Private exchanges for healthcare are in the news and have been structured for individuals and employers, but not for the unique needs of the labor market. With the recent launch of Ullico Private Exchange, there is finally a union solution that allows local unions the opportunity to offer members centralized access to supplemental and voluntary benefits as well as health insurance.
Each union will have its own website and toll free number for its members. The sites are branded with the union’s logo and design. This allows the local union and district funds to offer the private exchange as a centralized member benefit, which can support member engagement and retention. The union will receive periodic reports to know how many of its members are buying coverage. All members can compare, choose and enroll in insurance plans. Many times additional support is needed by members to make insurance buying decisions. With Ullico Private Exchange, members will also have the option of using a full-service call center, with licensed agents, to help them navigate the confusing world of health and supplemental insurance.
Union healthcare plans offer excellent benefits and give members peace-of-mind when it comes to paying their medical bills. However, members may have additional out-of-pocket costs due to gaps in coverage. Through Ullico Private Exchange, unions can provide members with access to supplemental and voluntary benefits, including dental or vision coverage. Members also have access to accident, short-term disability, hospital indemnity and critical illness coverage that can provide cash benefits to help with co-payments and deductibles, as well as provide funds to pay for associated expenses due to an unexpected illness or injury.
Not all union members are eligible for healthcare plan benefits. They might be early retirees, members with insufficient hours or spouses. Through Ullico Private Exchange, unions can help these groups by offering them access to major healthcare plans from multiple providers. Moreover, if these members qualify for subsidies under the Affordable Care Act (ACA), they’ll be directed seamlessly to federal or state public exchanges where they can take advantage of the subsidized plans.
An objective of the ACA was to expand access to affordable healthcare coverage to moderate and low-income individuals. To encourage this objective, the ACA provides for subsidies to reduce monthly premiums and out-of-pocket costs. To access these subsidies, qualified individuals and families must enroll in a plan offered on a public health insurance exchange marketplace. The Ullico Private Exchange offers 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.
To learn more about Ullico Private Exchange, contact Vice President of Group Sales, Larry Paradise, at 800.431.5425, firstname.lastname@example.org or visit www.ullico.com/privateexchange.