As the employee benefits landscape is changing, employers are moving towards asking their employees to share more financial responsibility for their benefits, new strategies, such as private exchanges can provide a path towards meeting those goals.
The full impact of private exchanges on the group benefits industry is yet to be seen, however, private exchanges offer a number of opportunities for employers. By taking the time to further explore the structure of exchanges, employers can find new ways to meet employee benefits needs, reduce administrative burdens and provide choice, education and engagement.
How Private Exchanges Help Employers
Predictable Benefits Costs: Through a private exchange employers can set an affordable budget that makes sense for the company and take control over unpredictable annual increases.
Streamlined Benefits Program Management: A private exchange allows employers to offer a broad range of benefit options while consolidating and simplifying benefits administration.
Higher Employee Satisfaction: Employees have a better understanding of their benefits options, when offered through an exchange, allowing them to appreciate and value their benefits dollars more.
Peace of Mind: Private exchanges offer end-to-end customer support and quality coverage which means that employers know their employees are taken care of.
Scalable to Any Size Company: A private exchange delivers uniform performance whether you are a company of 10 or 10,000, all in one place or across the country.
Employers who prefer not to be heavily involved in benefits administration and don’t require customized plan designs are top candidates for private exchanges.
Paypro Corporation has recently partnered with Liazon’s award-winning Bright Choices® Exchange. For more information on how Bright Choices can be of benefit to your organization, please contact us or register now for our free webinar.