Private exchanges for healthcare have been structured for individuals and employers, but until now, not for the unique needs of the labor market. With the recent launch of Ullico Private Exchange, a comprehensive solution is available to Union Health and Welfare Funds, affording members the opportunity to have centralized access to supplemental and voluntary benefits as well as health insurance.
Ullico Private Exchange offers three options built specifically for unions and union members: Ullico Marketplace, Ullico Marketplace Plus, and Ullico Marketplace Select.
Ullico Marketplace provides a single destination for union members to access health and supplemental insurance products. Union members and their families may access individual healthcare insurance during annual open enrollment, or during a special enrollment period following a qualifying event, either from a public health insurance exchange, if ACA subsidy-eligible, or a private health insurance market. Ullico Marketplace provides round-the-clock access for supplemental benefits such as short-term medical, vision, dental, critical illness, accident, and short-term disability insurance. Ullico Marketplace also provides age-driven health insurance paths for pre-65 and Medicare supplement.
Ullico Marketplace Plus provides all Ullico Marketplace services with the added ability to upload a group member census, making the union member experience more personalized. The exchange recognizes which members should be offered only supplemental benefits and which members should be offered both individual health and supplemental insurance. Ullico Marketplace Plus tracks the group's contribution, if any, for an individual union member's selected insurance premiums. Group reporting is also available with this selection.
Union Marketplace Select provides all services from Ullico Marketplace and Ullico Marketplace Plus, in addition to integrated benefits enrollment. This selection provides group-sponsored benefits enrollment for eligible members, as well as individual healthcare insurance enrollment for plan-ineligible members.
A participating fund will have its own private exchange website and toll free number for its members. The sites will be branded with the union's logo and design, allowing the funds to offer the private exchange as a centralized member benefit. This can help bolster member engagement and retention. The world of health and supplemental insurance can sometimes be confusing, so members will be able to compare, choose and enroll in insurance plans, with the option to utilize a full-service call center with licensed agents ready to assist them with their buying decisions. The union will receive periodic reports showing how many of its members are buying coverage, and the types of coverage being bought.
Union healthcare plans offer excellent benefits and provide members peace-of-mind about paying medical bills. However, out-of-pocket costs may occur due to gaps in coverage. Through Ullico Private Exchange, funds are able to give members access to supplemental coverage, including dental and vision. 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 to provide funds for expenses associated with unexpected illnesses or injuries.
Not all union members are eligible for healthcare plan benefits, whether they be early retirees, members with insufficient hours or non-covered spouses. Ullico Private Exchange offers access to major healthcare plans from multiple providers so that these members are not limited in their coverage. Moreover, if these members qualify for subsidies under the Affordable Care Act (ACA), they'll be seamlessly directed to federal or state public exchanges where they can take advantage of the subsidized plans.
One objective of the ACA was to make healthcare coverage accessible and affordable to moderate and low-income individuals. In support of this objective, the ACA provides for subsidies to reduce monthly premiums and out-of-pocket costs. Qualified individuals and families must enroll in a plan offered on a public health insurance exchange marketplace in order to access these subsidies. Through the Ullico Private Exchange, members are offered access to these public exchanges, as well as access to ACA-compliant health plans available from many health insurance carriers in the private exchange market.