Coverage for companies the private exchange focused on small businesses

CoverageForCompanies®: The Private Exchange Focused

on Small Businesses

Private Exchange History

For decades, employers have offered health care to their employees using a defined-benefits model, where the employer determines what health benefits are offered to all employees.

But more recently, private health care exchanges have emerged as a different model. This new option helps employers keep health care costs predictable and gives employees the power to choose their own health care plan.

CoverageForCompanies

Blue Cross Blue Shield of Michigan’s private exchange designed specifically for small businesses with up to 50 employees

It gives employees the freedom to shop for plans that best fit their individual needs, while allowing business owners to better determine

how much they will put towards health care every year.

How CoverageForCompanies Works

There are four easy steps:

1. Determine a budget 2. Decide which plans to offer 3. Allocate funds 4. Have employees shop for benefits

Let’s take a deeper look at how your business can execute these four basic steps to implement a CoverageForCompanies private exchange.

4 Easy Steps

1. Determine a budget: As a business owner, you’ll determine how much to spend annually for health benefits. Once a budget has been established, you’ll decide how much you’re going to allocate toward each employees’ health care costs.

4 Easy Steps

2. Decide which plans to offer: With a variety of product suites to choose from, each with multiple plan options, that include medical, dental and vision coverage, you can pick the suite that will work best for your employees. Product suites include HMO, PPO and consumer-directed health care options.

4 Easy Steps

3. Allocate funds: Business owners allocate the determined amount of pretax dollars into an account for each employee. Employees will be able to access those funds when shopping for their health care plan.

4 Easy Steps

4. Have employees shop for benefits: Employees shop for a health plan online. They can select the plan in the suite that best fits their unique needs. It’s like an online benefits store with multiple plans to choose from, ranging in costs and benefit levels.

Transitioning to a new health care plan can be hard on the employees, employers, office managers and human resources personnel, which is why CoverageForCompanies agents are there every step of the way. Agents will

ensure employees and employers have a smooth transition.

The Future of Health Care

CoverageForCompanies is a way for both employees and employers to better maximize and customize health care benefits. Small business owners benefit

from being able to set a specific amount of company funds to contribute toward employee health benefits. In turn, employees can choose the level of coverage

and type of plan that’s right for them.

Click here to learn more about CoverageForCompanies, and how it can help improve employee health care offerings for small businesses..

The Future of Health Care

STAY CONNECTED & LEARN MORE

Blue Cross Blue Shield of Michigan and Blue Care Network are nonprofit corporations and independent licensees of the Blue Cross and Blue Shield Association.

bcbsm.com/exchange

Action Benefits and Grotenhuis are authorized independent Managing Agents of Blue Cross Blue Shield of Michigan and Blue Care Network. CoverageforCompanies is an enrollment tool owned and provided to Action Benefits and Grotenhuis by TAC Interserv Services.