Private benefit exchanges

For a private exchange to be successful, it needs to offer a full service solution in a box, says David Holton, vice president of private exchange business development at HealthPlan Services. His Tampa, Fla.-based company’s My Consumer Link is an individual exchanges for group brokers to offer. These brokers, Holton says, don’t want to walk away from the money of the individual sales, but don’t have the time to commit to it.

Large employers are playing a waiting game in the coming year on health care cost saving strategies as many wait and see how Washington politics play out.

Private benefit exchanges continue to grow – albeit slowly – but the pace of change is expected to pick up as employers consider their benefit options for 2016.

Working in partnership with USI and GoHealth, the payroll firm’s platform will serve populations with employer-provided benefits as well as those who must purchase through public exchanges.

Waiting to see how private exchanges play out is no longer a business strategy; and to succeed, brokers must change their business practices, speaker at EBA/EBN Private Healthcare Exchanges conference says.

As a value-added reseller, Apprize Technology sells and services to brokers three different benefit administration platforms, what many call a private exchange— bswift, benefitsCONNECT and Infiniti HR. Gary Wert, Apprize’s president, discusses why Apprize and other resellers may have to turn away business in the fourth quarter and why some brokers aren’t building their own exchange, but rather using a reseller.

Commentary: Employer interest in exchanges is high, but adoption rates have lagged behind projections for 2015.

With 24 Republican senators up for reelection in November 2016, not to mention the presidential election, there is so much set to change for both public and private exchanges.

The $34.1 billion blockbuster deal between Aetna Inc. and Humana Inc. is seen as complementary to both health insurers in terms of helping grow their involvement in private and public health insurance exchanges.

To stay abreast of private exchange trends, advisers, employers, insurers and other legal and industry experts will share their insights about private exchanges at this year’s EBA/EBN Private Healthcare Exchanges conference in downtown Chicago, July 23-24.

Employer clients and their employees expect innovative technology solutions to meet their needs, even when it comes to health care — and especially when it comes to private exchanges.

As small employers shift from group to individual coverage, private exchanges can be a useful tool to keep brokers competitive and maximize profits during the transition.

As Towers Watson & Co. and Willis Group Holdings Plc head to the altar for an all-stock merger valued at $18 billion, their respective private exchanges could command the roles of best man and bridesmaid.

Employee Benefit News and Employee Benefit Adviser have created the Private Benefit Exchange Index to track the growth of online benefit marketplaces

A group of industry players connected to private exchanges launched a coalition Wednesday to serve as a forum to share ideas and best practices, and to increase awareness of private exchanges.

Private exchange enrollment numbers depend on how one defines a private exchange. For some, a private exchange is simply tech-enabled choice — which most employers are embracing — while others define it as more than technology. Despite the definition, most consultancies agree by 2018, the numbers will be huge.

EPIC Insurance Brokers and Consultants was a long time user of Liazon’s private exchange software, but this week launched its own exchange, developed in partnership with Hodges-Mace. Chris Duncan, EPIC’s chief growth officer, discusses the move and why exchanges may not be for everyone.

HR departments lack a clear understanding of fees and commissions attached to private exchanges, with many early exchange adopters uncovering fees once they start using the model.

Commentary: Preparing a new multiyear strategic benefits plan may require as much (or more) effort than the Affordable Care Act has consumed.

The business benefits of private exchanges are starting to be realized by insurers and brokers alike, with an increased focus on voluntary products, savings for insurers and a reliance on brokers.