Five major US employers have signed on to offer their employees a range of medical, dental, life, disability, and voluntary benefit choices for 2014 through Mercer Marketplace, with additional employers in active discussion to move in this direction in 2014 and 2015.
The employers, which cannot be named publicly until their employees are informed during the upcoming annual enrollment process, represent a range of sizes and industries. Some will offer self-funded medical and dental plans on the exchange while others will offer fully insured plans. The industries represented are retail, transportation, media, food and beverage, and professional services; the employers range in size from 800 to 25,000 employees.
“We are thrilled to welcome these five employers as early adopters for offering benefits through our private exchange for 2014," said Julio A. Portalatin, Mercer’s President and CEO. “As their diversity illustrates, Mercer Marketplace is flexible and easily tailored to an employer’s size, needs, and financing preference. Mercer Marketplace can be scaled to employers with as few as 100 employees, with no upward limit. Medical and dental plans can be self-insured or fully insured, and while a defined contribution approach is an option it is not a requirement. Employees will enjoy greater empowerment with various choice options as well.”
With the Administration’s recently announced one-year delay of the health reform law’s employer mandate, employers continue to move toward compliance with the law’s requirements in 2014 and 2015. In addition to helping employers manage costs, simplify administration, and enhance member experience and coverage, Mercer Marketplace facilitates employers’ compliance with the health reform law’s many requirements.
“These employers view Mercer Marketplace as a way to enable their employees to cost effectively personalize coverage, streamline plan management, and help employees navigate the complexities of making benefit choices in a post-reform world,” said Eric Grossman, Mercer’s Exchange Business Leader. “Some are using Mercer Marketplace to facilitate a transition to a defined contribution approach to providing benefits. Others are using the exchange as a way to move toward standardizing benefits that currently vary among disparate employee groups. All are adopting our exchange now as the best way to meet their key benefit priorities.”