iSelect launches private health benefits exchange in Michigan
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iSelect L.L.C. has launched Michigan's multi-insurer and multidistributor private health benefits exchange.
In a statement released Monday, the Royal Oak, Mich.-based benefits intermediary said its exchange, iSelect Custom Benefits Store, was designed to accommodate primarily midsize and small employers pursuing defined contribution funding strategies for their group health benefit plans.
The Custom Benefits Store will provide employers with access to a range of health and voluntary benefits, including major medical, dental, vision, disability and life insurance plans.
“iSelect levels the benefits playing field for midsized employers,” iSelect founder and CEO Denise Christy said in the company's statement. “iSelect gives employers access — through their independent insurance agents — to multiple carriers and a menu of benefit options not available previously in the small and midsized employer market.“
The plans available through the exchange will be underwritten by two nonprofit insurers: Detroit-based Health Alliance Plan of Michigan and Grand Rapids, Mich.-based Priority Health Managed Benefits Inc., according to the company's statement.
