Exchange will help companies connect employees with a variety of coverage options.
Birmingham - USA, Regions insurance announced that the company was offering 4 states access to private insurance so that companies can manage benefits while offering a variety of options for their employees.
"The health insurance market is changing. There are many complexities and new requirements that employers must follow," said Curren Coco, CEO of Regions Insurance. "By offering a private exchange solution to employers, we are helping companies understand and navigate changes in the marketplace while continuing to offer their employees a variety of comprehensive health insurance options."
Regions Truselect is a private exchange - it will offer plans to employers in Georgia, Indiana, Tennessee and Texas. They will offer participating companies benefits like medical, dental and vision coverage plans, Life and disability enrollments will be made available later in the year.
Regions Truselect will manage costs for companies and reduce the administrative burden. They will direct employees directly to trained advisors. The employees benefit by getting a broad selection of options available to them along with flexibility to modify to modify insurance covers to suit themselves. They can decide on the amount they pay and so control their take home.
Bloom Health, headquartered in Minneapolis, Minnesota, will use its Private Exchange Platform(R) solution to power Regions TruSelect. Bloom Health's technology and service infrastructure offers user-friendly online tools and tailored phone support from a team of advisors who assist customers through the insurance selection process.
"Our goal is to ensure our customers are well-informed, educated and confident in their benefits decision-making and to support employers in setting multi-year strategies that bring predictability to their benefits budgets," said Simeon Schindelman, Chairman and CEO of Bloom Health. "We are energized about expanding the national reach of the Bloom platform through our relationship with Regions Insurance, a well-respected and trusted agency committed to bringing innovative solutions to their clients."
Plans offered through Regions TruSelect will meet more than meet the requirements of The Affordable Care Act.
Hannah Punitha (IRDA Licence Number: 2710062)
Jeremy King, March 2014