Three Benefits of Using a Private Exchange
NEW YORK, Aug. 31, 2016 /PRNewswire-iReach/ -- Clarity Benefit Solutions simplifies online benefit administration for brokers, employers, and consumers. The company's technology and services are designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.
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Private exchanges are online health insurance marketplaces that are available to a company's employee base. The company can give their employees a defined contribution to purchase benefit plans or a traditional funding method. The employees can choose coverage from one—or several—participating insurance companies. Private exchange plans often include medical, vision, dental, life, and disability insurance.
Clarity Benefit Solutions discusses three benefits of private exchanges. Studies show that many employees do not understand exactly what a private exchange is, how it works, and how it can benefit them, so it is important to have a thorough working knowledge of how these exchanges operate.
Healthcare costs are reduced. Private exchanges allow employees to shop for a customized health plan that best suits his or her needs. Rather than one-size-fits-all health plans, employees can choose between a range of broader insurance options with lots of coverage or more targeted insurance. An employee who chooses not to "over-insure" not only saves his or her own money, but also the employer!
Employees are given more options. As mentioned above, private exchanges offer a wide variety of plans and coverage options. An employee can take their time to shop online and select specific, custom plans that are unique to his or her needs. Some private exchanges extend beyond insurance to general wellness programs!
Plan administration is easier. It isn't easy to navigate the tricky waters of healthcare reform compliance, employee needs, and relationships with health insurance providers. Choosing private exchanges take away much of this burden by providing specialized services that include online enrollment, plan administration and customer support.
Clarity Benefit Solutions provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.
Media Contact: Calvin Clark, Clarity Benefit Solutions, 7324288272, firstname.lastname@example.org
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SOURCE Clarity Benefit Solutions