CU Benefits Alliance has launched MyCUexchange, a private health insurance exchange platform for credit union members and employees.
Insurance shoppers are directed to the private exchange website where they can compare and select a policy from among a variety of individual health plans being offered by health insurers in their area, according to CU Benefits Alliance. The Salem, Ore.-based CUSO is owned by 18 credit unions and provides development, delivery, and management of benefits plans.
Members can also choose to be connected to live experts, who are licensed in all 50 states, to provide them guidance regarding the best options for their family regardless of pre-existing conditions or budget, the CUSO said.
Experts will look for the right plan in two different markets:
- On exchange personal health plans – all the major carriers offered on the government exchanges; federal subsidies to help pay premiums may be available.
- Off exchange personal health plans – more carriers than those offered on the government exchanges, better networks and lower premiums may be available but subsidies cannot be used, according to CU Benefits Alliance.
The MyCUexchange is not limited to health insurance solutions, said John Harris, CEO of CU Benefits Alliance. Experts will be available in long-term care insurance, disability insurance, Medicare supplements and voluntary benefits including accident, critical illness and hospital indemnity.
A variety of healthcare discount savings will also be available for TeleHealth, dental, vision services and prescription drugs.
The exchange is offering credit union members and employees a free prescription card, to save on their prescription medications, just for logging onto the site, according to the CUSO.
Harris said individual circumstances regarding health insurance will be changing for millions of people and they may not be aware of their choices today.
Over the next several months, as many as one third of credit union members may be faced with healthcare decisions never experienced before, he noted.
“Families will be forced to share more financially than ever before in their personal healthcare expenses, such as, higher deductibles, higher co-pays and higher prescription drug costs,” Harris said. “Credit unions have a unique opportunity to step up and help their members through this financially challenging time.”
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