With the cost of healthcare claims continuing to rise, there is increasing interest in private exchanges, according to a recent survey conducted by Wells Fargo Insurance, a national insurance brokerage firm and part of Wells Fargo & Co. The survey of more than 70 insurance companies nationwide showed that rising healthcare premium costs are forcing employers to find new ways to control costs while maintaining and improving the health risk of their employees. Key highlights of the survey results include:
- Forty-seven percent of the insurance companies surveyed said they will launch their own proprietary private exchange by 2015.
- Overall claim costs will continue to increase in the high single digits next year.
- Employers are very interested in private exchanges and defined contribution strategies to manage rising healthcare costs.
- The top three employer product innovations in 2014 are accountable care organizations (ACOs), increased wellness programs, and narrow provider network offerings.
