As the public exchanges continue to struggle, private exchanges are thriving — including with satisfaction from consumers. That’s the word from private exchange operator Liazon, who surveyed customers to better understand their buying habits.
Three-quarters of customers said they were “satisfied or very satisfied” with the online experience of buying benefits, and 90 percent want many choices when it comes to their plans, as opposed to the “one-size-fits-all of traditional benefits programs.”
The average number of health plans provided to users in Liazon’s exchange is 10, according to company executives.
The survey also found that, for the most part, employees who participate in private exchanges are more engaged in – and aware of – benefits choices, a claim often touted by operators.
What Your Peers Are Reading
The survey found that 63 percent of users reported being more aware of the costs of medical care while 60 percent said they are now more engaged in their health care decisions.
Employees using Liazon’s Bright Choices exchange also have a better understanding of their benefits. More than half, at 58 percent, surveyed said they better understand what their health insurance covers and 53 percent said that they understand their ancillary benefits more clearly.
“It’s a significant shift when an individual is put in charge of choosing his or her benefits and has access to decision support tools and clear explanations of the plans and services,” said Alan Cohen, Liazon co-founder and chief strategy officer. “Educated employees make educated choices.”