MINNEAPOLIS, Sept. 5, 2012 /PRNewswire/ — New data released from health plans and employers using the Bloom Health defined contribution private exchange confirm that employees welcome the expanded choice a private exchange offers, and embrace advanced decision-support tools to help them find the insurance coverage best suited to their needs.
“Some skeptics of private health exchanges wondered if the large number of choices in this benefits model would overwhelm employees,” said Simeon Schindelman, Senior Vice President of Commercial Markets at Minnesota-based insurer Medica, which rolled out its Bloom-powered private exchange called My Plan by Medica last year. “We’ve found the opposite. Consumers truly do want more choices to help them find the health coverage most appropriate for their unique circumstances, and using Bloom’s patented recommendation engine gives them the confidence to make this important decision.”
According to Schindelman, employees are selecting benefits across the full suite of product offerings: “With our first My Plan by Medica customer, we had employees enrolled in 19 out of the 20 benefit plans. Virtually every subsequent customer has been similar—employees are selecting a wider array of plans than any employer has previously been able to offer. Our experience confirms that employees really do have widely varying needs and that a private exchange is a critical tool for meeting those needs”.
The My Plan by Medica experience is also echoed by customers of GlidePath, Blue Cross Blue Shield ofMichigan‘s defined contribution private exchange powered by Bloom. The experience of these two health plans is detailed in a new white paper from Bloom Health called “The Defined Contribution Private Exchange in Action.”
The white paper describes how Bloom Health’s unique decision-support tools aid in the benefit selection process, helping employees navigate a world of new choice. “A strong decision-support tool is the key in a defined contribution model,” Blue Cross Blue Shield of Michigan‘s Ken Dallafior says. “It’s one thing to hand someone a check and tell them to go make some decisions. It’s another thing to offer online and personal support tools.”
Visit www.gobloomhealth.com/client-case-studies to read the full white paper.
About Bloom Health
Bloom Health is a leader in the defined contribution health benefits marketplace, committed to assisting employers of all sizes move toward an employer-sponsored system that has effective cost predictability for employers and increased choice and personalization for employees. Bloom Health was founded in 2009 and is headquartered in Minneapolis. For more information, visit www.gobloomhealth.com.
SOURCE Bloom Health