Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
Towers Watson, a global professional services company, announced the launch of OneExchange. Building on Towers Watson's 2012 acquisition of Extend Health, OneExchange offers employers both private and public exchange-based health insurance options for their full- and part-time workers, and for all retirees.
According to a release, OneExchange makes it easy for employers to manage the coverage, quality and cost of private and public health plan choices for all segments of their workforce and retiree populations through a single exchange platform.
"Starting in 2014, the Affordable Care Act establishes guaranteed issue and standard plan designs for all individuals, and federal subsidies for those who meet certain eligibility requirements," said Bryce Williams, managing director for Exchange Solutions at Towers Watson. "It also creates public exchanges, or marketplaces, as a mechanism for individuals to obtain health plans."
"Employers that decide an exchange is right for some or all of their workforce and retirees can provide access to OneExchange and realize the benefits of these regulatory changes," said Williams. "They can use OneExchange to fund and oversee the quality and cost of their health care coverage with the counsel of a trusted and experienced advisor from a unified platform."
OneExchange solutions available now include ExtendRetiree, which provides transition assistance for Medicare-eligible retirees moving to an exchange. This solution reflects the established market regulations and health plan products that are available.
Also available now for ExtendRetiree is BenefitView, a management dashboard that gives employers real-time information about the progress of retirees as they evaluate and choose plans.
Added Williams, "We expect the vast majority of employers to proceed thoughtfully in leveraging ACA and private and public exchanges. To help guide them, Towers Watson's OneExchange offers a powerful combination of health care strategy and exchange solutions expertise - no matter which path they choose."
Towers Watson is a professional services company that helps organizations improve performance through effective people, risk and financial management.
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