Washington, D.C. (October 5, 2015) —With the recent launch of Ullico Private Exchange, unions finally have an opportunity to offer their members centralized access to supplemental and voluntary benefits, as well as health insurance. Until now, the majority of private exchanges for healthcare have been structured for individuals and employers, but not for the labor market.
"No other company pays attention to the unique needs of the labor market like Ullico," said Edward M. Smith, President and CEO of Ullico Inc. "Ullico Private Exchange is another solution designed to support Union Health and Welfare Funds as they respond to the impacts of the ACA."
Offered through The Union Labor Life Insurance Company and Unioncare, LLC both affiliates of Ullico Inc., The Ullico Private Exchange offers access to health and supplemental insurance, including major medical plans, available both on and off the public healthcare exchanges. Each union that participates will have the ability to create its own customized website and toll-free number to assist its members in selecting and comparing plans, as well as a full-service call center with licensed insurance agents to answer members' questions. The union can elect to receive periodic reports to show how many of its members are buying coverage, and which types are being bought.
Many types of supplemental benefits are available in the Ullico Private Exchange to account for out-of-pocket costs incurred by gaps in coverage, as well as dental and vision. Members will also have access to accident, short-term disability, hospital indemnity and critical illness coverage if selected by the Union.
One objective of the Affordable Care Act (ACA) was to provide subsidies to reduce monthly premiums and out-of-pocket costs for moderate and low-income individuals, which can be accessed through public health insurance exchange marketplaces. Members who utilize the Ullico Private Exchange are also offered access to the public exchanges, as well as access to ACA-compliant health plans available from many health insurance carriers in the private exchange market.
For more information about Ullico's Private Exchange, visit www.ullico.com/newsroom/bulletin-2015-2-6.
For more than 85 years, Ullico, the only labor-owned insurance and investment company, has been a proud partner of the labor movement, keeping union families safe and secure. From insurance products that protect union members, leaders and employers, to investments in building projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees and investments. The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, Inc.; Ullico Investment Company, Inc.; and Ullico Investment Advisors, Inc.
The Union Labor Life Insurance Company and Unioncare have contracted with a third party to offer the Ullico Private Exchange Platform and its partner carriers. The issuing carrier will be dependent upon the product(s) selected by the union or union member.