AGC set to launch private insurance exchange
The Associated General Contractors of America is set to debut “The AGC Alternative: A Private Insurance Exchange.” The new exchange, in cooperation with Willis North America, is anticipated to be live this summer. According to officials, it will allow the association’s member firms to deliver better health insurance and related benefits to their employees at a lower cost.
“This new exchange will make it far easier for member firms to provide top quality health insurance and related benefits for their employees,” said Stephen E. Sandherr, the association’s chief executive officer. “Our members will now be able to secure the kind of convenient and discounted benefits that a growing number of large employers already enjoy.”
Sandherr noted that the new private exchange should reduce costs and the administrative burden of providing insurance benefits for the 95% of member firms that report they already provide health insurance to their employees. And because the exchange will offer a broader range of options than typically available to individual firms, officials believe employers and their employees will get more of the benefits that meet their particular needs. The new exchange will also make it easier for firms to comply with the Affordable Care Act requirements.
“Willis has been a long term partner with AGC and while we have previously focused our efforts in the very important area of employee and jobsite safety, we are delighted to work with AGC to bring this new solution to AGC member firms and their employees,” said Rick Hawkinberry, Willis Construction CEO.
Once AGC and Willis complete preparations, including securing a national insurance provider, each member firm will each be able to set up its own private company benefits exchange site for employees, Sandherr added. Participating firms will then provide a stipend to their employees, who will use those funds to shop for health insurance and other benefits offered through the exchange.
For more information about the association’s new private insurance exchange, visit www.agc.org/exchange.