Private Exchanges Gaining Momentum

phexchangePrivate health insurance exchanges may be gaining traction.

According to research from Mercer, 56 percent of employers are considering moving to this model for active or retired employees, tripling in number over the last year.

That’s good news for RTS, which will help employers and employees by offering them a one-stop-shop for their benefits from multiple insurance providers. Open enrollment will begin this fall with the first policies going into effect on Jan. 1, 2014.

Patrick Murphy believes that private exchanges will help employers better manage their costs and reduce their administrative burden while ensuring that employees have easy access to the coverage they need. Because of these advantages, RTS plans to introduce a private exchange for 2014 and beyond.

With a private exchange, the model turns to a defined contribution benefits approach, allowing the employer to provide a set amount for employees to spend on benefits. This leads to more stable, predictable costs. Call RTS for guidance in this area, you are not in this alone!

About Gary Chavez

Gary is a trusted advisor to small and mid-sized businesses. He offers a comprehensive system to outsource the administrative, tactical and strategic aspects of Human Resources, allowing entrepreneurs to delegate important but often mundane duties to human resource professionals. He helps business owners save time and reduce expenses related to having employees while improving their performance.

In addition to a complete human resource suite of services, he also provides businesses with comprehensive insurance services; health insurance, commercial liability, workers compensation, and commercial auto insurance. In-house insurance specialists can provide proposals from all the major insurance brands and advise you which plan provides the best coverage for the cost.

As a client, you'll be able to offer a world-class platform of employee benefits that allows you to attract and retain top talent, while freeing time to concentrate on the fun, profitable tasks that attracted you to entrepreneurship in the beginning and achieve new levels of success and satisfaction.