Instead of the usual “one-size-fits-all” approach, Broad Reach Benefits’ Private Exchange allows each employee to personalize and right-size their own benefits portfolio.

The Private Exchange Model

The Private Exchange Model is poised to change the employee benefits landscape and how those benefits are delivered to your employees and their families. Broad Reach Benefits in Madison, New Jersey offers several private exchange options for our clients. With our private exchanges, you determine the dollar amount to give your employees. They go shopping in a unique online store branded to your company to get the benefits portfolio that fits them best.  When employees log in to the private exchange portal , they will have access to our sophisticated questionnaire which leads them through a series of questions, and then makes recommendations given their health profile, financial status, risk tolerance, and preferences. It reveals the actual costs of benefits and educates them to make informed decisions.
The Broad Reach benefits Private Exchange:

  • Balanced coverage for diverse risks- Your employees choose the coverage that meets their individual needs across a range of insurance products
  • You set your benefits budget- Allocate fixed dollars to your employees and let them buy what they value
  • Increase employee satisfaction- Allow employees to build a personalized insurance benefits portfolio that meets their specific needs
  • Streamlined benefits administration- We streamline benefits administration and handle your employee questions; you use efficient online tools for changes and reports

When employees choose the coverage they need, they choose more efficiently. They don’t buy the “rich” plans they don’t need.

A recent J.D. Power and Associates survey indicates that 47% of employers are likely to adopt a Defined Contribution approach and utilize private exchanges.

47%
Another study by Oliver Wyman shows almost 80% of employers were willing to choose a private health care exchange.

80%

How it Works

 

Do you have additional questions on our Private Exchange options? We’re happy to help! Simply call a Broad Reach Benefits team member today, at 800.272.1144.