Private exchanges have been a hot topic among employers looking to drive down the price of health insurance, provide their employees with greater choice, and find some flexibility in benefits administration. However, according to research conducted by benefit advisory firm Pacific Resources, confidence in the private exchange model as a source of savings is down among Fortune 1000 companies that have explored it in the past few years.
In its third annual survey of HR and benefits executives at companies of 5,000 or more insured, Pacific Resources reports that many decision-makers no longer view private exchanges as a surefire source of savings. According to the report, cost is the chief motivator behind switching to a private exchange, followed by greater employee coverage options and ease of administration.
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