Blue Cross Blue Shield of Arizona introduces unique online health insurance marketplace
PHOENIX, April 8, 2013 /PRNewswire-USNewswire/ -- Businesses throughout Arizona now have a convenient, flexible way to offer their employees healthcare insurance coverage. Blue Cross Blue Shield of Arizona (BCBSAZ) has introduced a private health plan marketplace, available to Arizona employers.
The concept, often called a defined contribution plan, is simple and can be explained in three phases:
- Business owners set the fixed dollar amount they'll contribute to employees' health benefits.
- From that point, employees use their employer's contribution dollars to shop the online marketplace and evaluate the ten plan options available, choosing the one that best suits their needs.
- Employees pay toward the monthly premium only if their plan premium costs exceed the contribution set by their employer.
"As healthcare grows more complicated – and expensive – Blue Cross Blue Shield of Arizona is pioneering innovative ways to offer quality, affordable coverage," said Michael Tilton, Vice President, Sales. "This marketplace is simple, effective and specifically designed to work hard for Arizona businesses to bring more value to their health benefits spending."From a business standpoint, implementing a defined contribution plan allows business owners to better control healthcare coverage costs and plan for the future with increased confidence, while the streamlined administration of the program saves a business time and money. Additionally, offering coverage – especially with a flexible array of options – boosts employee satisfaction. This new online marketplace will allow employees the ability to select the coverage that's right for their individual health and budget scenario, rather than being locked into a standardized, company-wide plan. The wide array of options helps every employee find something that fits their lifestyle. And to address questions, the marketplace features, robust web and phone support.