Paychex Expands Private Exchange Offering

Paychex, Inc. has added new tools and resources to the Paychex Insurance Agency (PIA) Personal Marketplace, a private insurance exchange where employees who are not eligible for group coverage can shop, compare, and purchase individual health insurance from a variety of insurance carriers.

The Personal Marketplace offers a way for employers who are not required to offer a group plan under the Affordable Care Act (ACA) to help their employees gain access to coverage, and avoid increasing penalties for non-coverage under the ACA’s individual mandate to purchase health insurance. Individuals will have access to a wide range of affordable benefit options, as well as decision tools and cost estimators for both private and tax credit-eligible health plans.

Paychex is implementing new features through ConnectedHealth:

• My Thrive Score will give consumers a personal “credit score” for their health and financial security, providing a view of four key cornerstones of their lives: health, income, assets, and future savings; and
• The newly enhanced Genie employer administration portal will make it easy for businesses to give employees access to benefits by helping them shop for and enroll in individual health insurance, including private insurance plans as well as plans eligible for a tax credit. Employers can also manage automated employee communications.

More information about Paychex and the Paychex Insurance Agency Personal Marketplace is here. For details regarding ConnectedHealth’s employee offerings and benefits technology, visit www.ConnectedHealth.com.