SOURCE: Acclaris

Acclaris

October 28, 2014 09:00 ET

Acclaris and SelectQuote Senior Partner to Improve Retiree Healthcare

Joint Solution Gives Retirees More Flexibility and Greater Control Over Their Health Insurance Coverage

TAMPA, FL--(Marketwired - Oct 28, 2014) -  The way employers provide health insurance to retirees is rapidly evolving, but seniors often struggle with the complexities of today's insurance plans. SelectQuote Senior and Acclaris today announced a strategic partnership to transform employer-sponsored retiree health programs by delivering defined contribution packages for retirees. This approach provides flexibility and control over health insurance coverage in a user-friendly interface specifically built for retirees.

The retiree population presents specific usability and interactivity challenges. Leveraging its expertise serving the individual retiree market, SelectQuote Senior partnered with Acclaris to expand its services to meet the growing demand of employers interested in sponsoring retiree-defined contribution plans rather than rigid one-size-fits-all plans.

"We have a deep history working with the retiree experience. It was important to us that we engage with a partner willing to meet our specific service standards so we can best serve our retirees," said Tom Grant, President of SelectQuote Senior. "Acclaris went above and beyond to understand the senior market and deliver a platform that meets the unique needs of our retirees and their employers. Our existing clients are thrilled, and we have already successfully competed for employer accounts against much larger health care exchange companies."

Acclaris delivers both the technology and services needed to operate a private-labeled claims reimbursement platform and call center that integrate seamlessly with SelectQuote Senior's operations. As part of the partnership, the Acclaris team underwent a three-month training process and completed SelectQuote Senior's rigorous senior sensitivity training. Acclaris helped SelectQuote Senior set up and administer the new premium reimbursement plan and will manage any retiree call activity the program generates.

"Employers are looking for ways to manage the cost of providing retiree health coverage, and the retiree community needs solutions that are easy to understand and manage to ensure they get the full value of their benefits packages," said Acclaris CEO Dean Mason. "Defined contribution plans help employers minimize costs while easing the reimbursement burden on retirees and giving them a broader choice of carriers."

Under a typical retiree-defined contribution plan, the employer allocates an annual dollar amount for each plan participant. This amount is typically based on years of service at retirement. For example, at $100 per year of service, a retiree with 25 years of service at retirement is provided with $2,500 per year to use to purchase health insurance in the individual market.

These dollars are put into a reimbursement account and are used to reimburse retirees for the premiums they pay for qualified health insurance coverage they obtain in the individual insurance marketplace. Under such a plan, retirees enroll in the health plan that best meets their needs and pay premiums directly to the insurance company. They are able to submit the proof of payment in the form of a claim and receive reimbursement up to the monthly or annual limits of the defined contribution plan.

About Acclaris:

Acclaris provides the services and technology that health plans, third-party administrators and banks rely on to deliver healthcare and reimbursement accounts to a growing market. Acclaris stands out from the competition for its operational efficiency, configurable (SaaS) technology and responsive services team. Partnering with Acclaris, clients of all sizes are able to deliver a range of innovative account options and an exceptional customer experience.

About SelectQuote Benefit Solutions:

SelectQuote was founded in 1985 and has been an innovative and established leader in building and operating insurance exchanges for auto & home, term life and Medicare insurance products. Through its insurance exchanges, SelectQuote offers voluntary benefit programs that provide substantial cost savings to corporations, public sector employers, unions, associations and their employees, members or retirees. SelectQuote has delivered business solutions to companies and organizations such as Hallmark, VFW (Veterans of Foreign War) and Transamerica, resulting in more than 140,000 policies annually and over 900,000 active customers. For more information visit SelectQuote Benefit Solutions online or connect via LinkedIn, Facebook or Twitter.

Contact Information

  • Media Contact:
    Erica Camilo
    Connexa Communications for Acclaris
    Email Contact
    610.639.5644