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Regions Insurance (NYSE:RF) today announced the company is offering employers in four states access to a private health insurance exchange platform that will help companies better manage benefits while offering a wide array of insurance options for their employees.
“The health insurance market is changing. There are many complexities and new requirements that employers must follow,” said Curren Coco, CEO of Regions Insurance. “By offering a private exchange solution to employers, we are helping companies understand and navigate changes in the marketplace while continuing to offer their employees a variety of comprehensive health insurance options.”
The private exchange, called Regions TruSelect, will be available to employers that are based in Georgia, Indiana, Tennessee or Texas, and have 50 or more eligible employees. Regions TruSelect will serve as an online benefits marketplace, connecting employees of participating companies to a wide array of medical, dental and vision coverage plans through a variety of providers. Life and disability coverage, 401(k) enrollment and other ancillary benefits will also be available later this year.
Benefits to participating employers include the ability to manage costs by using a defined contribution model. The model allows employers to set a predetermined contribution for insurance options over a specific period of time, resulting in a consistent method of budgeting. Regions TruSelect also reduces administrative burdens on employers by connecting employees directly with trained advisors who can answer employee benefit questions.
Advantages for employees of participating companies include a broader selection of coverage options than traditional benefits plans. Options will include the ability to establish a health savings account. With multiple plans available on the private exchange, employees will have greater flexibility to customize insurance coverage to meet their specific needs. The private exchange also provides an opportunity for employees to increase their control over take-home pay as a result of the ability to choose from multiple options and price points.