Capital BlueCross group customers are responding favorably to the company’s private health insurance exchange called MyCoverage Selector(SM), which is powered by the award-winning ConnectedHealth platform and launched in the fall of 2012. Attention on private exchanges has grown rapidly over the past year, as more employers search for options that help them manage their costs while still providing robust benefits to their employees.
Miners Bank is one of the first Capital BlueCross employer groups to provide its workforce with health coverage through MyCoverage Selector.
“With health care reform in progress, we realized we needed to change how we offer health care coverage for our employees and their families,” said Jennifer Reiner , Vice President/Director of Human Resources at Miners Bank. “Capital BlueCross’ exchange has helped to rein in costs while providing our workforce choice among offerings that meet their individual needs. Our employees utilized Capital BlueCross’ exchange to easily choose among a number of options. In addition, if the employees had questions or needed assistance choosing among options, Capital BlueCross’ system helped guide them through the purchasing process.”
“The health insurance needs of the business community are evolving, and Capital BlueCross is leading the change necessary to ensure employers and their workforces are equipped to make smarter, more cost-effective decisions that are right for them,” said Gary D. St. Hilaire , Capital BlueCross President & CEO. “Our exchange doesn’t just provide access to a menu of options, it helps shoppers decide which plan is best suited for their needs. That’s what separates our exchange from other carrier models.”
“Capital BlueCross is changing the landscape of the market by bringing innovative new solutions to its clients,” said Joe Donlan , President of ConnectedHealth. “Capital recognizes that employers want to provide their employees with competitive options, and they understand that it is critical to give them the tools they need to make benefits selection easy. We’re very excited about our partnership, and about making benefits easier in Pennsylvania.”
The easy-to-use online platform lets employees shop for and choose their health insurance from a wide range of options, using a set dollar amount (a defined contribution) from their employer. The flexibility to select the plan they prefer, along with the platform’s recommendations personalized to each individual, empower employees to make informed decisions to meet their personal health and financials needs.
MyCoverage Selector also allows business leaders to maintain their competitiveness as an employer because the defined contribution arrangement gives them more predictability in their benefit costs.
According to a Deft Research study conducted in 2011 among U.S. business managers, approximately 13 percent of all businesses that offer health insurance currently use defined contribution to fund it. That number is slated to grow to 27 percent by 2014.
A private exchange is one of a series of initiatives by Capital BlueCross to meet the evolving needs of the business community.