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Virtus Benefits Private Exchange
Have even two consecutive days passed without you hearing something related to Exchanges as part of the Affordable Care Act (ACA)? My guess is no and that is primarily because, despite your position on the ACA, government exchanges are part of our future and will soon be in the lives of our employees and their families.
However, a positive outcome of this market and legislative shift in health insurance delivery is the introduction of private exchanges. Virtus Benefits is pleased to announce that we have entered into an agreement that will soon be finalized providing us our exclusive private exchange as a result of our affiliation with Benefit Advisors Network.
What does this mean to you as an employer? Exchanges will change the way health insurance and all other traditional and non-traditional employee benefits are purchased. The purchasing process will move from one that is less employer based to one that is employer sponsored but more individual based. In other words, employees will be able to make benefit choices specific to their needs, stage in life, view of risk, and financial status.
Is a Private Exchange for everyone? No; however, it is another option that we are able to present to you in an effort to accomplish your long term benefit goals. The Virtus Benefits Exchange promises to offer Benefit Decision Support Tools backed with a fully-staffed Call Center and a wide array of product choices for your employees.
We look forward to talking with you about this new capability in the coming months. Please let us know of any questions you might have in the interim.
David T. Johnson, RHU, GBA
Senior Partner, Virtus Benefits