Choosing the right health insurance policy for your employees can be a difficult and time-consuming task. Trying to select the perfect plan that will fit the needs of the majority of your employees takes a lot of time and effort—time and effort you could be spending on other aspects of your company. That’s where private exchanges can help.
Private exchanges are a way to put the power of choosing a health insurance plan in the hands of your employees. Through an interactive, online marketplace, employees are able to shop for health plans that fit their individualized needs. Private exchanges help simplify the whole health plan selection process, providing you with more time to attend to other company needs. Think of it as an online benefits store. You provide an allowance to employees, and they go shopping for benefits that meet their needs.
There’s a lot more to private exchanges than you may realize. Click through this slideshow to learn what you, as a small business owner, need to know (or check out this quick video):
For more information on private exchanges, check out these other posts:
- Private Exchanges Let Employees Decide What’s Affordable
- Private Exchanges for Health Benefits: A Popular Choice for Employers and Employees Alike
- Enrollment in Private Exchanges Can Increase Employee Enrollments in HSAs
Photo credit: Internet Association
About the Author
Jason Hover is vice president of Private Exchange for Blue Cross Blue Shield of Michigan. He’s responsible for driving the company’s strategy and solutions in the private exchange market, which includes developing the company’s proprietary GlidePath℠ private health insurance exchanges. Hover also leads strategy development for the Blue Cross Commercial Business division. Hover joined Blue Cross in 2009 and previously served as director of Commercial Business Strategy and director of Strategy and Planning.