Paychex Expands Its Private Exchange Offerings for Employers Nationwide
In time for open enrollment, Paychex, Inc., a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small- to medium-sized businesses, today announced the addition of new tools and resources available through the Paychex Insurance Agency (PIA) Personal Marketplace, a private insurance exchange where employees who are not eligible for group coverage can shop, compare, and purchase individual health insurance from a variety of insurance carriers.
In its second full year, the Personal Marketplace offers a convenient way for employers who are not required to offer a group plan under the Affordable Care Act (ACA) to help their employees gain access to coverage, and avoid increasing penalties for non-coverage under the ACA’s individual mandate to purchase health insurance. Individuals will have convenient access to a wide range of affordable benefit options, as well as decision tools and cost estimators for both private and tax credit-eligible health plans
"With the success of our private marketplace in its first year and the growing interest from our clients for additional ways they can provide low-cost benefit options to their employees, we’re excited to be offering even more resources for employers and their employees through the latest enhancements to our Personal Marketplace,” said Kevin Hill, Paychex vice president of insurance and HR Solutions services.
With the Personal Marketplace now in its second year, Paychex is implementing new features through ConnectedHealth.
- My Thrive Score™ will give consumers a personal “credit score” for their health and financial security, providing a view of four key cornerstones of their lives: health, income, assets, and future savings.
- The newly enhanced Genie™ employer administration portal will make it easy for businesses to give employees access to flexible, low-cost benefits by helping them shop for and enroll in individual health insurance, including private insurance plans as well as plans eligible for a tax credit. Employers can also manage automated employee communications.
“As the Affordable Care Act continues to unfold and 2016 open enrollment gears up nationwide, Paychex understands the struggles many businesses face in offering competitive employee benefits,” says Joe Donlan, president of ConnectedHealth. “Our expanded solution offers unique benefits strategies to help small employers and their employees maintain affordable health insurance.”
Last year, more than 3,000 of Paychex’s clients expressed interest in offering individual exchange options to their employees. This interest demonstrates a need in that market segment for employers to provide benefits even outside of traditional group insurance for their non-group eligible employees such as part-time employees, contractors, seasonal, and employees who are government-tax-credit-eligible.
For more information about Paychex and the Paychex Insurance Agency Personal Marketplace