Eagan, Minn. (PRWEB) September 30, 2014
Blue Cross and Blue Shield of Minnesota (Blue Cross) today announced the creation of their Private Exchange solution, a “benefits hub” for employers with more than 50 employees. The hub goes beyond traditional health care offerings by including dental, life, disability and vision insurance, and a vacation savings account, all in an online environment where employees can calculate, shop and purchase what is best for them and their families.
Blue Cross’ online marketplace allows employers to provide a pre-determined amount of money, called a “defined contribution,” for their employees to use when shopping for their annual benefits. In lieu of their previously limited health plan options, this private exchange offers a variety of health plan designs on a spectrum of prices and networks.
A proven model, the defined contribution plan, allows employers to allocate dollars through a private exchange helping them better manage their annual benefits costs. In turn, employees are able to use their employer-provided dollars to easily shop online in the private exchange for their benefits, giving them greater control over what they select and the amount they spend.
“Blue Cross is pleased to meet a growing demand for an online marketplace where consumers have the flexibility to select plans most suitable for them,” said Dave Corkum, senior vice president of commercial markets. “We are thrilled to partner with Bloom Health and offer the most comprehensive private exchange solution in the nation.”
In addition to the initial shopping experience, the Blue Cross benefits hub will support consumer engagement and provide human resources departments assistance with the enrollment, management, renewal and administration of health benefits.
The Blue Cross benefits hub is powered by Bloom Health’s Private Exchange Platform, which was developed by Minneapolis-based Bloom Health. Employees are assisted in the hub by a modeling tool that uses an individual’s needs and preferences to determine recommendations for the most appropriate benefit selections.
The benefits hub is now available to agents, brokers and large group employers as part of the 2015 open enrollment period.
Blue Cross and Blue Shield of Minnesota (bluecrossmn.com), with headquarters in the St. Paul suburb of Eagan, was chartered in 1933 as Minnesota’s first health plan and continues to carry out its charter mission today as a health company: to promote a wider, more economical and timely availability of health services for the people of Minnesota. Blue Cross is a not-for-profit, taxable organization. Blue Cross and Blue Shield of Minnesota is an independent licensee of the Blue Cross and Blue Shield Association, headquartered in Chicago.