When you have seen one private exchange, you have only seen one private exchange. Exchanges come in all shapes and sizes. I am fairly confident that, if you do your homework, there is one out there just for you. At least for the short term, that is…
There is no magic to the private exchange solution. For the short term, private exchanges can help employers offer more employee choice and provide better decision making tools; enhanced call center support, administered defined contribution strategies, and reduced costs through collective purchasing in a competitive environment. Sounds great, right? However, essentially you are simply repackaging the current way you purchase and deliver benefits to employees – just with a prettier bow around it all.
Is this really an innovative and new approach to benefits? As we are all aware, large employers have been using this approach for years. I challenge you to imagine the future, even just five years out, and predict how your employee benefits will be provided. Will your company determine its value as an employer, based on your deductible and copays, or will it be more about the total reward package?
I challenge you to imagine the future, even just five years out, and predict how your employee benefits will be provided.
How would it feel to offer benefits equal to or better than current without having to negotiate the renewals and book the reserves? How would it be to provide best-in-class decision making tools to allow employees to search multiple plans and multiple carriers by their own providers before making a selection? Better yet, how would it be to have the ability to make the enrollment systems and premium reconciliation processes obsolete? Imagine a future without pain points for you, and better benefits for your employees. Oh yeah – did I mention it also saves both the employer and employee money?
Well, it’s here, and it’s called Hixme.