BlueCross BlueShield of Tennessee will launch BlueMarket, a private exchange for employer groups and their employees, on Jan. 1, 2015.
Officials said the Blue-branded marketplace is a new way for employers to offer health care coverage to their employees, allowing them to shop from a broader selection of coverage options and find a plan that fits their unique health care needs.
"BlueMarket will be available to both fully-insured and self-funded groups of at least 151 employees. It can be structured as a traditional defined-benefit plan or as a defined-contribution plan, meaning an employer can provide a specific amount of money to their employees who can then shop for their own coverage. It also features a simpler enrollment process," officials said.
The BlueMarket launch comes on the heels of BlueCross’ strong performance on the Health Insurance Marketplace, which saw the company capture 88 percent of those who enrolled in Tennessee, it was stated.
“BlueCross is committed to offering affordable health care coverage to all Tennesseans. We’ve seen very strong interest from employers in a defined benefit model and exchange platforms that offer more choice,” said Henry Smith, senior vice president of operations and chief marketing officer for BlueCross. “We recognize that employer-sponsored plans will continue to be the way most people get their coverage and we want to lead the private exchange marketplace for Tennessee.”
BlueMarket will offer seven medical plan options, which is more than are currently available to most group customers. The expanded choice, along with online decision support and education materials, will ensure BlueCross members are getting the plan that best fits their needs.
Officials said BlueMarket offers:
- An easy online shopping experience for employee benefits
- Increased transparency, showing employees how much employers contribute to benefits
- Valuable employee decision support tools
- Defined contribution funding and simplified administration with no additional cost