This has been a frequent buzz phrase in the health insurance industry over the past couple of years for a number of different reasons.
So buckle your seatbelts.
We’ll also describe the different components that make-up a private health insurance exchange, the types of businesses that should be taking the closest look at these exchanges, and why they’re growing in importance.
No help from the government.
There are two.
#1: TECHNOLOGY AND SOFTWARE.
Time to tech up.
SIMPLY: Employees decide on the plans that fit them best.
You pick your plan.
THERE’S AN INTERACTIVE PLATFORM TO WORK WITH ONLINE.
ONE OF THE BIGGEST GOALS OF PRIVATE HEALTH INSURANCE EXCHANGES IS TO PROVIDE CHOICE.
PRIVATE EXCHANGE = EMPLOYEE CHOICES.
There are additional ways to set up private health insurance exchanges…
Mandated employers: THAT’S YOU.
Tune in.
…So if you’re a business that is at 20 employees or above, you’ll want to understand the concepts in this presentation.
QUESTION: WHY ARE PRIVATE HEALTH INSURANCE EXCHANGES BECOMING MORE IMPORTANT?
Everyone is different.
…Because dependents (spouses and children) will most likely need to be able to participate in the plan.
If employees’ dependents have access to an “affordable” group plan, they DO NOT have access to public health insurance exchange subsidies.
Affordable options.
The private health insurance exchange concept helps alleviate that issue.
Dependents will need to have better access to group health insurance plans in the post-reform environment.
More predicable.
A private exchange is a cost-effective and budgetable way for employers in the “large group” category to provide coverage.
That was easy.
You give that amount to each employee.
Then they pick the plan they want.
Smart consumers.
…The whole system runs more efficiently.
Instead of you telling them what they get: they pick what they want. By making choices, they’ll be more conscience about where money is being spent.
Unlike public health insurance exchanges (state and federal exchanges), private exchanges are completely administered within the private workplace.
And that’s a wrap.
If you’re an employer that is interested in learning more, contact us anytime for further information. Thanks for stopping by today. We hope you found our information to be valuable.
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