During open enrollment, employees can choose their health coverage for the next year. As a business owner, prior to your next open enrollment period, you may want to consider offering employee health benefits through a private exchange.
If you’re not familiar with private exchanges, here’s how they work. Employers allocate a set amount to contribute toward their employees’ health coverage, then select several health plan options to offer them. Employees use allocated funds to shop for and choose the health plan that best suits their budget and needs. Private exchanges also offer employee assistance during open enrollment to help remove the administrative burden from office managers and human resource personnel.
Companies across the country are turning to private exchanges as a way to control health care costs. In fact, according to a recent survey by Aon Hewitt, one in three employers plans to move to a private exchange within the next few years. If you’d like to find out more information about private exchanges prior to open enrollment, or learn about Blue Cross Blue Shield of Michigan’s private exchange options, visit the Blue Cross private exchange webpage.
- The Small Business Owner’s Guide to Private Exchanges
- Private Exchanges Let Employees Decide What’s Affordable
- Private Exchanges for Health Benefits: A Popular Choice for Employers and Employees
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.