Seattle, Wash. (PRWEB) November 21, 2013
Array Health, a leading provider of private insurance exchange technology, today released an infographic illustrating the functionality of private health insurance exchanges and the differences between a defined benefit and defined contribution funding model. The infographic, titled “How Private Health Insurance Exchanges and Defined Contributions Work,” seeks to better educate health plans and employers on the components of a single-carrier private exchange in an employer-sponsored insurance setting.
The infographic highlights the versatility and projected growth of the defined contribution model. This model allows employers to cap their costs by setting a defined dollar amount they wish to contribute to their employees’ benefits. Employees can then use this contribution to shop in a private exchange for the health plans and supplemental products that best meet their needs. According to Oliver Wyman, the defined contribution funding model will be adopted by 44 percent of employers in the next three-five years (2013).
Array Health’s infographic outlines the components required for a fully functional private exchange and illustrates how these online marketplaces work from initial setup through to member maintenance.
To view and share the infographic, please visit Array Health's blog.
About Array Health
Array Health is a leading provider of private insurance exchange technology. Its cloud-based software platform enables health plans of any size to power their own branded online exchanges – a strategic channel that helps them compete and thrive in the post health-reform world. With Array Health’s state-of-the-art member marketplace and support for defined contributions, insurers win and retain business by giving employers a way to control costs and members a better way to buy benefits. A pioneer in this area, Array Health has enabled major insurers to successfully sell health and ancillary products since 2006. It has solved some of the industry’s toughest data integration challenges to ensure that it provides not just a dynamic sales platform, but also a fully functional exchange that works seamlessly with existing insurer systems. For more information, visit http://www.arrayhealth.com.