Eide Bailly LLP, a regional certified public accounting and business advisory firm, has announced the launch of the Eide Bailly Private Exchange, a private insurance exchange system that will give businesses and their employees an exciting new option for health care coverage through the flexibility of a defined contribution health plan.
The Eide Bailly Private Exchange offers businesses that no longer qualify for or cannot afford traditional group health plans a new alternative, and a way to budget their health care costs. Rather than pay all or a portion of a premium, defined contribution plans allow a business to set aside a fixed dollar amount for employees to use for their choice of health insurance. Employees then can log on to the Eide Bailly Private Exchange to compare and select a policy from among a variety of individual health plans being offered by health insurers in their area.
In addition, businesses can coordinate with public insurance exchanges that provide subsidies to individuals if their employers don’t offer group coverage or their group coverage is unaffordable. This coordinated effort between private and public exchanges can, in many cases, offer lower cost options to the employer and their employees than offering a group health plan, said Linda Heuer, Principal of Eide Bailly Employee Benefits.
“This approach allows even the smallest of businesses to offer their employees quality health-related benefits, while maximizing the IRS-approved tax savings for both the employer and employees,” Heuer said. “The Eide Bally Private Exchange provides a simple tool for both businesses and their employees. Comparing plan options is as easy as comparing airline prices on travel websites.”
“Cost and regulations are making group health insurance plans less and less viable,” Heuer continued. “Forward-thinking employers have already begun adopting the Eide Bailly Private Exchange to address their benefits challenges and prepare for the upcoming requirements of the Affordable Care Act. Early adopters are finding it to be an effective solution, especially if they had given up on offering their employees any type of benefits.”
The Eide Bailly Private Exchange also offers the ability for employees to be connected to live experts licensed in all 50 states who can provide them the best options for their family, regardless of pre-existing conditions or budget. Also, options aren’t just limited to health insurance. Experts are available in life insurance, dental insurance, long term care insurance, Medicare supplements, voluntary benefits (accident, critical illness, hospital indemnity), and even home and auto insurance. The Eide Bailly Private Exchange also coordinates with pre-tax plans, such as flexible benefit plans and health savings accounts.
For more information about a defined contribution plan with the Eide Bailly Private Exchange, visit www.eidebaillybenefits.com
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About Eide Bailly LLP
Eide Bailly provides 49,000 clients across the nation with core services of audit & assurance and tax, as well as expanded services, including accounting services, cost segregation, employee benefits, enterprise risk management, financial services, forensic & valuation, health care reform, international services, technology consulting, transaction services and wealth management. Eide Bailly has offices located in Phoenix, Ariz.; Boulder, Denver, Golden, Grand Junction, Frisco and Vail, Colorado; Boise, Idaho; Dubuque, Iowa; Norman, Oklahoma City and Tulsa, Okla.; Mankato and Minneapolis, Minn.; Billings, Mont.; Bismarck, Fargo and Williston, N.D.; Sioux Falls and Aberdeen, S.D; and Ogden and Salt Lake City, Utah.
About Eide Bailly Employee Benefits
Eide Bailly provides consulting and administration of employee benefit plans for clients who offer FSA, HRA, HSA, VEBA, Qualified Transit Expense Accounts, Defined Contribution and Continuation plans. Eide Bailly is a leader in health care reform providing a proprietary Healthcare Reform Analytic Tool that helps employers estimate their costs for health insurance as well as estimate subsidies available to employees.
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