Brookfield-based Diversified Insurance Solutions today announced it will launch the Diversified Insurance Marketplace, a private health insurance exchange, on Jan. 1, 2014.
The private exchange will be an online marketplace where employees can shop for health insurance based on a defined contribution supplied by their employer.
“We began working on the Diversified Insurance Marketplace more than a year ago to deal with the changing health insurance landscape that employers are facing,” said Robert Sowinski, chief executive officer of Diversified Insurance Solutions. “The marketplace will address the challenges of legislation and rising costs. It’s a new benefit strategy that will allow employers to achieve their goal of providing high quality, individualized health insurance to their employees.”
The online marketplace will offer a variety of advantages for employers and employees. Employers can deliver more options and eliminate the old model of creating a one-size-fits-all plan, Sowinski said. Employers also can control the rising costs of health insurance by contributing a fixed amount each year and simplify their benefits process since all activities are handled online, through a single source.
For employees, the marketplace will give them the flexibility to make their own insurance decisions, based on their individual needs. In addition to health insurance, employees can put together a combination of coverage. Employees can decide whether they would like to include dental, vision, life or disability as part of their individual insurance package. In some cases, the employer contribution may cover the additional insurance products.
The Diversified Insurance Marketplace will offer coverage from UnitedHealthcare, Arise Health Plans (part of WPS Health Insurance), Common Ground Healthcare Cooperative and Network Health Plan. Discussions to include products from other carriers continue.
Working with Diversified Insurance Solutions, the employer will select an insurance carrier and set a defined contribution per employee. The carrier will deliver approximately four to six insurance plan options that offer different tiers of coverage. Employees are then able to compare plan benefits and costs and choose a plan that is specific to them. The employer contribution remains tax deductible.
During the initial rollout, insurance professionals from Diversified will provide onsite assistance to employees as they enter the marketplace. And, employees shopping the Diversified Insurance Marketplace will have access to “Ask Emma,” a virtual benefits advisor who helps guide them through the registration and selection process.
“We also have employee specialists who can answer questions about the Diversified Insurance Marketplace,” says Sowinski. “We are providing a direct connection so employees don’t have to go through different layers when they need answers.”
The online portal will show each employee the “credits” they have to spend per pay period and begins drawing down the account, based on the individual insurance products selected.
For more information, visit www.div-ins.com.
