One thing is clear: The old health benefits system is broken. In 2012, the average cost of coverage surpassed $10,000 per employee and is projected to grow nearly three times faster than the average salary.* To break large employers out of this spiraling cost trend, Aon Hewitt has developed a groundbreaking solution—the Corporate Health Exchange, which curbs employer costs while giving employees greater choice.
The Corporate Health Exchange is a managed insurance marketplace where multiple carriers compete in offering employees a choice of fully insured group plans. This model merges the best of all worlds: group coverage pricing with the individual choice and cost control that come from free-market competition.
As America’s first national multi-carrier corporate exchange, the Aon Hewitt Corporate Health Exchange leverages our extensive expertise in benefits administration to offer large companies a combination of leading nationwide and regional insurance carriers and multiple plan options.
The way it works is simple:
1. The employer establishes the amount it can pay toward employee health care.
2. Each employee uses that credit to shop from a menu of standard health plans.
3. Each employee selects the plan and insurer that best fit their needs.
To learn more and discuss whether the Corporate Health Exchange is right for your company, contact us.
*Source: Aon Hewitt Health Value Initiative database, which captures health care benefit data for large U.S. employers representing 13.1 million participants, 1,300 plans and $51.4 billion in 2011 health care spending.