As a further sign of the growing significance of private exchanges, Cigna announced it is extending its network both through the extension of existing health insurance exchanges and the launch of new ones. It has set Sept. 1 as the date for the expansion.
Cigna launched its exchange products in February, taking a cautious approach by targeting small businesses in Atlanta, Dallas, the Washington, D.C. metro area and San Francisco. It predicted it would expand its network later in 2014 as it gained experience within its initial markets.
Cigna's private exchange services are intended to help employers and employees easily distinguish among health insurance options available to them to determine which best meets their needs.
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While it did not offer details about the expansion program, in a release Cigna said its goal was to offer a suite of products designed to offer businesses "a new, cost-effective way to give employees more benefit choices, all in one place." Products to be sold through the private exchange system include medical, pharmacy, dental, vision, life/accident and disability plans.
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"With Cigna's new offering, employees can access user-friendly online, interactive shopping tools to get a personalized recommendation for benefits for themselves and their families. For employers, the exchange offers a benefits administration platform that enables them to provide employees with more choice of plan designs and enables defined contribution funding, while simplifying their administrative responsibilities and helping them control their benefit costs," Cigna said.
The service is available to fully-insured and self-funded benefits plans.
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
