For Immediate Release
ConnectedHealth’s Private Exchange Redefines Employers’ Ability to Control Benefits Spending While Giving Employees Greater Flexibility
CHICAGO, IL – October 16, 2012 – New results from health plans and employers using ConnectedHealth’s Smart Choices Exchange with a defined contribution show that this strategy has proven to be an effective solution for companies seeking to manage their benefits costs while also empowering employees to take a greater role in managing their health and financial security.
As the health insurance market shifts from a defined benefit to a defined contribution approach – where employers set a fixed monthly contribution for benefits – employers are offering ConnectedHealth’s private exchange to guide their employees in personalizing their benefits and managing their contributions. Employers of all sizes – from those with fewer than 10 employees to those with thousands – are taking advantage of this innovative approach, where both employers and their employees can enjoy significant savings.
“We were facing a significant cost increase in our health plan, and we had to find an alternative. With the Smart Choices Exchange, we are paying about 40% less than we were with our previous plan,” said Jeff Benson, Executive Director of the Veterinary Hospitals Association of Minnesota, based in St. Paul, Minnesota. “The Smart Choices solution made it easy for our employees to find the right coverage for themselves and their families by giving them personalized plan recommendations from leading insurance companies.” ConnectedHealth’s solution also enabled the VHA employees to manage their health-related dollars online or by using a debit card for transactions.
Just as important as the savings they’ve seen, said Benson, is that the Association’s employees were excited to be able to choose the health plan they wanted. With over 50 benefit choices available, ConnectedHealth’s unique recommendation engine guides consumers in choosing the plan that best fits their budget, risk and lifestyle.
“Choosing the right insurance can be very confusing. But we’ve found that by using our shopping exchange, people better understand their potential costs and don’t necessarily just choose the plan with the lowest premium. We give consumers the context and guidance they need to make a smart choice. For example, knowing what their total out of pocket costs could be for the plan they choose is as important as making sure the plan network includes their doctor,” said Joe Donlan, President of ConnectedHealth. “For the VHA, rather than having just one plan for the group, their employees selected about ten different plans from the exchange, demonstrating that one size really doesn’t fit all.”
ConnectedHealth provides a private exchange and benefits decision-support platform for health insurers, employers, and consumers. The ConnectedHealth team, leveraging deep experience in helping consumers make health care decisions, has developed breakthrough technology to guide benefits selections. Only with ConnectedHealth can consumers review personalized plan recommendations based on their expected out-of-pocket health care costs and personal and financial preferences. The Company’s innovative approach helps consumers to think beyond their premium, so they are smarter about how to maximize their benefit dollars and protect themselves against their financial risk. To learn more, please visit, www.ConnectedHealth.com.