New Private Exchange For Health Insurance Coming To New Jersey
Horizon BCBSNJ to create new online private, commercial group marketplace allowing employers to better manage health care costs and offer a simple health insurance shopping experience for their employees
May 6, 2013
NEWARK – For New Jersey commercial group employers looking for new solutions for controlling health care costs while providing their employees with more choices and control in selecting an affordable health insurance plan that best meets their individual needs, Horizon Blue Cross Blue Shield of New Jersey just made life a little easier. Horizon BCBSNJ announced today the creation of Horizon Select, an online private marketplace (also known as a private exchange), that will be available for certain New Jersey employers this July.
Horizon Select will offer commercial group employers a simple way to set up a defined contribution health insurance plan to manage their health care costs. Under such a plan, employers provide a lump sum of money (a defined contribution) to their employees to purchase a health plan on the Horizon Select website. Employees will be able to review a number of Horizon BCBSNJ health plans on the Horizon Select website and simply choose the health plan that best meets their needs and budget. Horizon Select will be available for employers with more than 50 employees.
“Employers are looking for innovative ways to offer their employees the ability to choose an affordable health insurance plan that meets their individual needs and Horizon’s online private marketplace will allow them to do so,” said Christopher M. Lepre, senior vice president of Market Business Units for Horizon BCBSNJ. “With Horizon Select, we’re offering employers the ability to manage health care costs over the long-term and to offer their employees a personalized experience to choose a health plan that is right for them.”
Horizon BCBSNJ is working with Bloom Health, a leader in creating defined contribution health benefits marketplaces for employers and employees, to create Horizon Select. Bloom Health, which operates nationally, has expertise in designing a simple consumer experience and transforming the way employees select health insurance coverage. At the heart of the Bloom Health platform is a proprietary decision support tool that guides consumers through every step of the benefit selection process.
“We are proud of the work we have done to transform the way employers offer health benefits in America, granting employers more predictability over their costs while giving employees more choice and customization than they’ve ever had before,” said Bloom Health CEO Simeon Schindelman. “It is a privilege to partner with Horizon, an industry leader, to usher in this new era of benefits innovation at a time when employers and employees are turning to their health plans for new and creative approaches to better benefits.”
About Horizon Blue Cross Blue Shield of New Jersey
Horizon Blue Cross Blue Shield of New Jersey, the state’s oldest and largest health insurer, is a tax-paying, not-for-profit health services corporation, providing a wide array of medical, dental, and prescription insurance products and services. Horizon BCBSNJ is an independent licensee of the Blue Cross and Blue Shield Association, serving more than 3.6 million members with headquarters in Newark and offices in Wall, Mt. Laurel, and West Trenton. Learn more at www.HorizonBlue.com.
About Bloom Health
Bloom Health is a leader in the private exchange defined contribution marketplace, committed to assisting employers of all sizes adopt an employer-sponsored benefits platform that provides true cost predictability for employers and increased choice and personalization for employees. Bloom Health was founded in 2009 and is headquartered in Minneapolis.
The Blue Cross and Blue Shield Association is a national federation of 37 independent, community-based and locally-operated Blue Cross and Blue Shield companies that collectively provide healthcare coverage for more than 105 million members – one-in-three Americans. For more information on the Blue Cross and Blue Shield Association and its member companies, please visit bcbs.com. We encourage you to connect with us on Facebook, check out our videos on YouTube, follow us on Twitter and check out The BCBS Blog, for up-to-date information about BCBSA.