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Private exchanges offer businesses a one-stop-shopping solution for providing employees with a variety of benefits options.
Products and services will vary based on specific details provided by the exchange.
Private exchanges may offer two different models for employers: the choice of “defined benefits” or “defined contribution.”
Since these programs require employees to make more informed decisions about health care, it is increasingly important they understand how an employer contribution works and how to choose supplemental options to augment out-of-pocket costs.
Private exchanges may help simplify administration of multiple benefits options by issuing a single invoice and collecting payments. For more information about reporting requirements:
Employers with 50 or more full-time equivalent employees may be subject to shared-responsibility penalties if coverage either does not meet affordability or minimum value requirements. Employers must offer coverage to 95 percent of full-time employees and their dependents.
Private exchanges may offer a variety of benefits, including voluntary insurance options. These policies provide peace of mind to employees by helping with out-of-pocket costs associated with illness or injury. Learn more at Aflac.com.
A comprehensive summary is available in The Benefits Decision Guide.
Learn more at aflac.com/health-care-reform.
This material is intended to provide general information about an evolving topic and does not constitute legal, tax or accounting advice regarding any specific situation. Aflac cannot anticipate all the facts that a particular employer or individual will have to consider in their benefits decision-making process. We strongly encourage readers to discuss their HCR situations with their advisors to determine the actions they need to take or to visit healthcare.gov (which may also be contacted at 1-800-318-2596) for additional information.