Benefits Buzz

Local Businesses Show Growing Interest in InsureXSolutions Private Health Insurance Exchange

Posted on March 7th, 2013

Small employers able to provide simple, effective program with defined contribution strategy and online insurance marketplace.

InsureXSolutions® recently announced more small businesses in the Chicagoland area are looking to adopt a private health insurance exchange as an alternative to increasing healthcare costs. Through a defined contribution benefits strategy and the use of a private insurance exchange, businesses can now take control of their healthcare spending and offer a personalized insurance buying experience for employees.

Approximately 75 percent of Illinois employers have fewer than 50 employees, according to Kaiser Family Foundation. Of those employers, only a third currently offer group health coverage due to expensive premiums, participation requirements or other challenges that exist in today’s marketplace.

With the Affordable Care Act’s (ACAs) individual and guaranteed issue mandates taking effect in 2014, businesses with 50 or fewer employees have the increased opportunity to promote individual insurance plans through InsureXSolutions. Employers can set a healthcare budget through a defined contribution benefits strategy and minimize the typical benefits administration tasks with the help of a private exchange.

InsureXSolutions provides an online insurance marketplace for employees to purchase individual health, dental, Medicare, short-term and vision plans from leading insurance companies. To assist with the shopping experience, employees interact with smart, decision support tools that match insurance plans to their specific criteria.

"Defined contribution is a great consumer driven benefits tool for small businesses,” says John DiVito, President of Flexible Benefit Service Corporation (Flex), who exclusively offers InsureXSolutions. “When properly combined with a private insurance exchange, the defined contribution strategy gives employers a valuable healthcare budgeting resource, while allowing employees to purchase individual and family plans that fit their budget and needs."

InsureXSolutions is available in select markets and is helping businesses of all sizes with the new healthcare landscape. InsureXSolutions is operated by Flex, a leading provider of consumer driven, tax advantaged benefit programs for the past 25 years. Flex works with health insurance producers, employers, employees and individuals throughout the U.S. to integrate cost-effective healthcare solutions.

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