ROSEMONT, Ill., Dec. 18, 2013 (GLOBE NEWSWIRE) -- Flexible Benefit Service Corporation (Flex) announced today that the company has launched a private health insurance exchange powered by InsureXSolutions® for the Illinois Chamber of Commerce. The new Illinois Chamber Benefits Exchange offers a solution to help small businesses assist their employees in connecting with the best health insurance options that meet their unique needs in one centralized private marketplace. The Benefits Exchange will give employees and individual consumers, including self-employed individuals, the ability to shop and compare health plans, get up-to-date information on the healthcare law and seek expert assistance from licensed insurance professionals.
As the largest broad-based business association in Illinois, the Illinois Chamber of Commerce is committed to advocating on behalf of state businesses and providing the resources and educational materials they need to navigate state and federal regulation. In order to help small businesses provide their employees with access to health insurance coverage they will need under the Affordable Care Act (ACA), the Illinois Chamber of Commerce partnered with Flex to develop an exchange platform for its members and the business community at large.
"The ACA removes significant barriers to accessing health insurance, but gaining access to appropriate, affordable coverage is still a complex process to navigate, especially in the context of the law's imposition of a penalty on those individuals who do not obtain health insurance in 2014," said Doug Whitley, President and CEO of the Illinois Chamber of Commerce. "The new Benefits Exchange creates another unique entry point into the health coverage system to help employers and their employees navigate this system more efficiently and effectively."
The Illinois Chamber Benefits Exchange has been launched in time for small business employees to meet ACA mandates. According to ACA regulation, businesses with less than 50 employees are not required to provide health insurance for employees. Instead, employees of these smaller businesses are legally required to obtain their own health insurance plans by 2014. Individuals specifically need coverage by March 31, 2014, in order to avoid ACA penalties. However, according to 2012 data from the Kaiser Family Foundation, more than two-thirds of Illinois' small businesses—roughly 150,000 total—currently do not provide health insurance to their employees.
"As the ACA impacts more people starting in January 2014, small businesses will need ways to help their employees get coverage and avoid penalties," said John DiVito, President of Flex. "By launching their own exchange platform, the Illinois Chamber of Commerce has provided businesses with a way to take care of their employees without creating administrative headaches. We provide technology and resources to simplify the entire process, and we take care of 100% of the work."
Once a business decides to establish the exchange for employees, the employer's role in the delivery of health insurance is significantly reduced. InsureXSolutions implements and manages the exchange on the employer's behalf and provides employees with individual log-in credentials, introduces them to the platform and provides support and guidance as needed.
On the web site, employees are able to:
- Learn about health insurance and ACA regulations
- See if they qualify for health insurance subsidies and get help enrolling in a subsidized plan
- Compare personalized health insurance, short-term insurance and dental insurance plans from a variety of insurance companies
- Enroll in health insurance plans designed to meet their individual or family needs
- Manage their health insurance needs on an ongoing basis
To visit the Illinois Chamber Benefits Exchange, visit illinoischamberexchange.org.
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About Flexible Benefit Service Corporation
Flexible Benefit Service Corporation (Flex) is a leading provider of consumer driven employee benefits for 25 years. As a general agency and benefits administrator, Flex offers integrated capabilities and personalized service that is unique to the health insurance industry. The extensive Flex product portfolio includes Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), Health Savings Accounts (HSAs), Transit, COBRA and more. Flex also blends its comprehensive expertise to offer an end-to-end private exchange that showcases innovative technology, scalable features and integrated resources. Learn more at flexiblebenefit.com.
About Illinois Chamber of Commerce
The Illinois Chamber of Commerce promotes the interests of Illinois business by working to improve the state's business climate. The Illinois Chamber aggressively advocates legislation and public policies that support economic growth, and is a source of timely and reliable information on matters important to its members, Illinois employers and the general public. The Illinois Chamber also provides effective programs and services to its members to meet their business needs, including immediate answers to tax and human resources concerns and access to training and consulting services. www.ilchamber.org
CONTACT: Media Contact Nick Severino, Director of Marketing Flexible Benefit Service Corporation (Flex) 888-353-9178 | email@example.com
Source:Flexible Benefit Service Corporation