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Employee Benefits
Propel’s Approach to Private Exchange
With healthcare costs on the rise, employers are seeking new cost-saving ideas. Propel Insurance has partnered with Liazon Bright Choices to offer employers a unique approach to benefits offerings.
Is a private exchange right for me? With the current chaos surrounding healthcare, employers need an educated consultant who knows the business and understands the best way to meet both employer and employee benefits needs. One way this is accomplished is through the use of a private healthcare exchange.
Propel helps clients assess viability for their business by providing a unique analysis of the business rationale for utilizing a private exchange, helping employers understand how private exchanges work, weighing advantages and disadvantages for employees, factoring future costs to the employer, and creating effective communications to inform and educate plan participants.
In addition, Propel helps clients frame their decision making in light of the effectiveness of the delivery model in meeting desired expectations, evaluation of how many employees will win or lose if utilizing a private exchange, and compliance with the most recent healthcare reform legislation.
How is my organization supported?
With the potential for unknown variables, it can be overwhelming for employers considering a shift from a traditional benefits approach to a private exchange. Propel provides support and assistance to its clients in determining if a private exchange is right for the organization. But we don’t stop there. Ongoing support throughout the process offers guidance on building the benefits portfolio, assessing the viability of exchange administrators, and developing fully insured or self-insured funding options.
Why now?
In November 2013, the New York Times estimated that 40 million people would enroll in private exchanges by 2018. Corporations such as Walgreens, Sears, IBM, and General Electric have already adopted private exchanges for either existing employees or retirees.
The corporate private exchange offers multiple carriers and products and includes decision support, benefits administration, and a defined contribution element. The ease of use increased benefits options, and cost savings for both employer and employee make the private exchange a viable choice in an increasingly cost-driven marketplace.
