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Why you should explore moving your group health plan to individual coverage.

Employers have been cautious about abandoning their traditional approach to providing healthcare benefits, but with the steep rise in healthcare costs and health insurance premiums showing no sign of easing, many are taking a closer look at the strategic potential of moving their employees to individual coverage.

Two key components of using an individual exchange platform are:

  • This approach allows your group to set a fixed amount you will pay for medical benefits, giving the employee an option to pay for richer benefits.
  • Allowing employees to choose from a menu of health plans, giving them freedom to select a plan that best fits their needs and their budget.

Considerations for Moving to a Private Exchange

Employers with less than 50 Full-Time Equivalent Employees are not required by the Affordable care Act to provide health insurance coverage.   However, under current DOL and IRS rules, employers are not allowed to deduct payments for individual employee health insurance premiums.

Many employers have found that providing a fixed, non-discriminatory, taxable stipend, added to employees' paychecks allows them to voluntarily purchase coverage themselves.

A properly designed Private Insurance Exchange platform supported by expert telephone assistance can benefit both employers and their employees.  

your Guide to Employer Health Plans

More Medical Plan Options:

  • Employees can choose from a wider selection of plans. On-Exchange and Off-Exchange, premium subsidized products can be made available.
  • Part-time, seasonal and COBRA eligible former employees can all be offered access to coverage.  
  • Employee who have other medical coverage  (such as spousal coverage) may elect to purchase dental, vision or other ancillary coverage plans with their employer contribution.

The Benefits for Your Company:

  • Help mitigate unsustainable increases in benefit costs.
  • allows employers to set more predicable budgets.

The Benefits to Your Employees:

  • With an individual private exchange marketplace your group can provide each employee with ability to select a plan that best fits their needs and budget.
  • When employees are given greater choice, they become more engaged in the process resulting in greater satisfaction with their benefit plan.