial software for on-demand analyses.
Leverage Milliman’s Health Cost Guidelines for reliable results and access Milliman actuarial services for deeper analysis.
Simplify and improve your underwriting tasks with precision-driven software for advanced commercial use cases.
Get faster, more accurate results using powerful relativity software.
Benefit from a tool that meets regulatory scrutiny while retaining its leading-edge capabilities.
The tool offers a streamlined interface for inputting a broad array of cost-sharing services.
Assess both cost-sharing differences and induced demand impacts with precision.
CORAL adapts to specific client demands, accurately reflecting geography, demographics, and provider reimbursements.
Users input benefit plan parameters like deductibles, coinsurance, and copays. CORAL then processes these inputs using a model based on Milliman’s Health Cost Guidelines to produce relative cost outputs among plans (e.g., Plan B is expected to cost an insurer 3.2% less than Plan A, all else equal, given their differences in benefits).
Cost sharing refers to the costs of healthcare services that are shared from the insurance provider to the insured. Typical forms of cost sharing include deductibles, coinsurance, and copayments.
Actuarial value is a measure used in health insurance to describe the percentage of total average costs for covered benefits that a plan will cover. For instance, if a plan has an actuarial value of 70%, on average, the plan is expected to cover 70% of the total costs, with the remaining 30% to be paid by the insured.
Insurers, large employers with self-funded insurance plans, third-party administrators, insurance brokers, and employee benefits analysts will all find value in CORAL, as many audiences can benefit from a comprehensive evaluation of the relative richness of plan design offerings.
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