The Next Wave of Employer Benefits Denise Christy June 20,2013

Transcription

1 The Next Wave of Employer Benefits Denise Christy June 20,2013

2 Introducing iselect Michigan s first multi-carrier, multi-distributor, Private insurance exchange! Exclusive Michigan distributor of this model using the Bright Choices proven technology Bringing a defined contribution solution to the 10 to 1000 marketplace (actively working) with valued carrier partners and a dedicated local support team Distributed through a Certified Agent Network

3 A Michigan Partnership for Michigan Employers Carrier Partners Technology Certified Agent Distribution

4 Portfolio of Complete Stores Employee Offerings- Health (min 4-10 plan options) Dental ( 2-3 options) Vision (2-3 options) Life Disability Worksite Voluntary coverage Health Savings Accounts Flex Savings Accounts Pet Insurance Carrier Partners -HAP -Priority Health -Met-Life -Guardian -Allstate -Symetra Employers Choose the Carriers, the employee chooses the plan

5 Health Plan Partners that bring Value "By the time you get to a place where you have predominately private exchanges with consumers in them and you have people buying with their wallets and they're buying the product based on what they find valuable to them and their families the people servicing them are going to be health systems, ACOs, not insurance companies Mark Bertolini, chairman, president and CEO of Connecticutbased Aetna Inc. Crains, Feb 28,2013

6 Leading with Carriers with Care in their DNA HAP In 1986, HAP affiliated with the Henry Ford Health Care Corporation, now known as the Henry Ford Health System HFHS is one of the country's leading vertically integrated health systems HAP's strengths in quality measurement, plan administration, financing and delivery of health care services, make it a highly regarded national leader in the managed health care industry Priority Health Priority Health is a nationally recognized, non-profit, health benefits carrier based in Michigan The organization formed as a hospital-owned HMO in 1986 and is currently owned by three health systems including Spectrum Health, Munson Healthcare and Northern Michigan Regional Health System. Consistently ranked by NCQA as a top performing leader in the industry

7 Complete Benefit Admin System iselect is a leave behind tool for all on going benefit management for your employees (self serve or employer managed) Single Bill for all carrier partners- Weekly 834 data feeds for changes and adds/deletes Payroll deduction reporting for pre and post tax selections All SBCs and compliance documents neatly stored for easy employee access

8 Liazon is the Partner Bright Choices is their Product Powered by

9 Company overview Liazon is the market leader in private benefits exchanges 5 years of market experience 2,300+ customers Partnerships with Chambers and Associations Backed by top VC firms Award-winning technology 9

10 Customizing the Bright Choices Tool for iselect

11 iselect Demo of Bright Choices

12 Results 5 Years, 70K+ Transactions ~100% Different benefits package ~80% Different health insurance plan 90% buy something cheaper People rarely cluster into one or two plans ~75% Dental Insurance Even distribution across plans ~70% Disability Insurance (40% STD; 45% LTD) Even distribution across plans ~65% HSA qualified plans 90% open HSAs ~55% Supplemental Health Insurance (accident, CI, hospital) ~45% Vision Insurance ~40% Life Insurance Dramatic increases in policy amount ~10% LTC, Pet, Tele-Doc, Wellness Programs, etc. In Year 2, 65% keep things the same, 25% evolve, 10% make radical changes 12

13 Why iselect? Exclusive Relationships regional carriers Award-winning portal Advanced decision-support technology Comprehensive education tools, including videos, and plan comparison tools Automatic-tested carrier data feeds Certified Agent Distribution Network Scalable for your needs, fully insured or self-funding financing available Local Service and support team 13

14 Thank You