Evaluating Private Exchanges Checklist
Organizations, whether private, public, or not-for-profit, have a broader array of options when it comes to offering health care coverage to their employees. One of the newer delivery options available is a private exchange.
A private exchange is a health benefits marketplace to which the employer/plan sponsor can direct its employees to purchase health coverage from a single or multiple participating organizations, including insurance carriers and provider networks. A private exchange can facilitate either a defined benefit or defined contribution approach.
Findley Davies offers an unbiased evaluation of all your health care options, including private exchanges. Unlike many other consulting firms, we made a conscious decision not to offer a private exchange ourselves but rather to focus on our role as a trusted independent adviser to our clients. This means we are able to evaluate objectively: (1) if a private exchange is the right decision for our client; and (2) if so, which one?
In other words, you benefit from Findley Davies' objectivity and independence throughout this decision-making process, a unique position that truly sets us apart from competitors.
Not All Exchanges Are Created Equal
You may be wondering if moving to a health care exchange is the right option for your organization. Important considerations include:
• What are my company's benefit plan objectives and does it make sense to move to a private exchange based on these objectives?
• Is moving to an exchange cost-effective for my organization and my employees?
• What does moving to a private exchange entail?
• What are the options for both insured and self-funded arrangements?
• How will offering benefits through an exchange impact my company's health management strategy?
• What additional fees and commissions are built into the rates under a private exchange?
We understand that employers are continuously being challenged by advanced health care delivery models, brand-new marketplace health management options and recently issued compliance requirements. But, these challenges create new opportunities as well. Findley Davies can help organizations revisit their short-term and long-term health care strategies and take a fresh look at their objectives, including evaluating the feasibility of private exchanges.
Due Diligence on the Feasibility of Using a Private Exchange for Your Organization
This checklist includes some of the isues and questions Findley Davies addresses to determine appropriate next steps to make health benefits decisions for your organization.