8 private exchange considerations
Published May 15, 2014 9:09 AM
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Updated February 25, 2016 10:06 AM
1 Min Read
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1. Many factors are involved in the process of deciding whether to switch your employees to a private exchange, including current plan design, demographics and wages of the workforce and the state of the industry youre operating in.
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2. A transition to exchanges requires understanding of marketplace offerings, industry issuers, regional differences in qualified health plan offerings, depth of QHP networks, and costs to employees of existing coverage.
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3. If the employer does transition to an exchange, it is still important to provide continuing education and services to assist employees/plan members and perhaps even offer ancillary/wrap benefits. In other words, the plan sponsors role isnt over.
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4. It is important to educate employees/members on the Affordable Care Act.
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5. Model notices from the Department of Labor can be confusing it is better to send additional, simpler communications.
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6. Use surveys/questionnaires to gauge employees understanding of the ACA as it pertains to your health plan offerings and to determine their priorities and needs.
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7. Consider hiring full-time staff to act as private navigators/application assistors.
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8. Use outside vendors to communicate with employees on marketplace offerings but beware of hidden brokerage fees and commissions.
