Private Exchange Solutions
A Private Exchange provides the consumer with an online retail experience giving them the ability to "shop" from a variety of benefit offerings, including medical, dental, vision, disability, life, accident, critical illness, legal and other supplemental products.
Why a Private Exchange?
Exchanges provide greater choice for employees. They provide online tools and resources so employees can make an informed decision based on their personal needs. At the same time, they help employers manage costs.
Employers are able to be transparent with their employees about the cost of benefits. Offering a variety of choices promotes consumerism which results in a reduction of spending on benefits. The exchange allows the employer to have a predictable, fixed benefits cost and the employee to have multiple plans to choose from. The exchange empowers employees by giving them the power to make their own benefit decisions and allows employees to control their take home pay.
Types of Exchanges
- Third Party Exchanges
- Carrier-based Exchanges
- Proprietary Exchange
Bailey & Company can provide you with the right private exchange platform to meet your unique needs. Contact us for more information.