Private Exchanges: A New Consideration for Community Colleges and Charter Schools
Community colleges and charter schools have a lot to consider when deciding on health care coverage for their faculty and staff. In an industry with such a diverse group of tenure and medical needs, selecting a health care plan that is a good fit for everyone can be difficult. A veteran professor with three kids and a new teacher fresh out of college will have different needs – financially and medically.
Despite these differences, one-size fits-all health care plans have been the norm within the education field. But if you’re a decision-maker for a charter school or college, you may want to consider selecting a private exchange to help take control of financial costs and offer more choices to your employees.
A private exchange is an online marketplace where employees can shop for benefits. It’s an e-commerce experience. With a private exchange, employers decide how much they want to contribute to employees for health care and select a variety of health plan options to offer them. Employees then use their employer’s contribution to buy a health plan that fits their personal needs. It provides employees a meaningful choice of benefit plans and empowers them to make informed purchasing decisions.
Selecting the right health care plan can be difficult. Private exchanges simplify the process with personalized decision-support tools and recommendations to help employees make informed decisions about premiums, deductibles and benefits. This support helps reduce anxiety, provides a custom-fit plan for employees and helps reduce administrative costs associated with educating and assisting employees in selecting their plan.
In essence, private exchanges can help ensure that your faculty members have the coverage they need to meet their individual needs. For more information on private exchanges, check out:
- Enrollment in Private Exchanges Can Increase Employee Enrollments in HSAs
- Private Exchanges Are A Solution To The Upcoming Cadillac Tax
- Manufacturers: Build A Better Benefits Package With Private Exchanges
Photo credit: Time Anchor
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.