Another industry group is entering the private exchange game to deal with the complexities of the Affordable Care Act. The Wichita Business Journal has noted that the Associated General Contractors of America and Willis North America, the global risk advisor, are developing a private exchange to offer defined contribution plans to companies in the industry who are working to comply with the fluid requirements of the ACA or Obamacare.
According to the announcement, “The AGC Alternative”, as it is currently named, will offer its members health benefits or employees at a lower cost, and they will incur less administrative costs as well. The article quotes AGC CEO Stephen Sandherr as saying that “the new private exchange should reduce costs and the administrative burden of providing insurance benefits for the 95 percent of member firms that report they already provide health insurance to their employees. And because the exchange will offer a broader range of options than typically available to individual firms, employers and their employees will get more of the benefits that meet their particular needs.”
The plan is currently planned to go “live” this summer as soon as the details are fully defined and they are able to find a national carrier for the plan.
To learn more, watch the 4-minute video below or call 1-800-210-5290. We will keep you informed as this one develops.
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