Private health insurance exchanges have generated a flurry of attention in recent years with big names such as Sears, Darden Restaurants and Walgreen moving their employees to private exchanges, and employer interest in the model shows no sign of slowing down.
And now Time Inc. joins the ranks of big-name companies using a private exchange for active employees. The company has selected Towers Watsons OneExchange to deliver medical, prescription drug, dental and vision benefits to its full-time active employees and their dependents for the 2015 year. The number of employees covered by the exchange was not disclosed.
Greg Giangrande, executive vice president and chief human resources officer of Time Inc. cited increased choice, better value and increased flexibility in plan designs as reasons for the decision. This new direction demonstrates our commitment to providing quality, competitive and affordable health and wellness plans to meet the varying needs of employees at different stages of life, he said.
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Nearly half (47%) of employers surveyed by the Private Exchange Evaluation Collaborative, a nonprofit coalition of business groups, have implemented or plan to consider using a private exchange for full-time, active employees before 2018, up from 45% in 2013.
Time Inc.s new health and wellness program features choice in medical plans and in medical, dental and vision insurers. Time Inc. has also introduced a new voluntary wellness program that gives employees and dependents who actively participate the chance to earn well-being dollars. The company is adding benefits such as legal services and identity theft protection to its existing voluntary benefits, as well as continuing to offer life insurance, flexible spending and commuter benefits.
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