CBIZ Inc., a company that provides financial and employee benefits services, on Monday said it is offering a new private health care benefits exchange.
The product, CBIZChoice, provides an alternative that is similar in concept to the insurance exchanges created by the Affordable Care Act. It, like some other private health care exchanges, is designed for employers that offer employee health benefits.
CBIZ’s corporate clients will have the option of providing health, wellness, dental, vision, life, disability and other benefits to their employees through CBIZChoice.
CBIZ is collaborating with Liazon, which already operates other private benefits exchanges, to offer CBIZChoice.
Bonnie Evelyn, national practice leader of CBIZ Benefits & Insurance in Leawood, said the exchange can help employers set more predictable benefits budgets “while employees gain the ability to customize their personal benefits package and source those benefits from top national and regional providers.”
Private health care benefits exchanges are gaining traction nationally as employers continue to look for ways to minimize risk.
Insurers, brokers and benefits consultants such as AON Hewitt, Mercer, ADP and eHealthInsurance are using private health insurance exchanges to offer a menu of insurance choices. So far, a relatively small percentage of employers have signed on to private health insurance exchanges, but growth is expected as companies continue to channel their employees to defined-contribution plans.
Sears, Walgreen and Petco are among national employers that are using private exchanges.