Are you ready to compete in the new consumer-driven Healthcare market?

Are you ready to compete in the new consumer-driven Healthcare market?

Whether you are considering connecting to state and federal marketplaces or setting up a private exchange, it’s important to understand the core issue which can determine the success of either channel – the delivery of an integrated consumer experience. At benefitalign®, we take a member centric approach and build our solution around them.
We believe that in order to meet the expectations of the new healthcare consumers, we need to provide user friendly self-service tools to both educate and empower them in making sound healthcare choices. Remember, consumers complete many interactions online, from banking and shopping to consulting with doctors and nurses. After more than 20 years of shopping online, consumers have high expectations for an online shopping experience; purchasing health insurance must be as easy as any other online transaction.
Experts predict that by 2016, more than 25 million people will use exchanges to buy health insurance. As consumers make more healthcare decisions, beginning with healthcare purchasing they will increasingly turn to online exchanges to shop. Let’s take a quick look at the key differentiators between the two types of exchanges:

Public Exchange

Private Exchange

Provides a purchasing platform for small businesses and individuals who cannot otherwise obtain or afford health insurance coverage.

Created by private sector companies – for example, by a health insurance company or a brokerage or consulting firm.

Offer guaranteed coverage and allows individuals to review, compare and purchase health insurance coverage products directly from private issuers in each state. Tax credits for premium and out of pocket costs are only available through public exchange products.

Offer guaranteed coverage and allows individuals to review, compare and purchase health insurance coverage products directly from private issuers in each state. Often paired with employers contributions, including defined contribution funding models.

Federal and state governments operate public exchanges

Third parties, such as consultancies or insurance companies operate private exchanges

Open to anyone willing to purchase coverage

Participation is limited to a single employer’s eligible employees, spouses and dependents.

While private exchanges are still a minority in the marketplace, new research shows that by 2017, private exchange participation will approach public exchange enrollment levels. Research from global management consulting firm Accenture predicts projects nearly 18% of the American public will purchase insurance through these employer and insurance-run marketplaces, and that one in four employers are expressing interest in these exchanges.
Benefitalign helps you take care of all of the challenges of setting up a private exchange. Our robust self-service modules give you the tools to properly educate members about your products, help them find the choice that is right for them and streamline enrollment. On the back end, this out of the box solution can be rapidly customized to support unique products, eligibility and funding models including Defined Contributions.