Building Your Private Exchange
The Component Parts
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5 Strategies for Success - 2013 & Beyond
Solutions For PPACA/Obamacare!
Simplifying The Insurance & Benefits
Decision-Making Process For All Parties
Let's start with a definition of Private Exchanges as they apply to Insurance an Benefits. Booz & Co. provided the following: "Private exchanges are marketplaces of health insurance and other related products. Employers purchase health insurance through the private exchange, and then their employees can choose a health plan from those supplied by participating payors. One big attraction of private exchanges is that they facilitate the migration to a defined contribution model while allowing employers [and Brokers] to retain some involvement in their employees’ healthcare [and Benefits]."
As a Solution for working with PPACA/Obamacare, Private Exchanges
do not replace the Federal or State Exchanges in providing Health Insurance
Coverage for Employees and Individuals who they serve and may qualify for a
subsidy. While at this time there are no interfaces made available between Federal,
or for that matter State Health Exchanges, the processes are being studied to
simplify Employee Decision-Making.
The BenefitPlace.biz(BP) and BPTradeShow(BPTS) Private
Exchanges offer Brokers and Employers an efficient and affordable platform
for offering not only Qualified Health Plans (QHPs) including the Essential Health Benefits (EHBs) - Fully Insured, Partially Self-Funded, and Self Funded, but also Voluntary/Worksite and Ancillary Plans. This inclusive platform provides Brokers and Employers the opportunity to: 1) Partially Fund the Employee's Benefit Choices; 2) Assist in the Education, Communication, and Enrollment Processes 3) Compete for Retaining and Attracting Employees.
When the BP/BPTS Private Exchange Model is combined with the 2nd Strategy, Defined Contribution(DC), many additional opportunities are generated for the Carriers, Brokers, Employers, and Individuals. To find out more about Defined Contribution Employee Plan Designs, Click on the Link in the Left Column.
The BP/BPTS Model provides advantages and opportunities for: Brokers, Carriers/Providers, and Service Providers - as well as to Employers, Employees, and Individuals. These Include:
Brokers are provided the opportunity to become the Employer's and the Employee Trusted Advisor. The Broker provides the Employer the capacity to have a personally Branded Private Exchange that is Flexible allowing for the Menu of Benefits - Core, Voluntary/Worksite, and Ancillary - that are selected with the Broker. Unlike some Private Exchanges that are being made available, the BP/BPTS platform is efficient and affordable for Small, Medium and Large Brokers and Employers. The Plans, Programs, and Services offered to Employees are integrated into a selection of Supporting Technology Choices made available by our Affiliate Partners. Brokers can generate Fees for their services and Commissions from the Plan, Programs, and Services offered to the Employees. The branded, turnkey, Integrated strategies, including the Private Exchange(s), are provided by BP/BPTS and our Affiliated Partners working with the Brokers and their Clients. Our strategies level the playing field making smaller Local and Regional Brokers more competitive!
Carriers are provided an opportunity to spotlight their Plans, Programs, and Services on a platform that combines an Educational components with the Enrollment process. Working with the Brokers and Employers, the Carriers are able to offer QHPs with the EHBs that meet the Needs and Price Points of the Individual Employees and their Families. Because our Private Exchanges are not limited to Health Plans, Carriers offering Voluntary/Worksite Plans are able to include their Employee Choices. To help generate Cost-Savings the Private Exchange platforms include the utilization of Section 125 of the IRSC and the Data Management.
Service Providers - TPAs, Enrollment Companies, Technology Providers, etc. are provided the ideal opportunity to utilize their Core Competencies. Self Funding is an ideal Plan Design for dealing with PPACA/Obamacare to retain Control and Flexibility. Enrollment methodologies must meet the unique needs of Employers and Industries. Supporting Technology is important with each strategy!
> TPAs have a rare opportunity to interface with the Private Exchanges. Self Funded and Reimbursement Plans for Employee Benefit Plan Designs are the ideal strategies for the Brokers and Employers to retain flexibility and control.
> Enrollment Companies have new demand for their services with the creation of Private Exchanges that need to be able to Educate and Communicate the Plans, Programs, and Services being offered to Employees and Individuals. Companies that can adapt their services to the Private Exchanges will Thrive and Profit.
> Technology Providers - Software Companies - are entering a new era of demand for services to accomodate the Private Exchanges.
Private Exchanges are the natural evolution of how Brokers and Employers deliver Employee Benefits. Combined with Defined Contribution(DC) Plan Designs, the Private Exchanges provide Employers an opportunity to Budget their contribution to the Employees for purchasing Health Insurance and other Benefits - while providing Individual and Family Choice.
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