Benefits management company Bloom Health Corp. and Regions Insurance Inc., a unit of Regions Financial Corp., have partnered to offer a private health insurance exchange for midsize and large employers in four states.
The Regions TruSelect Private Exchange, powered by Minneapolis-based Bloom Health, will be available to companies with headquarters in Georgia, Indiana, Tennessee or Texas and having 50 or more eligible employees, Bloom said Thursday in a statement.
“We chose to work with Bloom Health based on a variety of factors, including Bloom’s innovative technology and customer-friendly online tools. Together, we look forward to connecting more employers to the defined contribution approach,” Tom Hayes, employee benefits practice leader of Birmingham, Ala.-based Regions Insurance, said in the statement.
Dental and vision coverage will be available immediately, and life, disability and specialty benefits will be added later in 2014, the benefits company said.
“By working with Regions, we are able to bring additional employers the opportunity to provide more personalized benefits choices to their employees while helping to maintain cost predictability for the employer,” Simeon Schindelman, chairman and CEO of Bloom Health, said in the statement.
Bloom will bring its existing health plan and ancillary carrier relationships and products to the Regions exchange, according to the statement.
“By offering a private exchange solution to employers, we are helping companies understand and navigate changes in the health insurance marketplace while offering their employees more coverage choices than traditional benefits programs,” Mr. Hayes said.