Cigna is launching its proprietary private retail exchange in new markets and expanding in others, offering employers a new, cost-effective way to give employees more benefit choices, all in one place.
"Cigna’s goal is to offer a full range of plan choices to employers and employees and their families as they become more actively involved in their health and benefit choices"
Cigna’s private retail exchange is available to Cigna clients and prospective clients across all of Cigna’s U.S. markets starting September 1. The suite of products available through the private exchange includes a variety of medical, pharmacy, dental, vision, life/accident and disability plans.
According to a recent national survey of 723 employers conducted by the Private Exchange Evaluation Collaborative (PEEC), 45 percent said they plan to consider or will be using a private exchange for their full-time active employees before 2018. The survey also indicated that employers are seeking comprehensive capabilities and services from private exchanges; and close to 70 percent of employers believe it is very important that their advisor is independent of any exchange they are considering.
"Cigna’s goal is to offer a full range of plan choices to employers and employees and their families as they become more actively involved in their health and benefit choices," said Dave Guilmette, president, Global Employer and Private Exchanges. "There is a growing interest among employers in private exchange options, and Cigna is meeting this marketplace need."
With Cigna’s new offering, employees can access user-friendly online, interactive shopping tools to get a personalized recommendation for benefits for themselves and their families. For employers, the exchange offers a benefits administration platform that enables them to provide employees with more choice of plan designs and enables defined contribution funding, while simplifying their administrative responsibilities and helping them control their benefit costs.
Cigna’s private exchange includes 24/7 live customer service for medical and dental customers, Cigna’s broad network of physicians and hospitals and integrated health and wellness programs, and is available with both fully-insured and self-funded health benefit plans.
In addition to this proprietary solution, called Cigna Guided Solutions, Cigna is actively participating in a number of private exchanges administered by benefit consultants and brokerage firms that target active employees and retirees. Cigna also offers Benefits Insight® through its Choicelinx subsidiary, providing employers and brokers with customized online enrollment, decision support and benefits administration services.