Regions
Insurance (NYSE:RF) today announced the company is offering
employers in four states access to a private health insurance exchange
platform that will help companies better manage benefits while offering
a wide array of insurance options for their employees.
“The health insurance market is changing. There are many complexities
and new requirements that employers must follow,” said Curren Coco, CEO
of Regions Insurance. “By offering a private exchange solution to
employers, we are helping companies understand and navigate changes in
the marketplace while continuing to offer their employees a variety of
comprehensive health insurance options.”
The private exchange, called Regions TruSelect, will be available to
employers that are based in Georgia, Indiana, Tennessee or Texas, and
have 50 or more eligible employees. Regions TruSelect will serve as an
online benefits marketplace, connecting employees of participating
companies to a wide array of medical, dental and vision coverage plans
through a variety of providers. Life and disability coverage, 401(k)
enrollment and other ancillary benefits will also be available later
this year.
Benefits to participating employers include the ability to manage costs
by using a defined contribution model. The model allows employers to set
a predetermined contribution for insurance options over a specific
period of time, resulting in a consistent method of budgeting. Regions
TruSelect also reduces administrative burdens on employers by connecting
employees directly with trained advisors who can answer employee benefit
questions.
Advantages for employees of participating companies include a broader
selection of coverage options than traditional benefits plans. Options
will include the ability to establish a health savings account. With
multiple plans available on the private exchange, employees will have
greater flexibility to customize insurance coverage to meet their
specific needs. The private exchange also provides an opportunity for
employees to increase their control over take-home pay as a result of
the ability to choose from multiple options and price points.
Bloom Health, headquartered in Minneapolis, Minnesota, will use its
Private Exchange Platform® solution to power Regions TruSelect. Bloom
Health’s technology and service infrastructure offers user-friendly
online tools and tailored phone support from a team of advisors who
assist customers through the insurance selection process.
“Our goal is to ensure our customers are well-informed, educated and
confident in their benefits decision-making and to support employers in
setting multi-year strategies that bring predictability to their
benefits budgets,” said Simeon Schindelman, Chairman and CEO of Bloom
Health. “We are energized about expanding the national reach of the
Bloom platform through our relationship with Regions Insurance, a
well-respected and trusted agency committed to bringing innovative
solutions to their clients.”
Plans offered through Regions TruSelect will meet or exceed requirements
of the Affordable Care Act, helping employers ensure compliance with the
new federal law. While plans will meet ACA requirements, Regions
TruSelect is a private exchange that is separate from federal and state
exchange systems.
Regions Insurance provides a full range of insurance brokerage services.
The company offers access to an array of medical, dental, vision and
disability plans as well as voluntary products and other employee
benefits plans from carriers and vendors across the United States.
Employers interested in learning more about Regions TruSelect are
encouraged to contact a Regions Insurance advisor. Additional
information about Regions Insurance and its products and services can be
found at www.regionsinsurance.com.
About Regions Insurance
Regions Insurance, an affiliate of Regions Bank, is ranked among the top
30 U.S. insurance brokers and is the sixth-largest insurance broker
based in the Southeast. Regions Insurance offers comprehensive insurance
solutions and risk management services for businesses and individuals
through more than 500 insurance professionals located throughout the 16
states Regions serves.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $117 billion in assets, is
a member of the S&P 500 Index and is one of the nation’s largest
full-service providers of consumer and commercial banking, wealth
management, mortgage, and insurance products and services. Regions
serves customers in 16 states across the South, Midwest and Texas, and
through its subsidiary, Regions Bank, operates approximately 1,700
banking offices and 2,000 ATMs. Additional information about Regions and
its full line of products and services can be found at www.regions.com.
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