How does a private exchange help large businesses (50+ employees)?
December 22, 2013
What about the group plan you have now?
You can keep it. You shouldn't see any changes in benefits or pricing until you next plan renewal.
How the Affordable Care Act changes Large Business Plans:
Very little, actually. The new law didn't affect how large business plans are priced, underwritten, or the beneifts that are included in the policies.
But large businesses are still affected in the form of the "Employer Mandate". Under ACA, a Large Business is charged a penalty for not offering affordable health insurance coverage to its employees.
The penalty for not offering health coverage is $2,000 per year with a waiver for the first 30 employees.
The penalty for not offering affordable health coverage is $3,000 per employee per year. The penalty is triggered when an employee qualifies for a subsidies Obamacare private plan.
Penalties have been delayed until 2015.
How our private exchange is helping large businesses:
Set a fixed budget, saving most employers 10-30% in the first year
Offer lower priced plans to your employees
Give employees the power of choice and allow them to select the benefits they want and need
Employer-paid and voluntary (paid completely by employee) benefit options available
ACA reporting, calculations, and employee notifications handled by the private exchange
Custom benefit management system built for your business
Exchange App, so all employees have 24/7 access to benefits on their smartphone
Exchange services are available such as payroll, COBRA, FSA, HRA, HSA, and Section 125 Administration
Outsourced Human Resource services
Get access to our nationwide network of experts for advice and help
Customized financial strategy and plan choices: no one-size-fits-all-solution here.
We'll show you, down to the penny, if it's best for you to pay or play (pay penalty or offer benefits)
Superior customer service
Employee benefits just got simple.
You can keep your current plan and still use private exchange technology and services such as a smartphone benefit app, custom benefit management system, intra-office communication, payroll services, outsourced Human Resources, COBRA, FSA, HSA Administration, and more. Hey, talk about a win-win.
Contact us for your complimentary review and proposal of private exchange plans, technology, and services.