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Towers Watson Announces OneExchange, A Health Benefit Solution For Full- And Part-Time Employees, And Pre-65 And Medicare Retirees

Stocks in this article: TW

Towers Watson (NYSE, NASDAQ: TW), a global professional services company, today announced the launch of OneExchange. Building on Towers Watson’s 2012 acquisition of Extend Health, OneExchange offers employers both private and public exchange-based health insurance options for their full- and part-time workers, and for all retirees.

OneExchange makes it easy for employers to manage the coverage, quality and cost of private and public health plan choices for all segments of their workforce and retiree populations through a single exchange platform.

“Starting in 2014, the Affordable Care Act establishes guaranteed issue and standard plan designs for all individuals, and federal subsidies for those who meet certain eligibility requirements,” said Bryce Williams, managing director for Exchange Solutions at Towers Watson. “It also creates public exchanges, or marketplaces, as a mechanism for individuals to obtain health plans.”

“Employers that decide an exchange is right for some or all of their workforce and retirees can provide access to OneExchange and realize the benefits of these regulatory changes,” said Williams. “They can use OneExchange to fund and oversee the quality and cost of their health care coverage with the counsel of a trusted and experienced advisor from a unified platform.”

Built on market-leading exchange platform

OneExchange builds on Extend Health’s market-leading health insurance exchange platform to deliver proven, end-to-end and seamlessly integrated exchange solutions:

  • Proven. Extend Health operates the nation’s largest private Medicare exchange, which has more than 250 employers, including 45 Fortune 500 companies. Extend Health has helped more than 500,000 retirees select from thousands of private Medicare plans from more than 80 national and regional insurance companies. Licensed benefit advisors, using state-of-the art decision support tools and service center routing systems, have logged more than three million phone calls helping retirees choose coverage that fits their needs.
  • End to end. Services provided include end-to-end transition support from initial financial analysis for employers, to plan comparison, purchase and enrollment, and post-enrollment support and advocacy for individuals making coverage choices.
  • Seamlessly integrated. Advanced analytics and reporting tools help employers with strategic decision making and health coverage management for all plan holders.

“In the private Medicare market, Extend Health has met the broad benefit needs of employers and consumers alike,” said Mark Maselli, managing director for Towers Watson’s Health and Group Benefits business. “Employers’ health benefit decisions must reflect their values and unique workforce needs. Those that decide an exchange is right for any part of their organization will find OneExchange’s diverse solutions compelling.”

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