Advantages of a Private Exchange

advantages of a private exchange

Propel has partnered with Liazon Bright Choices Exchange to offer a unique private exchange opportunity that allows employers to provide employees with the benefits they want and value.

A private exchange holds many advantages both for the employer and the employee. Of the many benefits offered, three stand out above the rest. Below is a quick breakdown of each of these and why they matter.

Designed with the Employee in Mind

Propel’s private exchange provides a fully online shopping experience with full transparency of the true costs for each offered plan. Additionally, decision support is offered to assist employees in selecting the coverage necessary for their unique needs. Should questions or concerns arise after open enrollment, year-round support is available to assist employees in accessing plan information, tracking health care expenses, acquiring educational materials, and making coverage changes due to life events.

Merchandise Employees Want

One of the most dynamic features of a private exchange is the ability to offer a portfolio of benefits based on unique individual or family needs. Employees are supplied with an inventory of participating carrier partners and plans in a turn-key marketplace. Key components include secure data exchange, billing and eligibility requirements, vendor eligibility reporting, management, and reconciliation. In addition, employees can browse and elect third party wellness offerings. A customized store of benefits, employees are able to easily review and compare plan coverages, deductibles, and premiums before making the selections that best fit their wants and needs.

Employer Administrative Support

Fully insured and self-insured options offer flexible funding for employers. In conjunction, streamlined billing, data integration and customized reporting reduce employer stress and paperwork. A tailored portal pulls census data from payroll or HRIS with the capability to integrate COBRA administration consolidating all benefits into one location. The ability to handle all administrative tasks related to employee benefits in one place along with flexible funding options makes a private exchange a win-win.

Propel, together with Liazon Bright Choices, offers an opportunity for both employers and employees to more easily identify, elect and maintain coverage plans in an increasingly challenging marketplace.

Christa Jennings