Private health insurance exchanges are impacting the future of benefits and where consumers obtain their coverage, say leaders at some of the top insurance broker companies.
Blue Cross Blue Shield of Michigan launched a private health insurance exchange three years ago that has since helped employers control coverage costs and enable consumers to be more aware of how much their healthcare actually costs, reported MiBiz.
Aetna's recent announcement that it's acquiring the private health insurance exchange company Bswift could have big implications for the health insurance industry as more insurers turn their focus on private exchanges, reported Health Data Management.
Private exchanges have the potential to "reshape employer-sponsored health insurance," according to a new report from the Kaiser Family Foundation.
Private exchanges are shaping up to be a major player in the healthcare industry--they now cover more than 1.5 million people. Philadelphia-based Independence Blue Cross is the latest entry into the market sector.
As companies try to lower their health-related costs, they're moving away from providing benefits directly to their employees and instead pushing them to be more responsible for their own health insurance. That trend will fuel more growth in health insurance exchanges over the next 10 years, dramatically changing the health insurance business, according to a new report from PwC's Health Research Institute.
As private health insurance exchanges grow in popularity, they could catch up with public exchange's enrollment success. About 3 million Americans enrolled in plans through private exchanges this past year, and that number is expected to surpass 10 million by 2015, Healthcare Payer News notes.
As private exchanges continue to build momentum, it's only a matter of time until they become the dominant sales channel for insurers. It's likely that in the near-future, payers will sell to all market segments via private single-insurer exchanges, according to a recent Array Health survey.
A large majority of employers (74 percent) said their insurance expenses have increased this year, making healthcare costs a top priority for their businesses. That means some companies likely will change how they provide insurance benefits.
If insurers want to design and launch their own private health insurance exchange to compete with the publicly administered marketplaces, they must focus on three essential aspects--market strategy, product offerings and integrated data, according to a white paper from Array Health.