ROSEMONT, Ill., May 6, 2014 (GLOBE NEWSWIRE) -- InsureXSolutions®, a private health insurance exchange launched by Flexible Benefit Service Corporation (Flex), has released the Small Business Private Insurance Exchange, a cloud-based service that provides employers a cost and time saving alternative to traditional group health insurance plans. The new private exchange minimizes administrative burdens and reduces costs for small business owners, while giving employees access to dozens of health plans from top insurers in Illinois and Texas.
While the Affordable Care Act (ACA) mandates that starting in 2015 larger companies provide health insurance to their full-time employees, small businesses are not under a similar requirement. Many small businesses will offer group plans anyway, but the ACA has already caused group health insurance premiums to climb. In some cases, employers are seeing 20 to 30 percent renewal cost increases along with the time-consuming burden of insurer paperwork and hands-on benefits management. Though group insurance is quickly becoming more expensive and unmanageable, many small businesses want to help their employees stay covered and avoid the penalties.
"Our private exchange addresses these problems for small businesses with an online platform where employees handle their own health coverage needs," said John DiVito, president of Flex. "Although open enrollment for most people closed its doors at the end of March, if an employer drops their group plan, covered employees then qualify for a special enrollment period and can take advantage of our exchange."
The InsureXSolutions exchange offers employees an online marketplace with more than 100 health plans in Illinois and Texas, decision support from licensed insurance professionals and an online interface where employees can manage their account. The health insurance experts at InsureXSolutions will also check if employees qualify for government subsidies and make sure they get the federal assistance available to them.
Employers enjoy a paperless system with streamlined employee benefit management. They also receive high security for their employees' personal information and fast set-up of the exchange. "By taking advantage of our private insurance exchange, employers not only save time and money, but they also give employees total freedom and choice in their selection of health insurance," said DiVito. "A 60-year-old employee and a 22-year-old employee are not meant to be on the same insurance plan; it doesn't make any sense as their healthcare needs are completely different."
"InsureXSolutions lets them choose the health plan that fits their personal needs. We've pioneered this technology so small business owners and their employees can get the right coverage quickly and then focus on their real work."
About Flexible Benefit Service Corporation
Flexible Benefit Service Corporation (Flex) is a leader in the health insurance and benefits administration marketplace. Since 1988, Flex has continuously offered cost-effective health care solutions for producers, employers, employees and individuals. Through their consumer-driven strategies, tax-advantaged programs and insurance offerings, Flex serves as a full service general agency and benefits administrator. The comprehensive Flex product portfolio includes flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), health savings accounts (HSAs), transit/parking reimbursement accounts (TRAs), COBRA administration and more. Flex also blends its in-house expertise from both divisions to offer a private insurance exchange showcasing integrated resources and innovative technology. Flex is an accredited business with the Better Business Bureau and maintains an A+ rating. Learn more at www.flexiblebenefit.com.