Another employee benefits firm has jumped into the private exchange game.
United Benefit Advisors opened Benefits Passport Nov. 1, a private insurance exchange exclusive to UBA partner firms.
Consistent with other exchanges, UBA said the exchange will serve large group employers (more than 50 employees) and will offer major medical/pharmacy, as well as voluntary products including dental, vision, life, disability and critical illness.
The carriers participating include Aetna, Cigna, Blue Cross “and more,” according to a UBA statement.
“The end goal is to have every relevant carrier and co-op on the exchange for medical. For ancillary, UBA’s strategic partners include 10 carriers plus VSP, two TPAs and one PBM,” said Paul Zumbrook, senior vice president, partner relations.
Coverage will begin Jan. 1.
UBA CEO Thom Mangan said their exchange is unique because it’s proprietary to the firm.
“Like all things UBA, we decided to create a unique and proprietary product that was exclusive for our UBA partner firms to better serve their clients,” Mangan said in a statement. “This self-service platform provides employees an opportunity to compare plans and make more informed decisions based on their health care and financial situation, making them better consumers.”
The exchange will also offer a “full suite of services” such as online enrollment, an employee contact center, accounting, payroll deduction reporting and billing, executives said.
UBA built its own exchange using the technology through a partner firm, Hanna Global Solutions, a Concord, Calif.-based benefits company.