Risk & Business Magazine Lovitt & Touché Spring 2016 | Page 30
Private Healthcare Exchange
Would Your Company Benefit?
BY: DOUG ADELBERG, SENIOR VICE PRESIDENT, LOVITT & TOUCHÉ
L
ike it or not, the Affordable
Healthcare Act is here to stay for the
foreseeable future. Employers nationwide
are
concerned
about
escalating
healthcare costs, potential fines for
non-compliance,and losing their best
employees or failing to attract the top
talent they need with the limited choices
and lower quality plans that are now
available to them.
It’s commonplace for employees to set
up their own investment and retirement
portfolios to meet their individual needs.
Shouldn’t they have the same flexibility
when it comes to their health insurance?
When employees are offered more choices
and have a greater sense of control over
their employee benefit dollars, they will be
happier – even if they wind up purchasing
less in benefit because they made the
choice.
Today, many employers are considering a
defined contribution type of healthcare
delivery system. Rather than paying the
costs to provide a specific group health plan
(a “defined benefit”) employers can instead
fix their costs by establishing a monthly
dollar amount (a “defined contribution”),
which will allow employees to choose how
to spend the company’s contribution to
their greatest advantage.
At renewal time, the employer can choose
to cover some or all of the employee’s
premium increase.
A private exchange uses a defined
contribution funding strategy and applies
it to a benefits exchange – creating what’s
better known today as a marketplace or
online store. The benefits exchange is a
web-based portal where employees can
log in and choose from many different
health insurance plans and ancillary
benefits all in one place. Also included
inside this online portal are all the stateof-the-art tools and educational support
for employees to help them customize
plans that are aligned as perfectly as
possible with their specific needs.
Lovitt & Touché has created a private
exchange called ClearPath Prime.
ClearPath Prime is a platform on which an
employer executes a strategy to manage
their benefits dollars and offers employees
more choice and the opportunity to
participate in their benefit selections.
ClearPath Prime works like a company
gift card that employees can spend any
way they want to design a benefits package
tailor-made just for them.
Instead of a one-size-fits-all approach,
employees will be able to choose from
a wide assortment of benefits options,
including a variety of health plans ranging
from traditional co-pay plans to lowpremium/high deductible plans that
qualify for an HSA.
The ClearPath Prime suite of tools
provides a personalized shopping
experience along with sophisticated
statistical modeling, educational tools,
and simplified plan summaries – all
without the typical insurance jargon –
along with side-by-side plan comparison
tools to evaluate the key metrics of each
plan for employees, and present options
to them in easy-to-understand language
that makes perfect sense.
Employers can now have a predictable
benefits budget and save time with
streamlined administrative tasks
And with ClearPath Prime, they can more
effectively compete for top talent with
a very attractive benefits package that
allows new hires to personalize a plan
that’s right for them.
SPRING 2016
Understanding your business is our business. That’s why we partner with
independent agents, like those at Lovitt & Touché, who live and work where you
do. Together, our local resources and national expertise provide the protection
your business needs to continue to thrive. Learn about the coverages we can
offer your business at libertymutualgroup.com/business.
Liberty Mutual
Arizona Regional Office
2510 W Dunlap Ave Suite 100
Phoenix, AZ 85021
ClearPath Prime is a customized blueprint
for proactive cost control, increased
productivity and positive results for
employers and employees.
With it, employers can make healthcare
reform work for their business – instead
of against it.
ClearPath Prime is scalable to just about
any size business, offering a greater degree
of predictability and control over group
healthcare budgets, while providing
a competitive advantage in hiring the
best and brightest to move any business
forward.
Now’s the time to find out more about
ClearPath Prime and exactly what it can
do for the health of your business and
your employees. Visit us online at www.
Lovitt-Touche.com today.
Doug has more than 18 years experience
working in the health insurance industry.
He has been with Lovitt & Touché for the
past 13 years and oversees the Benefits
operation. His experience includes strategic
account management, client relations, sales
and managing groups of employees. He has
worked extensively with both self-funded
and fully-insured plans.
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You put your heart and
soul into your business.
We put ours into protecting it.
© 2016 Liberty Mutual Insurance. Insurance underwritten by Liberty Mutual Insurance Co., Boston, MA, or its affiliates or subsidiaries.
SPRING 2016
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