Three Million Enrolled in Private Health Exchanges; Will Challenge ObamaCare Exchanges By 2017
This blog has been very interested in the rise of private health insurance exchanges, sponsored by large employers. Accenture, a consulting group, reports that the number of Americans already enrolled in private exchanges is three million, and set to meet or beat enrollment in ObamaCare exchanges by 2017:
As exchanges allow employers to offer an expanded set of products across multiple carriers, the amount and complexity of data being managed also grows. While some employers previously offered only a few plan options (typically less than three) for medical insurance, often with no carrier choice, now they may be managing five or six medical plans from three to five carriers — not to mention the additional products and carriers for dental, vision, life and other types of voluntary or ancillary insurance.
It is a huge challenge, but one that employers will have to meet if they hope to preserve the ability to offer health benefits in an environment where the government has given itself such a significant advantage over both employers and individuals. Proponents of private exchanges expect to see jumbo employers, with over 100,000 workers, start signing up for private exchanges this fall.
I’m not surprised at all to see the popularity of private exchanges. After all, people want more choices, not less. Competition is a good thing consumers! The fact that they are beating the government’s lousy but extremely highly promoted exchanges is proof that Americans want free market solutions, not the bureaucratic nightmare that has been forced upon us.
With more than 3 years of planning and basically a limitless amount of taxpayer money, this administration embarrassed itself with Obamacare’s disastrous rollout. Think a private exchange would have been such a dud?
Taxpayers are going to find alternatives to ObamaCare somewhere. Luckily, ObamaCare is not crowding out private exchanges.
That’s true, private employers must place a higher value on private exchanges than on the ACA exchanges because they do a better job of meeting theirs and their employee’s needs. In fact, people always go to markets that best meet their needs, a clear indication of the true feelings people have regarding the government’s ability to provide useful exchanges.
I’ve always wondered why health insurance has been treated different than dental or optical insurance. That would seem like a much smarter option that the mess we have gotten ourselves into.http://www.youtube.com/watch?v=3WnS96NVlMI
The private exchanges will be on our radar for business starting in the fall or Jan at the latest
We will offer similar group insurance plans with one small difference which grows into a huge advantage for savvy employers: health Matching Insurance
If employers are tired of being in the insurance business HMI is a better alternative
Instead of being fully insured with XYZ insurer – 100 percent. – they can lower their fully insured costs by partnering with National Prosperity Life and Health
Through our patented increasing paid-up benefits over time the employer will be only 20 to 40 percent in the insurance business with discounts of 60 to 80 percent from private exchange premiums
Jumbo employers pay most or all of each premium for their employees.
Whereas over 70% of the participants in the ACA exchanges are using federal subsidies.
Therefore the word ‘challenge’ is a little misleading. These are very different populations.
If federal and state exchanges had not tried to calculate subsidies on line, they would have worked much better.
But the Obama administration decided that the 2006 Massachusetts model — where people came into a physical office and sat with a welfare worker to get their subsidy — would be way too slow and expensive.