Private exchange competition continues to grow
As the federal health insurance exchange continues to falter amid technical problems, companies are continuing to launch their own private exchanges that could eventually compete alongside the public marketplaces.
For example, employee benefits advisory company United Benefit Advisors just launched its Benefits Passport private exchange available in Rhode Island. The new marketplace will offer health plans from Blue Cross Blue Shield of Rhode Island, Tufts Health Plan and UnitedHealth to large group employers starting in January, reported GoLocalProv.
And CBIZ, a financial and employee benefits services, announced this week it created a new private exchange in collaboration with Liazon, a private benefits exchange company. The marketplace, called CBIZChoice, will let employees choose their own plans, the Kansas City Star reported.
Two other private exchanges, launched last week by BB&T Insurance Holdings, will help employees choose their own health coverage, the company announced.
Meanwhile, some insurers are expected to launch private exchanges to feature their products, a move they hope will augment their existing exchange strategies, AIS Health reported. For example, Aetna is building proprietary exchanges to help the company create "unique network configurations and design accountable care partnerships to improve quality and lower costs for these customers," said CEO Mark Bertolini.
Walgreens, Home Depot shift employees to insurance exchanges
IBM, Time Warner shift employees to private exchanges
More employers look to exchanges for health benefits
Survey: Big employers may shift workers to private exchanges
Private exchange enrollment to outpace public counterparts