BB&T Insurance Holdings, the nation's sixth largest broker, today said that its employee benefits consulting operation has launched two private insurance exchanges.
The CarePlus Benefits Exchanges – available in standard and custom options – let employees select their own health, dental, vision, life and disability coverage, among other benefits, from various national and regional insurance providers in an online marketplace.
Private exchanges mimic the coverage mandated as part of the Affordable Care Act. By 2017, nearly 20 percent of employees nationwide could get their health insurance through a private exchange, according to Accenture Research. A recent report by the National Business Group on Health said 30 percent of large employers are considering moving active employees to exchanges by 2015.
The CarePlus Benefits Exchanges are designed to ease employers’ transition toward a fixed-budget approach to group health plans while employees get access to more benefit options than under traditional arrangements.
The exchanges help address the underlying cost of health care by highlighting and rewarding healthy behavior. They also allow employers to better plan for the future and avoid the potential volatility of traditional benefits budgets.
"The CarePlus Benefits Exchanges offer more options to employers than any other private exchange in the country and a truly unique shopping experience for their employees," said BB&T Insurance Holdings Chairman and CEO Wade Reece. "We have two different exchanges to choose from and both are priced affordably and supported by the nation’s top carriers. For employees and their families, both options allow them to create a personalized program that includes health, financial and wellness tools."
The CarePlus Benefits Exchanges are:
The CarePlus Standard Exchange – Developed by New York-based Liazon Corp., the standard exchange is designed for employers looking for low administrative overhead. It offers a user-friendly website featuring decision-support tools, help center, videos, and an information library to promote healthy living and wellness.
The CarePlus Custom Exchange – Designed for employers who want to customize their platform based on unique goals and offer an employee shopping experience that includes an extra level of benefits. Employees receive regular, personalized communications for example based on their own health status, coordinated by teams of medical, nutrition and physical fitness experts. Designed and operated by BB&T Insurance Holdings division ProView Resource Group, the Custom Exchange also was developed for self-insured group health plans.
"With the CarePlus Benefits Exchanges, we can help employers decide if and when the fixed-budget approach is right for them, provide consultation on their future health care costs, and offer their employees more choices when it comes to their plans and overall health," said ProView CEO Wade Olson.
"We have a comprehensive private insurance exchange solution in place now, that is easy to deploy and administer, easy for the employee to use, and built on smart technology. The CarePlus Benefits Exchanges were designed for a broad cross-section of employers, both small- to mid-sized as well as large businesses."
CarePlus group health, wellness and administrative services, including the new Benefits Exchanges, are available through BB&T Insurance Holdings, which includes subsidiaries BB&T Insurance Services, BB&T Insurance Services of California, McGriff, Seibels & Williams, and Precept Insurance Solutions.