A marketplace of solutions.
Rising healthcare costs and healthcare reform have thrust health insurance exchange models into the limelight as cost control and distribution strategies. The exchange concept may seem new but in reality the exchange model has been around for many years.
Businessolver has been supporting exchange models, or marketplaces as we define them, pretty much since we opened our doors. In fact, we support several distinctly different marketplace models for clients today: Packaged Model, Limited Carrier Model, Co-op Model, and Open Market Model. Those marketplaces are successful due to input from consultants and brokers and 4 main factors:
- Choice. With choice comes the ability to evaluate which product fits the specific needs of the individual, including cost, coverage and reach.
- Consumerism. As consumers, we expect shopping for everything online – from electronics to benefits – to be educational, enriching and pain-free. The days of transaction-only benefits enrollment won’t suffice.
- Defined Contribution. What employers get with defined contribution is simple: the ability to budget. Employees get to make their own choices and spread their benefit dollars as they see fit.
- Single Solution. A solution through a single source partner like Businessolver supports all of the healthcare cost-controlling mechanisms: product choice, consumer support and budgetability through defined contribution.