What is a Benefits Exchange?

What is an exchange and how does it work?

An exchange is an online store where employees can shop for, and purchase, benefits.  Exchanges offer health insurance and other benefits such as dental, vision, life, disability, and other programs. “Private” exchanges are run by non-government organizations.  “Public” exchanges are run by the government.  BenChoice is a private exchange platform. 

With the BenChoice Exchange, the employer organization chooses a set of benefits, carrier options and company contribution available for each employee. Employees and their families can then go shopping in the exchange during the annual open enrollment period and throughout the rest of the year.  BenChoice makes plan administration easy with automated workflows for managing and approving employee elections.  A management dashboard and event based email alerts help monitor the entire process, improving efficiency and compliance.