Many firms are growing weary of having to confront double-digit group health insurance rate increases year after year.
Firm administrators spend hours or, in many cases days, researching and working with their broker to mitigate this annual dilemma, only to come to the same conclusion as the prior year: Decrease benefits or move to another carrier offering less of a rate increase for “new clients.”
Some firms have chosen not to play this game and instead increase their employees’ salaries so they can buy their own health insurance.
Neither solution yields the result an employer-sponsored plan originally intended, namely, attraction and retention.
In the first scenario, employees bear the brunt of higher out-of-pocket costs or the hassle of learning a new insurance carrier. They wonder if their current doctors will be in-network and if their maintenance prescription drugs will be covered.
The solution of increasing salaries may be a good temporary fix, but after a year or so, employees forget about the raise they received to help them purchase their own health insurance. They become frustrated with having to navigate the market on their own.
It’s because of this dilemma that JBA sponsor Member Benefits decided to offer the Private Group Health Insurance Exchange to JBA members with exclusive discounts and programs. The Member Benefits program strives to reduce firm administrative time, provide more choices to employees, help control firm health insurance costs and accomplish the intended purpose of an employer-sponsored health insurance plan.
Since 2014 The Florida Bar has offered a Private Health Insurance Exchange to its members that provides benefit programs for small and large employers.
Private Exchanges are becoming more well-known and recognized among employer groups as a viable alternative to the traditional group health insurance option. At a recent Jacksonville Aetna meeting, one company leader said Aetna predicts that in three years 30 percent of employers will move to a private exchange. Within five years, at least 50 percent will.
So what exactly is this Private Health Insurance Exchange and what are the exclusive discounts available to JBA members?
Through the Private Health Insurance Exchange, member firms have the opportunity to provide a defined contribution. They’re able to focus on controlling costs and affording employees the freedom and choice to access multiple carrier and plan options.
Employees, in turn, can pick a plan that’s right for them.
Member Benefits offers JBA member firms with five or more employees a customized electronic portal with support tools at a reduced monthly fee of $5 per enrolled employee per month.
Additionally, JBA members will be granted access to Teledoc — a program with anytime access via phone or online video consults to board-certified doctors, all at no charge.
Inquiries regarding the Member Benefits Private Health Insurance Exchange should be directed to benefits counselor Jason Cleary at (904) 861-3235 or [email protected].