Maybe timing really is everything.
The Supreme Court’s ruling in favor of Burwell came on the heels of the announcement regarding the formation of the Private Exchange Coalition (PEC). PEC was founded by pioneers of private exchanges as a way to help promote best practices in the industry.
Why are coalitions like this critical? Because private exchanges are becoming the best solution for guiding consumers as they select insurance products that best meet their needs. And the more we can do now in this market to share ideas and best practices, the better off consumers will be down the road.
With healthcare costs and premiums on the rise (again) and retail consumerism influencing how consumers get the care they need more than ever, private exchanges have an incredible opportunity to leverage new technology and help everyone – employers, employees and brokers alike – pull a lot of moving parts together and make sense of an industry that, historically, has been confusing and fragmented.
And now that the legal distractions associated with the Affordable Care Act have officially cooled, employers will shift their focus back to ACA compliance and the employer mandate, while exchanges should keep their attention on helping consumers protect their health and financial security over the long haul.
Given the growing concerns around retirement and personal debt in this country, I’d say yesterday’s announcements represent a big step forward. We need more of this.