Illinois Producers Partner with Flexible Benefit Service Corporation to Offer Defined Contribution Plans and Private Health Insurance Exchange
ROSEMONT, Ill. (Oct. 19, 2012) – Flexible Benefit Service Corporation (Flex), a leading provider of innovative consumer-driven employee benefits programs , today announced they are providing various educational opportunities for Illinois health insurance producers to learn how to sell the emerging defined contribution health benefits model and the InsureXSolutions ™ private health insurance exchange to uninsured businesses. The educational sessions are teaching producers how they can use these integrated programs to target businesses and earn new commissions in a market looking for solutions today.
The Illinois producer education comes at a time when many businesses are looking for employee benefits solutions, especially with health care costs continuing to rise. A recent study by Aon Hewitt indicated that Chicago area workers can expect a 9% increase in health care costs , which is almost twice as much as the national average.
The defined contribution health benefit model is a viable way for Illinois businesses to control their costs. In fact, some of the nation’s largest employers have already adopted this new concept. Most recently, Sears Holdings has opted for a defined contribution model with a private insurance exchange for their 90,000 employees.
Although government-run public exchanges are expected to be offered with health care reform starting in 2014, a recent Booz & Company study found that 80% of employers surveyed would prefer to offer a private exchange over a public exchange. This is due to “greater choices, design flexibility, customer service and wariness of government-run entities,” finds Booz & Company.
“Now is the time for producers to promote the defined contribution concept to uninsured businesses,” said, John DiVito, President of Flex. “The InsureXSolutions private insurance exchange includes the health insurance producer, pays them commissions, and provides their employer clients with sales support, carrier connectivity and administrative services – all under one roof.”
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About Flexible Benefit Service Corporation
Flexible Benefit Service Corporation (Flex) is a leader in the health insurance and benefits administration marketplace. Since 1988, Flex has continuously offered cost-effective health care solutions for producers, employers, employees and individuals. Through their consumer-driven strategies, tax-advantaged programs and insurance offerings, Flex serves as a full service general agency and benefits administrator. The comprehensive Flex product portfolio includes flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), health savings accounts (HSAs), transit/parking reimbursement accounts (TRAs), COBRA administration and more. Flex also blends its in-house expertise from both divisions to offer a private insurance exchange showcasing integrated resources and innovative technology. Learn more at www.flexiblebenefit.com .
Nick Severino, Director of Marketing
Flexible Benefit Service Corporation (Flex)
888-353-9178 | firstname.lastname@example.org