Private Exchanges are a trending solution for employers that want to comply with Healthcare Reform, make paying for employee benefits more predictable, and retain talent by offering excellent benefits. But with private exchanges representing a very recent development, what are the key "must-haves" for a good implementation? Here are some improtant questions to ask when examining private exchange or benefits marketplace solutions:
The CheckPoint HR Blog
Topics: Benefits Marketplace
Topics: Benefits Marketplace
Public insurance exchanges have been getting a lot of attention - both good and bad. With all the talk of public exchanges, private exchanges have also been pushed to the forefront of employee benefits conversations. Private exchanges enable companies to consider alternative benefits funding models, empower employees, and offer an broader range of benefits options.
Private exchanges are becoming more and more popular for businesses every day, not only because they are beneficial for companies, but also because employees react positively to them. Why do employees like benefits marketplaces?
Much has been made of recent news reports highlighting a slowdown in healthcare spending growth. Debates over the underlying reasons will continue, but it's important to note that the cost of healthcare is not decreasing, and that employers still face unpredictable rate increases for group health coverage. How can employers better manage costs and continue to attract and retain great talent for their organization - without breaking the bank? Exploring different funding options is a great place to start.
Do you spend a lot of time with paper? Completing and keeping track of paper-based forms, documents, and notes can be a huge time-suck. In 2014, take the time to investigate what areas of your work life can be moved to digital systems.
Organize your life
For documents, notes, and more, investigate a cloud-based system like Dropbox, Evernote, or Microsoft’s One Note.
These help you keep track of everything you need, wherever you need it. Look for a tool that lets you organize documents into folders, use tags, and search easily. You’ll find that it’s much faster to search digital notes than to rifle through stacks of papers.
Digitalize your Benefits
Using online open enrollment (or even a private exchange!) is another way to “go digital” and cut down your to do list. Moving the enrollment process online removes the need for endless paperwork and can make the enrollment process faster.
Benefits Marketplaces, a special kind of private exchange, focus on delivering employees unprecedented choice over their benefits package. With a Benefits Marketplace, employers can offer a wider range of medical plans and voluntary benefits, which allows companies to entertain competitive bids from many carriers, serve more diverse employee needs, and build employee empowerment.
Moving to a private exchange can help reduce the administrative load for HR departments, especially over traditional paper-based enrollment processes. Because private exchanges and benefits marketplaces are web portals, they allow for easy data flow.
One caveat: if you do not select a marketplace with ongoing administrative support for the many benefits you’re offering, you could end up increasing your post-enrollment workload (causing your to-do list to grow instead of shrink). Here are some qualities to look for in a private exchange.
Paperless systems and digital documents can save you - and your employees - precious time and energy.
How are you "Going Digital" this year? Join on the conversation in the comments...!
It is no secret that over the past decade the rate of increase for medical insurance premiums rose much faster than income. The national average shows premiums rose 4.9% over the past year… 29.9% over the past five years! So how are businesses handling theses increased costs? What effect is healthcare reform going to have on these trends?
MetLife has released the report from their 10th annual survey of employee benefits trends, conducted during the fourth quarter of 2011, and the findings are quite illuminating, especially for small to mid-sized businesses.
When it comes to providing employees with benefits, few options are as attractive as health insurance. Around 18% of the public currently have no insurance, and the upcoming health care reform laws are going to have a big impact on that. By creating private and public health insurance exchanges, these laws aim to help employers and employees find the best insurance solutions available. And understanding public health insurance exchanges is a fairly simple matter as well. With a public option included in private choices, public health insurance exchanges will offer the widest possible range of different insurance choices to ensure that virtually everyone finds the coverage that they need. Here's a closer look at the specifics of private and public health insurance exchanges.