Boston, MA, 03/28/2014 (usastockreports)- Regions Insurance (NYSE:RF) today unveiled a plan that company is offering a private health insurance exchange platform “Regions TruSelect” to the employers in four states of Georgia, Indiana, Tennessee or Texas. This will help companies in better managing their benefits and it can offer a wide range of insurance option for their employees.
Changing nature of the Market
Curren Coco, CEO of Regions Insurance (NYSE:RF) said that market for health insurance is changing and there are many intricacies and new needs that employers must follow. They are helping companies in understanding and steering changes in marketplace and in the meantime offering its employees an array of insurance plan to suit their requirements.
The private exchange plan can be availed by employers who have 50 or more employees. This platform will act as an online benefits marketplace. It will act like a bazaar where employees whose company has taken this plan will be provided with wide range of insurance plans.
By participating in this plan the employers will be able to manage their cost by availing a defined contribution model. According to this model over a specific period of time a company has to spend a predefined amount for insurance plan. It will also help in reducing the administrative burden of the companies as this platform will provide the trained advisors who can directly answer the queries, related to benefits raised by the employees.
Choices are Abundant
The platform will provide a wide choice of coverage plans than the traditional benefit plans. The choices include that they can open health saving accounts and also they can customize their insurance coverage to meet their specific needs. This will also provides an opportunity for the employee to increase their take home pay. The Regions TruSelect will be powered by Bloom Health a Minneapolis, Minnesota based company. It will provide company a user necessary requirement for tools and customized phone support that will help customers in the selection of best health plans.
Regions Insurance (NYSE:RF) TruSelect is offering plans that will meet the needs of the Affordable Care Act, helping companies to comply with the new federal law.
This is a very good initiative by the company for the benefit of the employees. It will reduce the insurance amount as well as help them in choosing best insurance plan.