Imagine a large farmers’ market where shoppers can examine and compare produce before adding it to their market baskets. Then envision private exchanges as the online health insurance equivalents – places for individuals and businesses to shop for, compare and buy health insurance. These marketplaces are shifting the way we think about and buy health insurance – and they’re changing the game in distinct ways.
First of all, exchanges offer one-stop shopping for multiple benefits options. Traditionally, employers might work with three, four or even five carriers offering different types of benefits. Private exchanges allow employees to view a variety of choices and enroll in one place. From major medical insurance and dental insurance, to life, disability and cancer insurance, private exchanges can help employees assess their choices and purchase insurance in one seamless experience.