EASIER CONNECTIONS TO EMPLOYEE BENEFITS
Cigna's private retail exchange solution
Employers with over 51 employees have new choices in how they can provide employee benefits, including “marketplaces” sponsored by the federal or state government and private “exchange” options. Cigna is offering its own private retail exchange solution where clients and their eligible employees can easily access our products and services.
Through our private exchange solution, employers can decide to offer employees a wide variety of Cigna products, including medical and pharmacy, dental, vision, disability, life and accident. Companies who choose to offer our private retail exchange can enjoy the following advantages.
- Defined employer contribution amounts use pre-tax dollars
- Innovative funding options and wide variety of plan designs
- Less paperwork, simpler administration and local support
- Access to Cigna’s health improvement tools, team and resources
Benefits for employees
- It brings benefit enrollment to the employees’ finger tips. It has been designed with the customer in mind and allows the employee to maximize employer and employee contributions while providing them with a choice of plans.
- It provides employees with a robust shopping experience. Employees can have access to multiple medical choices and voluntary ancillary options.
- Our decision tools will guide employees through the enrollment process. “Ask Emma” is an online enrollment guide. She can provide employees with educational topics and help them choose benefits that meet their budget and personal needs.*
- Employees can tailor their benefit choices to meet their financial needs and help accommodate their unique benefit needs.
- It is a simple to use interactive tool that allows employees to sign up for benefits at their convenience with their spouse.
*Actual features may vary by product and plan funding type.
Benefits for employers
- It provides employers and employees a choice of medical, dental, vision, life and disability options. These are offered in a highly personalized and interactive manner.
- One platform and one website allows employers to minimize their benefit administration responsibilities and helps make decisions simpler for their employees.
- It includes several funding, product and network options.
- The local and national service teams that currently provide excellent service to our clients and their employees are the same teams that will provide service for our private retail exchange. This service will include 24/7 live customer service (for medical and dental plans), a dedicated local client manager and access to our Health Improvement Strategists.
- The ability to transition to a defined contribution strategy. This strategy is designed to give employers a different, more cost-effective way of helping employees pay for the coverage and benefits they need. Defined contribution allows employers to establish an annual dollar contribution amount per employee to spend on all coverages. This type of strategy helps ensure employees stay invested in making smart choices and allows them to have a better understanding of benefit costs.
- Employers also have access to our “bundling credits.” The more products offered can equate to lower medical rates/premium.**
- Cigna resources can assist employers and employees with the enrollment process.
** Bundling credits are not available in all areas.
Contact your broker or Cigna representative for more information.
Mindshift: Employer Perspectives on Private Health Insurance Exchanges