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The defined contribution model aims to drive consumer engagement in health decisions.
PORTLAND, Ore. — The evolution of the health care industry is causing an increasing number of employers to explore an alternative health insurance solution called defined contribution in a private exchange. In response to this growing demand, Regence BlueCross BlueShield of Oregon has launched Regence Marketplace, a new private exchange health insurance option for select Oregon businesses, and a supporting three-minute animated video that explains the single-carrier exchange concept and its advantages.
Regence Marketplace offers employers the ability to control health insurance costs, predictably plan for future benefit needs, and cater to a demographically diverse workforce by contributing a set amount to their employees’ accounts. Through Regence’s private exchange, employees can then shop for, enroll in, and manage their benefits with the guided online assistance. Employees gain the freedom of choosing coverage that best fits their unique needs and budget, enabling more ownership over their health care decisions.
“Employers want simple solutions that control costs while providing top-tier employee benefits,” said Jared Short, President of Regence Health Insurance Services. “Regence Marketplace meets these needs through an easy to use online platform that offers an attractive buying alternative to traditional group insurance. Through this evolving model, employers will have new tools to drive employee engagement in their health decisions.”
Consultant Bain & Co. estimates that as many as 80 million people will receive their health insurance through private exchanges by 2018. This ACA-compliant model provides mid-and large-sized businesses with a customizable, single-carrier private exchange containing multiple Regence coverage options for safe, affordable and quality care. To learn more about defined contribution in a private exchange, visit Regence’s white paper, “Defined Contribution: A familiar model, redefined for health care.”
Regence BlueCross BlueShield of Oregon is a leading health plan in Oregon, with nearly 750,000 members, offering health, life and dental insurance. Regence BlueCross BlueShield of Oregon is a nonprofit independent licensee of the Blue Cross and Blue Shield Association, and is affiliated with Regence BlueShield of Idaho, Regence BlueCross BlueShield of Utah and Regence BlueShield (selected counties in Washington). Together, the companies serve more than two million members in the Northwest/Intermountain Region. The Regence affiliated companies are committed to improving the health of its members and communities, and to transforming the health care system. For more information, please visit www.regence.com or www.twitter.com/RegenceOregon.
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