Like your morning coffee treat, the current healthcare industry provides a vast array of coverage options for consumers. Starbucks recently made a splash by opting to move its several thousands of employees to a private exchange for healthcare coverage. Employee Benefit News reports on the effects of the transition for employees, noting that eligible partners (those working an average of 20+ hours per week) will now be able to select from a variety of carriers at several levels of coverage with varying premiums and deductibles. Thus, your barista may have as many combinations available as you do with your morning brew.
Slow Progress with Exchange Growth Through Employers
Private exchanges are the new benefits frontier for employers, and they have taken off relatively slowly as a result of their novelty. According to EBN’s report on Starbucks coverage,
“A survey from Liazon, a private benefit exchange provider that EBN recently reported on, notes that growth in the private exchange market has been steady, but slower than expected because many employers simply don’t understand what they are and what they can gain from them.”
Is a Private Exchange the Best Option for Your Business?
If you would like more information about how your business could benefit from coverage through a private exchange, Taylor Insurance Services can help. If you are an individual in need of coverage and have recently experienced a qualifying event (like marriage, divorce, having or adopting a child, or a change in employment), you may be eligible to elect a new coverage option. For more information about available plans, visit the Taylor Insurance Services private exchange at www.ThePowerOfT.com, or call 1 (877) 766-7261.