Our Private Exchange is a Defined Contribution option that is less expensive and easier to offer and administer, when compared to traditional employee benefit plans.
Opposite to the one size fits all model, the idea of a private exchange allows employees to choose a health insurance plan of their choice with funds (a fixed dollar amount – a defined contribution) given to them (set aside) by the employer and/or by pre-tax payroll deductions.
–The employee can choose a plan that is tailored around his/her needs, which reduces risk on employers.
–The employee has access to a personal benefit advisor to assist in selecting a plan and to provide educational material on health insurance.
–Employer and employee save on premiums and taxes, while retaining health benefits that are just as good (or better) as a traditional group plan.
The employer will join the private exchange and then select the specific plans they want to make available to their employees. Then, the employer will need to allocate a monthly amount (premium) for each employee who will participate. Employees will be given access to the private exchange to select his/plan of his choice and will be able to manage their benefits 24/7 through the on-line account provided by carrier/plan selected.
Contact us for a free consultation to determine if IXSolutions Private Exchange is a good fit for your company and your employees. We’ll perform a detailed analysis of your current plan to compare the advantages and potential savings. We will help you in setting up your private exchange and assist you every step of the way.