Health insurer Independence Blue Cross has created a private exchange marketplace that will offer medical, pharmacy, dental and vision insurance to employers with more than 100 employees beginning Oct. 1, 2014.
The exchange will allow employers to provide each employee with a fixed dollar amount to spend on coverage. Employees will be able to comparison shop for insurance coverage based on their individual needs through the exchange.
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Employer-based exchanges are growing in popularity, with many companies, such as Sears and Walgreens, already using this type of exchange. A report from Accenture found enrollment on private health insurance exchanges could outpace enrollment on public exchanges over the next five years, with 40 million Americans purchasing health insurance from a private exchange by 2018.
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