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Private Exchanges: Employer Implementation and Trends

What are the benefits of Private Exchanges? What barriers do employers face in the implementation, and where are employers seeking advice regarding these tools? A new infographic based on a 2013 study shares the following:

Where Do Employers Stand in Private Exchange Implementation?
What benefits do Employers See surrounding Private Exchanges?
What Attributes do Employers Seek from Private Exchanges?
Where are employers seeking advice about private exchanges?

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Private Exchanges: Employer Implementation and Trends

  1. 1. Private Exchange Employer Implementation Outlook [ INFOGRAPHIC ] Where are employers in the process of oering employee healthcare benefits through an exchange? 54.5% of employers are familiar with private exchanges 23.4% Still Learning 17% Considering 6.4% Already Using 26.9% 50% 23.1% Perceived benefits of private exchanges: Help employees make more cost-conscious benefit decisions Oer a wider array of options for benefit plans Lead to better employee understanding of benefit costs Allow employers to continue oering benefits Lower health benefit costs 51.3% 51.3% 43.8% 36.3% 23.8% Top attributes for oering health plans through an exchange: COBRA Compliance Carrier Integration Health Spending Accounts Premium Payment Automation Payroll Processing Employers want an insurance exchange that includes: Plan and cost comparison tools Online access Combined benefit enrollment Help line Consolidated employer billing services Financial account options Cost tracking tools 84.9% 76.2% 61.1% 56.3% 47.6% 36.5% 27% 35.3% 33.6% 33% 29.2% 26.7% Top information sources for learning about private exchanges: Independent research Insurance brokers Benefit consultants Industry or trade association Insurance carrier Third party administator Payroll company 53.2% 53.2% 48.4% 30.2% 26.2% 19% 5.6% www.HealthcareTrendsInstitute.org © Copyright 2014. Healthcare Trends Institute. Source: 2013 Healthcare Benefits Trends Benchmark Study Sponsored by Evolution1®