Over the past few weeks, we’ve shared a few blogs about private health exchanges and defined contribution health plans. Today we’re pleased to announce the launch of Freedom, HNI's private exchange choice platform that delivers “benefits that fit.”
We believe our clients should have a choice, and that access to health care options shouldn't be limited to the employees of elite large employers -- it should be an opportunity for all.
We custom built Freedom for employers looking for benefits that:
a) put a lid on rising costs
b) will work to attract and retain top talent
c) ensure compliance with health care reform
d) reduce the administrative burden on HR staff
This platform addresses these needs, and has been many months in the making. We’ve been collaborating with insurance carriers in the states we serve to offer the broadest possible choices to employers who participate in Freedom. We’re excited about what our platform offers, and we think you will be too.
Here’s how Freedom works
When you enroll your group in Freedom, each employee will be able to choose from up to 6 different health plans, as well “shop” for other products like dental coverage, voluntary disability and more. You determine how much you are willing and able to contribute toward the health care of each employee, and they have the freedom to spend it on the things that matter most to them.
We don’t leave your employees high and dry trying to sift through benefits jargon and compare all of the plans. Instead, we ask them "real-life" questions about what kinds of health events they expect in the coming year or what they might do if faced with a large medical bill to pay. From that, we can provide a personalized health profile that recommends the best plan for them and give them a ballpark estimate of the costs they can anticipate.
Employees love Freedom because they have the freedom to choose what works for them [hence the name!]. Employers appreciate the pre-negotiated program options and greater control over their costs – with a significantly reduced burden to administer.
Early adopters of this type of benefits strategy are already reaping the benefits. According to the Kaiser Family Foundation, plan premiums under a private exchange model are 22% less than the national average, and employees are electing Health Savings Account (HSA) eligible plan at a 6 times higher rate.
Here’s why Freedom rocks
- You control your costs -- You determine your contribution, so you’re no longer at the mercy of the insurance market and rising rates. Picture a flat line from here to eternity!
- You’re giving your employees the choice they crave -- There is no one-size-fits-all health plan that will meet the needs of all of your employees. With Freedom, you’re giving employees the freedom and financial support they need to pick the plan that works best for them.
- We’ve selected the plans available to allow for the broadest possible choice, so you don’t need to compare the minute details hundreds of plans to determine the right fit – your employees will get to make those decisions for themselves.
- No administrative headache -- Freedom is piece of cake to administer. You don’t have to explain to people how to navigate several carrier websites to choose their health, dental, life, voluntary disability – it’s all in one place! Employees can select their options online or by telephone and get the help they need to make the best decisions for them.
- Uncle Sam won’t be on your back -- Using this model, we ensure that you will be 100% compliant with health care reform so that you aren’t assessed any pay or play penalties.
Interested? Contact us to learn more.
We believe in this approach so much that we have already implemented this in our own company [click here to read more on how that's going]. We’re excited that today we are able to share this with our customers. Freedom is available for demonstration and exploration now, to implement in plans with coverage effective dates of July 1 and later.
To learn more about Freedom, contact your RM, or click the button below to request more information!