United Benefit Advisors’ said Tuesday its private exchange for small employers, called benefitbay, will open in early December for coverage beginning Jan. 1, 2014. It will be available for members with clients that have less than 50 lives.
“Even though smaller companies with less than 50 employees are exempt from the Affordable Care Act’s ‘employer mandate’ — a requirement taking effect Jan. 1, 2015 that dictates employers must offer insurance or pay a penalty — employers are looking for an economical way to provide good benefits for their employees as a way to attract and retain talent,” says Thom Mangan, chief executive officer of UBA and EBA Advisory Board member.
