Mercer has jumped into the exchange game. The consulting firm Thursday announced the launch of Mercer Marketplace, a private benefits exchange designed to help employers and employees by offering them a one-stop-shop for their benefits from multiple insurance providers.
The exchange will be available to employers with at least 100 employees.
Mercer executives cite employee benefit transition as their reason to open up the exchange. Julio Portalatin, Mercer president and CEO, says that "a number of critical factors"— including the unsustainable rise in benefit costs, health care reform, consumer-driven solutions and improving technology—is changing the way benefits will be delivered to consumers.
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In Mercer's exchange, employees will have access to a broader array of benefits, as well as the ability to tailor those benefits to their particular needs, with the necessary support to make appropriate decisions, Mercer says. Both traditional and voluntary benefits will be on the menu.
The exchange also aims to benefit employers by giving them the flexibility to determine how much to contribute toward the cost of their benefits programs and allowing them to select from a range of insured and self-insured products to offer to their workplace.
The platform also includes full benefits outsourcing and will support employees with call center and online decision support during the enrollment process.
Private exchanges are on the rise as similar state exchanges are being set up as part of the Patient Protection and Affordable Care Act. Mercer research indicates that 56 percent of employers are considering a private exchange to provide benefits to their active employees or retirees. Another major health benefits consulting firm, Aon Hewitt, announced the launch of their corporate exchange in September.
David Rahill, president, health and benefits at Mercer, says what distinguishes Mercer Marketplace is "the breadth of our benefit offerings, a scalable platform able to serve companies both large and small, and our extensive 'direct-to-consumer' experience. Helping employees make informed decisions is a critical component of this model."
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