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Benefytt Announces Actions Taken to Help Insureds and other Consumers During COVID-19 Outbreak

Mar 17, 2020

Benefytt Announces Actions Taken to Help Insureds and other Consumers During COVID-19 Outbreak

TAMPA, Fla., March 17, 2020 (GLOBE NEWSWIRE) -- Benefytt Technologies, Inc. (NASDAQ: BFYT), a health insurance technology company and leading marketplace for Medicare-related health insurance plans, today announced actions being taken to remove barriers to access and provide support to members in an effort to help combat the ongoing coronavirus (COVID-19) outbreak.

Benefytt currently plans to continue operations through the dynamic situation that is unfolding as a result of the outbreak while taking precautions to minimize risks to our staff and community. Benefytt’s Medicare agents report to several different office locations that are spread across the country, creating redundancies in our ability to continue supporting telephonic enrollment and insurance agent consultation for individuals and families even if any particular localized or regional geographical area becomes disproportionately impacted by the virus. 

In addition, most of our Medicare sales representatives, agents, administrative and support staff, as well as the majority of other Benefytt employees, have the ability to work remotely from home in the event that it becomes necessary to limit the presence of staff and clients in any of our offices. Benefytt is built on powerful technology and is committed to continue serving the public to ensure that all health insurance educational resources and Medicare-related enrollment options remain available to consumers.

During this difficult time, it is important for industry stakeholders to work together in order to deliver solutions to consumers, including removing financial barriers to accessing vital testing and diagnostic services so that new cases of the virus are more quickly identified and treated, which in turn could help slow the spread of the virus and potentially save lives. In response to the spread of COVID-19 and the national health risk it poses, many Medicare Advantage health plans available through Benefytt have agreed to waive out-of-pocket costs for standard, physician-ordered, COVID-19 testing and various related services consistent with Centers for Disease Control and Prevention (CDC) guidelines.

Also, according to the CDC, promoting the use of telemedicine technologies and referral networks can help triage persons to the appropriate level of care and potentially reduce the influx of patients to healthcare facilities seeking evaluation. Benefytt is an advocate of telemedicine plans and will continue to offer enhanced information via television and digital marketing, as well as offer self-directed enrollment in plans to consumers through its direct-to-consumer site, HealthInsurance.com.

We recommend that individuals seek information from their local, state, and federal government agencies for the latest information regarding COVID-19, and we hope that the removal of out-of-pocket costs associated with COVID-19 testing and related services will provide some peace of mind and ease of access for people during this declared national emergency.

About Benefytt Technologies, Inc.

Benefytt Technologies, Inc. (NASDAQ: BFYT) is a health insurance technology company that primarily engages in the development and operation of private e-commerce health insurance marketplaces, consumer engagement platforms, agency technology systems, and insurance policy administration platforms.

By leveraging existing and emerging platforms and technologies, Benefytt offers a range of Medicare-related insurance plans from many of the nation’s leading carriers as well as other types of health insurance and supplemental products that meet the needs of consumers. Benefytt’s direct-to-consumer site, HealthInsurance.com, provides seniors and Medicare-eligible consumers the ability to access powerful online comparison tools and educational resources that enable efficient self-guided navigation of available Medicare health insurance options.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans and projections regarding new markets, products, services, growth strategies, anticipated trends in our business and anticipated changes and developments in the United States health insurance system and laws. Forward-looking statements are based on Benefytt Technologies, Inc.’s (the “Company’s”) current assumptions, expectations and beliefs are generally identifiable by use of words “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” or similar expressions and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include, among other things, uncertainty regarding the duration and magnitude of the COVID-19 pandemic, our focus on the Medicare market, our ability to maintain relationships and develop new relationships with health insurance carriers and distributors, our ability to retain our members, the demand for products offered through our platform, regulatory oversight and examinations of us and our carriers and distributors, legal and regulatory compliance by our carriers and distributors, the amount of commissions paid to us or changes in health insurance plan pricing practices, competition, changes and developments in the United States health insurance system and laws, and the Company’s ability to adapt to them, the ability to maintain and enhance our name recognition, difficulties arising from acquisitions or other strategic transactions, and our ability to build the necessary infrastructure and processes to maintain effective controls over financial reporting. These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements will be discussed in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission, which are available at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. You should not rely on any forward-looking statement as representing our views in the future. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Contact:

Benefytt Technologies, Inc.:
Michael DeVries
Senior Vice President Finance
(813) 906-5314
mdevries@bfyt.com

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Source: Benefytt Technologies, Inc.