Aon Hewitt provides alternative to state-run and federal health insurance exchanges
Health insurance exchanges are on their way, thanks to the Affordable Care Act, but many of the country’s small and mid-sized businesses are still concerned for what these systems could mean for them. Health insurance exchanges are designed primarily with consumers in mind, not businesses. As such, many of the concerns some businesses are having concerning the changing landscape of health insurance go unaddressed. Aon Hewitt, the human resources and health benefits consultancy division of the Aon Corporation, has announced a plan that may provide a solution to some of these companies.
New exchange system designed with small and mid-sized businesses in mind
Aon Hewitt is launching a new corporate health insurance exchange program which will provide businesses with a way to provide health benefits to their employees in a similar method to exchange programs outlined in the Affordable Care Act. Aon notes that this exchange will provide a retail shopping experience that can be likened to Amazon, Orbitz, and other online retailers. The corporate exchange program will provide policies from nine of the country’s largest health insurance providers, including Cigna and UnitedHealth Group.
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Exchange will address sore need for insurance options
The initiative is designed to meet the needs of small employers with more than 100 workers. These businesses do not qualify to receive coverage through state-run or federal health insurance exchanges until 2017. Aon Hewitt notes that this presents a significant problem for businesses that want to continue offering health insurance benefits to employees and may lead many small businesses to cut these benefits. Each business seeking coverage through the exchange system will be able to provide their employees with subsidies or credits that go toward the acquisition of the benefits they would prefer to have.
Aon Hewitt exchange will be available with or without Affordable Care Act
Aon Hewitt notes that its exchange system will be in place and operational nationwide no matter what the ultimate fate of the Affordable Care Act is. The federal health care law is currently facing a dubious future, which will be determined by the results of the upcoming presidential election. Aon Hewitt notes that more than 100,000 businesses have already signed up to participate in its exchange system.