The list of options available to a Michigan employer or union have increased dramatically. Healthcare reform has ushered in many new options. Many of the options are combinations of old fashion options. Employers do not have more insurance companies to pick from for employees but there are many new combinations of plans. One of the most common is the self-funded plans for employers with as few as 25 employees have become quite popular. We’ll explain this in a future blog but we’ve commented before about the awful idea self funding can be for the wrong employer.
The other very common option is the Private Exchange. As you can see below there are many new private exchanges that offer defined contribution purchasing to employees and fixed cost to employers. In our analysis time and again employers should avoid considering these as cost savings, but rather cost shifting to employees. For some employers these can be a very good offering.
Our Obamacare Employer ACA Decoder offers commentary on how Private Exchanges or old fashion plans or Public Exchange or self funding might best fit, or harm an employer. We work with your agent to define the outcome financially.
Renewal – Market Options Available
CAM Administrative Services Self-funded program
BCBSM Glidepath – private exchange
iSelect – private exchange
Dropping coverage for all employees and going to the public exchange
Dropping coverage for some employees
BCBSM group plan*
Cambrideges’ Private Exchange
HAP group plan*
Alliance Life (HAP) group plan*
CIGNA group plan*
HAP self-funded plan
Priority Health group plan*
BCBSM self-funded plan
Optimed Self-funded plan
Healthplus group plan*
AON/Hewitt private Exchange
Towers Watson Private Exchange
Mercer Private Exchange
ArrayHealth Private Exchange
Michigan Chamber Private Exchange
– – – and many more options.
A particular caution to buyers is to be aware that consultants are offering their own exchanges and at the same time providing their expertise in recommending a plan. No surprise for many employers, they are buying both the service and advice from the same people. This would not stand up to any test of independence.
The reason BenStaff exists is to offer our independence in supporting decisions, free of any salesmanship.