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Private Exchanges

Some employers are ditching the traditional benefits strategy of selecting what they think their employees want to be offered. The benefits landscape is changing and there is more emphasis on the employee’s diverse, personalized needs. Through a technological delivery system in a private exchange, employers can now enhance the employee’s experience when purchasing their benefits. This can be achieved by providing the following:

Choice and Flexibility

  • Private exchanges are online stores or marketplaces where employees can shop for all their benefits

Convenience

  • Employees can “shop” for their benefits using their computer or smart phone just like they do for other online retailers like Amazon

Personalization

  • Employees can use tools to help tailor their individual benefits portfolio

Year after year, employers struggle with providing a robust, competitive benefits package while trying to keep costs in check. The dreaded annual open enrollment period becomes a balancing act in what benefits to offer and how much to charge the employees. The private exchange model replaces this strategy with a defined contribution approach where the employer creates a total annual benefits budget and then backs into a per employee monthly spend. Employers will know their exact benefits cost per employee down to the penny.

JDM Benefits works with the leading private exchanges and will help you create a totally new way of offering benefits.

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