Lumos Health

Find the health insurance plan that's right for you

43 followers

Find the health insurance plan that's right for you

43 followers

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Health Insurance

Lumos is a free-to-use tool designed to help you find the ACA health insurance plan that's right for you. Our product finds plans, personalized to you, with the lowest "true-cost" in a matter of minutes. Shop smarter with Lumos and save hundreds of dollars each year.

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Launch tags:Medical•Personal Finance•Health

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Lumos Health

Maker

Hello Everybody! About Us My name is Moonish and I co-created Lumos Health (Lumos) with my friend, Esteban. We are both data-nerds, economists, and big on personal finance. We created Lumos to help people save money and bring more transparency to the US health insurance industry. Problem Statement When we both quit our corporate jobs earlier this year and became self-employed, we had to pick our own health insurance using healthcare.gov and only then realized how difficult it was to pick the right plan, especially from a financial perspective. After more research, we realized that most Americans ( insurance brokers included) struggle to make the right financial choice, overpaying by an estimated ~$400-$1,250 annually. Picking the right plan assumes you know how much you’ll pay in both premiums AND out-of-pocket expenses. But calculating out-of-pocket expenses on your own is no easy task. Here’s why: 1. You need to know your healthcare usage ahead of time (e.g. how many times you’ll go to the doctor, or get sick) 2. Figuring out how your usage interacts with the specifics of a plan requires tedious math. 3. Even if you manage this feat for a single plan, having to repeat it for a large number of plans is impractical. As a result, people just do the best they can with the limited time and information they have available but end up paying more as a result Our Goal Arm consumers and brokers with the tools and data to make smarter financial decisions when it comes to picking health insurance What Sets Us Apart Unlike other solutions, true-cost transparency is central to our product experience. Our goal is to ensure you know how much you can expect to pay under each and every plan based on real health outcomes from hundreds of people just like you. We provide you with the grounded, personalized, and comprehensive cost estimates to ensure you are making the best financial decision. Learn more about our approach here Who's The Product For? Single users who plan to purchase insurance through the healthcare.gov marketplace this year. The full experience is available in TX & FL but a near-complete experience (excluding enrollment support) is available in 31 additional states. States operating a state-based exchange aren't currently supported. Key Features 💰 See how much you'll qualify for in savings via subsidies 💻 Get up to 5 plan recommendations that minimize your true cost across multiple categories 👨‍👩‍👧‍👦 Compare the true cost of each recommendation across scenarios based on outcomes of real people 👩‍⚕️ Compare the provider / drug coverage for each plan 💊 📄 Get help completing the paperwork and enrolling in the plan (only available in TX & FL)

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3yr ago

Flex-Worthy Templates

Congratulations on the launch! How is it different from other insurance apps out there?

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3yr ago

Lumos Health

Maker

@shushant_lakhyani Thanks for the comment and appreciate the support! When people shop for insurance, they care about many different factors but the primary ones are cost and coverage. While existing solutions do a decent job of helping users understand what doctors / drugs a certain plan will cover (although there's room for improvement), they don't do a good job clarifying the true-cost of an insurance plan. What sets us apart is that our recommendations are built on data-driven estimates of the true-cost of the plan (premiums + out_of_pocket). This lets the user shop with a clear picture of how much they can expect to pay, something that doesn't exist today. Most of the existing solutions let you browse and compare the ~200 plans that a typical user is eligible for on the marketplace, but a side-by-side comparison of the 15+ cost dimensions of a plan doesn't do much towards helping you determine how much you could actually end up paying and the associated risk. We use data to help users estimate the true-cost of the plan (i.e. premiums and out-of-pocket expenses). Premiums are fixed but out-of-pocket costs are unknown ahead of time. In order to estimate out-of-pocket costs, you need to know how much in healthcare you could end up using in the coming year, how much each of the services cost, and how likely each scenario is. We use the healthcare usage experience of hundreds of Americans like you (along basic demographic dimensions) and simulate cost outcomes on all your eligible plans to generate a probabilistic cost distribution and the associated expected value as our true-cost estimate. The experience boils down all of this computation and data into a single number and couple of charts giving you a clear picture of the true cost of the plans that we show / recommend.

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3yr ago