Choice Stories

April 28, 2016

Top Five Benefits of a Private Exchange for Small Businesses

Top Five Benefits of a Private Exchange for Small Businesses

 

  1. Defined Contribution: How much should you pay for your employees’ benefits? The choice is yours with Defined Contribution. You choose the amount you want to contribute – a Fixed Percentage or a Fixed Dollar Amount. Then each employee applies your contribution to the plan he or she prefers. If the cost of the plan your employee likes best exceeds your contribution, the employee simply pays the difference through the convenience of payroll deduction.
  2. More Choices: One size does not fit all. Every business is unique and offering just one carrier to all of your employees doesn’t give them the ability to choose the coverage that best fits their individual or family health insurance needs. A multi-carrier private exchange, like CaliforniaChoice, gives your employees access to multiple health plans, so they can select the option that makes sense to them.
  3. Decision-Support Tools: Private exchanges offer tools to help employees find out which health care providers and prescription drug benefits are associated with each available plan. They may also offer tools to help employees identify their potential out-of-pocket health care costs – and to match the right health plan to their needs. Online enrollment is also a big benefit of private exchanges – streamlining your business’s enrollment and giving you the ability to track who’s enrolled and who still needs to submit their enrollment information.
  4. Simple Administration: Changes, terminations, additions, billing changes, and other administrative tasks are a breeze with a private exchange. You’ll appreciate the dedicated support you get from a single service team throughout the year and the ability to get answers by calling just one number – or visiting one website – whenever you need assistance.
  5. Even Easier Renewal: A private exchange lets you annually adjust your Defined Contribution based on your changing financial situation . . . without the leaving the program. You control your costs, while still giving your employees the freedom to select the coverage that best meets their individual needs.

Contact a CaliforniaChoice broker to learn more about how a private exchange might benefit your business.

Your Beginner's Guide to Choosing a Small Business Employee Benefits Program

Do you need help choosing the right health benefits for your employees?
This guide can help!