Digital Benefit Advisors (DBA) of Vermont (
), a division of Digital Insurance, the nation’s largest and most technologically advanced employee benefits-only agency, is launching Digital Benefits Marketplace, a “private exchange” that helps businesses with 50 or more employees control rising benefits costs.
The new Digital Benefits Marketplace enables employers to offer a comprehensive array of benefits -- including health insurance plans from Blue Cross Blue Shield of Vermont -- at a fixed cost. It also streamlines administrative processes and empowers individuals to spend their benefits dollars where they determine they’ll receive the greatest value.
“Executives, business owners and HR decision-makers desire one characteristic above all others when selecting an employee benefits strategy,” says Bob Gaydos, principal of DBA Vermont and DBA’s national director of private marketplaces, “a simple solution.”
“With Digital Benefits Marketplace, the employer determines how much to contribute toward each employee’s benefits – also known as a defined contribution. That’s it. We handle the administration, costs are fixed and you’re done,” Gaydos adds.
Supported by a call center with customer advocates to guide them, employees choose -- from an online portal -- the plans and options that work best for them. Offerings include health, life, disability, accident, critical illness, dental and vision insurance, along with other products and services.
“Our private exchange debuts with a variety of health insurance plans from Blue Cross Blue Shield of Vermont,” says Gaydos. “Many clients and individuals expressed interest in working with this carrier, so we anticipate they’ll be pleased.”
Private marketplaces set the stage for the next evolution in the benefits industry. As employers try to control costs and employees assume greater financial responsibility for health insurance, the nation is moving toward a consumer-driven system.
“DBA’s focus is to create an outstanding, differentiated consumer experience,” says Gaydos. “It will help our clients transition to a system that places employees at the center of the decision-making process and allows for greater customization based on their needs. This long-term strategy creates more educated, engaged and satisfied consumers. Combined with cost transparency, this approach can lead to healthier lives and help drive down the cost of care.”