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.
“The Independence private exchange allows employees to play a key role in their personal healthcare decisions and make plan selections through an easy-to-use online shopping experience — while providing employers with cost-effective options for managing healthcare coverage offerings for their employees,” said Linda Taylor, senior vice president and chief sales executive at Independence.
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.
More articles on health insurance exchanges:
Oregon sues Oracle for more than $200M over failed health exchange website
60 things to know about healthcare reform
Massachusetts will not shift to federally run marketplace
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