What if shopping for health, dental, auto or home insurance were as simple as searching online and using a gift card loaded with $5000 by your employer? A private health insurance exchange is exactly that—it allows individuals to shop for insurance products that best meet their needs using a contribution typically made by their employer.
Flexible, personalized and incredibly convenient, private exchanges are gaining momentum. In fact, Accenture research finds that by 2017:
- Private exchange participation will approach public exchange enrollment levels.
- Approximately 18 percent of Americans will purchase insurance through exchanges.
Recent employer surveys show that more than one in four employers are considering moving to a private exchange in the next three to five years—what do they know that their employees don’t about this model? Next week I’ll examine the benefits and challenges for employers considering this channel.
To learn more in the meantime, download: Are You Ready? Private Health Insurance Exchanges are Looming (PDF; opens in a new window).