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Sears Shifts To The Insurance Exchange Model

09/28/12

  04:13:34 pm, by MedBen5   , 179 words,  
Categories: News, Health Plan Management

Sears Shifts To The Insurance Exchange Model

We recently noted a Deloitte survey which found that 9% of employers expect to drop their health coverage when insurance exchanges become available in 2014. But earlier this week, one major retailer revealed that it doesn’t intend to wait until then:

“Sears Holdings Corp., in an effort to control its health care costs, has joined a private insurance exchange and will provide employees with a fixed allowance to buy insurance.

“The Hoffman Estates-based retailer, with more than 90,000 workers eligible for coverage, becomes one of the largest U.S. employers to move away from traditional defined benefit health plans in favor of an approach that effectively shifts the choice of health insurance from companies to workers.

“Sears said it is optimistic that more choice and competition will drive down health care costs.

‘"The corporate exchange model brings increased flexibility to group health coverage for our associates, giving participants a chance to choose both the level of coverage and the insurance company that best meets their needs,’ Sears spokesman Chris Braithwaite said in a statement.”

Read more at the Chicago Tribune.

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