Group Benefits LLC Introduces a Private Benefits Marketplace to Help Employers Cap Healthcare Costs

MEMPHIS, Tenn. - Feb. 19, 2014 - PRLog -- One employer pet peeve is that employees don’t understand the true value – and cost – of the health benefits they receive. “Employees don’t see a premium price tag, so they are unaware of just how expensive health insurance is, or how much their employers pay to provide benefits,” explains Timothy J. Finnell, CLU, ChFC, president of Group Benefits LLC.

But the veil is about to be lifted, thanks to an affordable technology-driven benefits solution that makes the cost of healthcare transparent to employees, and controls costs as well. The new NFP Marketplace, now offered by Group Benefits LLC, is a private benefits exchange that lets employees choose health plans, as well as other benefits, that fit their individual needs – and their budgets. Employers contribute a defined amount for each employee and then the employee can select a health plan from a number of options. If the plan’s premium exceeds the employer’s contribution amount, the employee would be responsible for the balance. The NFP Marketplace’s offerings also can include long-term disability insurance, dental plans, vision coverage, and other ancillary benefits.

“It works like a vending machine,” says Finnell. “We stock the machine with a variety of benefit options, and the employer gives employees a set amount to spend as they choose. Instead of offering just one or two health plan options, employers can offer five or six choices. The employer doesn’t have to pay for benefits that employees don’t need. Employers like that.”

Private Exchanges Grow More Popular

Private benefit exchanges are growing in popularity among employers. Consulting firm Aon Hewitt reports that 28 percent of employers surveyed plan to move to a private exchange within the next three to five years, following in the steps of Walgreens, Sears, and Petco. However, until now, most private exchanges were custom built, and only large employers could afford them. But the NFP Marketplace makes private exchanges cost effective for employers with as few as 50 employees, according to Finnell.

The NFP Marketplace includes user-friendly decision-support software in the form of a “personal benefits advisor” avatar called “Emma.” “Emma” asks users questions such as “How healthy are you and members of your family?” and “Which doctors do you prefer?” Then, the platform identifies which plans fit their needs, and also educates employees about the out-of-pocket costs of each plan, so they can make truly informed choices. “An employee-friendly private exchange makes it much easier for employers to switch to a defined-contribution benefit model and control benefit costs,” Finnell says.

Group Benefits LLC is able to offer NFP Marketplace through its alliance with NFP Benefits Partners, one of the nation’s largest benefits firms. The NFP Marketplace is supported by the national benefits technology company bswift, a leading developer of private exchanges.

To learn more about NFP Marketplace and other cost-effective employee benefit options, the public is invited to call Tim Finnell 901-259-7999 and visit Group Benefits LLC on the Web www.groupbenefitsllc.com.

Notes to Editors

90-second videos that explain NFP Marketplace to employers are available to be seen. Call me if interested in viewing them.

About Group Benefits LLC
Group Benefits LLC is an independent group benefits brokerage firm offering complete employee benefits programs and enrollment support for employers of all sizes in the Mid-South. Its clients profit from the buying power and compliance services that Group Benefits LLC provides through its strategic alliance with NFP Benefits Partners, one of the nation’s largest benefits brokers. For more information, visit www.groupbenefitsllc.com.

About Timothy J. Finnell, CLU, ChFC

Tim Finnell is one of the Mid-South’s leading authorities on the Affordable Care Act (ACA), having been accredited in January 2013 as a Certified Healthcare Reform Specialist® by the National Association of Health Underwriters.  Finnell has worked in employee benefits for more than 30 years. He founded Group Benefits LLC in 2009, and serves as president.

As an ACA expert, Finnell has written about healthcare reform for The Commercial Appeal and has been interviewed by The Wall Street Journal, CNNMoney, Memphis Daily News, The Tennessean, the Memphis Business Journal, and Entrepreneurmagazine. The Memphis Business Journal selected him as an Executive of the Year finalist in its 2013 Small Business Awards.
Tim is a Chartered Life Underwriter and Chartered Financial Consultant.  Active in the Memphis Health Underwriters Association and the American Society of Financial Services Professionals, he is a highly sought after speaker who has made more than dozen presentations on healthcare reform in the past two years
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