A survey conducted by the Private Exchange Evaluation Collaborative found that 45 percent of employers have implemented private exchanges, or plan to do so before 2018 for their full time active employees.
(PRWEB) April 08, 2014
SelectQuote Benefit Solutions, an expert in building and operating insurance exchanges, offers insight on three trends employers are embracing to aid retirees in planning for retirement.
1. Adopting a private insurance exchange can help manage retirees’ health care costs.
A survey conducted by the Private Exchange Evaluation Collaborative (PEEC) found that 45 percent of employers have implemented private exchanges, or plan to do so before 2018 for their full-time active employees. Thirty-seven percent have implemented or are consider implementing private exchanges for pre-65 retirees and 32% for their post-65 retirees. “Insurance exchanges allow retirees to shop for the best plan to fit their needs using side-by-side price comparisons,” says Tom Grant, President of SelectQuote Senior. “This empowers retirees, helping them to save time and money.”
2. Offering choices allows retirees flexible options to fit their lifestyle needs.
“Gone are the days of one-size-fits-all group retirement plans,” says Grant. “Retirees all have different needs, and retirement plan offerings should reflect that.” According to the PEEC survey, more than 80 percent of employers found it important to offer flexible plans with many choices for their retirees. Private exchanges such as those offered through SQBS offer both pre- and post-65 retiree coverage options, which can provide a comprehensive insurance solution for every household. By using comparison shopping, exchanges provide a variety of options available to fit retirees’ individual needs.
3. Retirees need a trusted resource to guide their retirement health care decisions.
Retirees are not confident in navigating the complexities of Medicare, or health insurance plans in general. Providing support from an in-house HR or benefits manager can be costly for employers. By partnering with a private exchange, many times the exchange offers resources to assist retirees in their decision-making processes. “Private exchanges help employers streamline administrative costs, create a turnkey solution for the organization and improve the company’s bottom line, while still giving retirees the care and coverage that they deserve and need,” says Grant. “At SelectQuote, our licensed agents guide retirees through every step of the process, giving unbiased answers and advice over the phone.”
About SelectQuote Benefit Solutions:
SelectQuote was founded in 1985 and has been an innovative and established leader in building and operating insurance exchanges for auto & home, term life and Medicare insurance products. Through its insurance exchanges, SelectQuote offers voluntary benefit programs that provide substantial cost savings to corporations, public sector employers, unions, associations and their employees, members or retirees. SelectQuote has delivered business solutions to companies and organizations resulting in more than 140,000 policies annually and 800,000 active customers. For more information, visit SelectQuote Benefit Solutions online or connect via LinkedIn, Facebook or Twitter.