|[February 27, 2014]
New Regence Marketplace Launching for Private Exchange Health Insurance in Idaho, Oregon, Utah and Washington
PORTLAND, Ore. --(Business Wire)--
Regence Health Insurance Services today announced it is launching
Regence Marketplace, a new private exchange health insurance option for
select businesses in Idaho, Oregon, Utah and Washington. Regence
Marketplace offers employers a number of advantages, including the
ability to control health insurance costs, predictably plan for future
benefit needs, and cater to a demographically diverse workforce. Through
Regence's private exchange, employees have the freedom to choose
coverage that best fits their unique needs and budget, enabling more
ownership over their health care decisions.
This new model provides mid- and large-sized businesses with a
customizable private exchange containing multiple Regence coverage
options for safe, affordable and effective quality care. Similar to a
401(k) retirement contribution, Regence Marketplace supports defined
contribution which allows employers to contribute a set amount to their
employees' accounts. Employees can then shop for Regence health
insurance on the online Regence Marketplace.
"Employers want simple solutions that control costs while providing
top-tier employee benefits," said Jared Short, President of Regence
Health Insurance Services. "Regence Marketpace meets these needs
through an easy-to-use online platform that offers an attractive buying
alternative to traditional group insurance. Through this evolving model,
employers will have new tools to drive employee engagement in their
While businesses have long been able to choose from a variety of Regence
products through the popular Employee Choice program, Regence
Marketplace offers the next evolution of employee engagement and
flexibility. The online platform provides employers with consumer
support tools in one convenient interactive experience, and allows
employees to efficiently shop, enroll and manage benefits information.
Employers are increasingly turning to private exchange solutions
incorporating defined contribution. Consultant Bain & Co. estimates that
as many as 80 million people will receive their health insurance through
private exchanges by 2018. Regence recently released a white paper, "Defined
Contribution: A familiar model, redefined for health care" that
explores this emerging trend and its attraction for employers and
employees. Regence operates as nonprofit independent licensee of the
Blue Cross and Blue Shield Association across its four-state Pacific
Northwest and Intermountain region.
The Regence affiliated companies serve more than two million members
through Regence BlueShield of Idaho, Regence BlueCross BlueShield of
Oregon, Regence BlueCross BlueShield of Utah and Regence BlueShield
(selected counties in Washington). Each health plan is a nonprofit
independent licensee of the Blue Cross and Blue Shield Association.
Regence is committed to improving the health of its members and
communities and to transforming the health care system. For more
information, please visit www.regence.com.
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