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How Private Exchanges Lead to Increased Voluntary Benefit Use | CA Benefits Broker
Taken from Healthcare Trends Institute http://www.evolution1.com
As more employers adopt private exchanges, often paired with defined contribution plans, a new trend is emerging—Employees are taking on voluntary benefits in increased volume and number.
Voluntary benefits, those benefits offered to round out a company’s offering and fill gaps in an employee’s health insurance, include things like life, disability, accident, critical illness, hospital indemnity, cancer, and even pet insurance.
When given the option in a private exchange, employees are likely to take on the benefits, according to an IHCC analysis of the Willis Book of Business Available. So much so, that voluntary benefit purchasing more than doubled when offered and purchased in a private exchange.
There are four reasons that employees are taking on voluntary benefits at an increased rate through private exchanges: Consumerism, Choice, Technological Simplicity, and Cost Effectiveness.
- Consumerism
- Choice
- Technological Simplicity
- Cost Effective Customization
