The Private Exchange Evaluation Collaborative (PEEC) is an initiative launched in 2013 by four leading business groups
Midwest Business Group on Health, Employers Health, Northeast Business Group on Health and the Pacific Business Group on Health along with PwC US to provide unbiased, comparative information on numerous private exchange strategies out in the marketplace as well as highlight key purchasing decisions employers are exploring.
PEEC can help an employer determine what is right for them by providing:
- Detailed information on what other employers are thinking about private exchanges and what exchange features are important to purchasers.
- Comprehensive market intelligence about the leading providers of private health exchanges – their financial models, product offerings, technology, business process capabilities, administrative burden, employee support and more.
- Personal, on-site support with evaluating the private exchange strategy and figuring out which exchanges might best fit with your company’s benefit directions and objectives
Why PEEC is important now
Multiple studies now indicate that U.S. employers are increasingly looking at private exchange options for both active and retired employees. Brokers, consultants, payers and other intermediaries offer private exchanges, but a mix of vested interests is at play among these service providers. PEEC is the first independent, objective initiative designed to support employers in developing private exchange strategies and evaluating potential choices among exchange vendors.
Employer Benchmarking Surveys on the Value of Private Exchanges
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| ( click on picture to view survey results) |
PEEC has completed nation employer surveys to gauge the interest and directions employers are exploring on the topic of private exchanges.
2014 Key Survey Findings:
- Employer commitment to providing medical benefits to employees remains very high with 97% of respondents indicating they were very likely to offer coverage in 2016, up from 77% in last year’s survey. Employers also report less interest in public exchanges as options for key workforce segments with 67% say they are not considering such an approach for part-time employees and 84% not considering for their full-time active employees.
- Cost, cost, and cost: In considering a private exchange for active employees, 98% of respondents said that the cost of plan options was “somewhat” or “very” important (up 5 points from last year).
- The “level of fees” was only 1 point behind at 97% (up 3 points from last year).
- Saving money and consumer choice were the top two reasons cited by employers who have already implemented an exchange.
2013 Survey Results:
According to the 723 employers that completed the survey, 45 percent said they will be using, or will consider the use of a private exchange for their full-time active employees before 2018. View all the results!