Flexible Benefit Service Corporation, Rosemont, Ill., is preparing to launch InsureXSolutions, a private health insurance exchange for uninsured businesses. The InsureXSolutions marketplace will be an alternative for any size business that cannot afford group insurance premiums or meet participation requirements.
Through the guidance of health insurance producers, employers will use a defined contribution funding model to assist employees with health care expenses at a fixed cost, while offering flexible individual and family insurance plan options. The InsureXSolutions PHIX model creates a pathway for employers not currently offering group health coverage to provide a benefit, cap their costs and receive tax savings similar to group insurance plans.
InsureXSolutions is integrated with the defined contribution funding model, which resembles the health care funding approach used with the exchange concept that businesses may ultimately choose beginning in 2014 as part of the Affordable Care Act.
In other industry news:
The Lifeline Program, Atlanta, Ga., has received its license to perform life settlements in Pennsylvania.
According to the Pennsylvania Department of Aging, the state is currently the fourth oldest state in the nation; with 21.2 percent of the population, or approximately 2.7 million individuals, aged 60 or older and 2.4%, or approximately 306,000 individuals, aged 85 or older.
Karen H. Wimbish, director, Retail Retirement for Wells Fargo Retirement, joined the board of directors of the Retirement Income Industry Association.
As director of Retail Retirement, a part of Wells Fargo Retirement, Wimbish leads a department of over 275 team members who focus on increasing Wells Fargo’s ability to help customers plan for and live a comfortable retirement.
Wimbish has over 30 years in the financial services industry, including roles in banking, brokerage and asset management, as well as in credit administration, project management and training. She is a summa cum laude graduate of the University of Richmond, holds her Chartered Financial Analyst designation and is a graduate of the School of Banking of the South and the Securities Industry Institute at Wharton.
The Guardian Insurance & Annuity Company Inc., New York, N.Y., appointed Roger Rocha to regional vice president for Retirement Plan Sales for the Northern Los Angeles region.
Rocha, a retirement plan specialist with over 18 years’ experience, will be responsible for developing Guardian Retirement Solutions’ defined contribution plan sales in California’s North Los Angeles, Ventura, San Bernardino Bakersfield and San Luis Obispo, and Riverside Counties.
Rocha joins Guardian from John Hancock Retirement Plan Services where he was regional vice president for over six years. He previously held senior sales positions with ING Financial Advisers and Great West Life Retirement Plan Services. Rocha is a graduate of California State University in Los Angeles with a BS in Business Administration/Finance. He has earned his Series 7, 63 and California State Life Insurance License.