A private exchange is an online portal that offers multiple benefit plan options to employees, usually through a single carrier, allowing employers to shift to a defined contribution strategy and set a limit on their their health care spend. Private exchanges continue to have growing interest due to benefits seen by both the employer and employee.
While there are many benefits to a Private Exchange, here are a few:
- they can be tied to a defined contribution (DC) approach to fund the employer contribution
- offers some administrative advantages – to include automating eligibility and enrollment, managing payroll deductions, and responding to employee questions throughout the year
- variety of plans and products allowing the employee to select those that meet their needs and budgets
- decision-support tools
To learn more read our Private Exchanges 101 guide.
BEST-IN-CLASS BENEFITS. SIMPLIFIED ADMINISTRATION
In 2014 Marsh & McLennan Agency introduced MMA MarketLink, a new Private Exchange and Benefit Administration platform. MMA MarketLink offers employers a quick, easy, and informational platform that supports nearly all types of benefits programs, whether an employer is seeking traditional benefits administration support or a private exchange solution, or something in between. The key to our success is that we provide the flexibility, customization, integration and efficiency employers need, with the intuitive, easy-to-use online tools, employees need.
MMA MarketLink enables employers to:
- Integrate processes and systems to increase efficiencies and save time.
- Provide affordable, high- quality benefits offerings and plan designs aligned with state and federal exchanges.
- Remain compliant with Affordable Care Act (ACA) regulations.
- Provide guidance and tools to help employees choose the right benefits.
- Gain control over your benefits budget, while allowing employees more freedom to choose where they spend their benefits dollars.