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Private Exchange for Employee Benefits: Empowering Employers and Employees

Bloom Health, founded in 2009, offers a private exchange solution for employers to provide a better way for employees to access and purchase health benefits. This approach includes a wider array of choices and price points, decision support tools, and personalized recommendations. The private exchange is based on a defined contribution funding model that allows employers to control costs and customize their benefit subsidy strategy.

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Private Exchange for Employee Benefits: Empowering Employers and Employees

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  1. Simeon Schindelman, CEO Bloom Health MN Health Action Group – 6th Annual Employer Leadership Summit February 21, 2013

  2. Bloom Health • Founded in 2009 to create a better way for employers to offer – and for employees to purchase - health benefits • That “better way” is a Private Exchange frequently based on Defined Contribution funding • Today, our Product shelf often extends beyond health benefits to reflect a total compensation approach

  3. What is a Private Exchange? Private Exchange: A new kind of benefits marketplace • Wider array of choices and price points - employees control tradeoffs • Health insurance coverage…plus…let your imagination roam! • Decision support tools and personalized recommendations, recognizing the unique characteristics of each person and his/her family needs Defined Contribution: Fixed-cost approach to an employer’s benefit subsidy strategy • Not dependent on medical trend • Fits employer’s budget in advance • Many creative funding strategies have been used

  4. Why Now? Total Compensation meets Mass Customization

  5. Do Lower Healthcare Costs Mean Higher Wages? Growth in Median Income vs. Healthcare Costs Source: Klein, Ezra. “Will lower health-care costs mean higher wages?” Washington Post Online. 29 October 2009 http://voices.washingtonpost.com/ezra-klein/2009/10/will_lower_health-care_costs_m.html

  6. Private Exchange, powered by Bloom, available to you since 2011

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