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Highmark offers defined contribution health insurance for small businesses

By - Last modified: October 24, 2012 at 11:26 AM

Highmark Inc. announced today that it is expanding its myBenefits defined contribution health insurance platform to small businesses and Medicare-eligible retirees throughout its Pennsylvania service areas.

Offered through Array Health’s insurance exchange platform, Highmark’s plan allows employers to set a monthly fixed dollar allowance for employees or Medicare retirees to go to an online insurance store to select health plan and ancillary product options.

According to a news release, the platform includes decision support tools to help employees compare, choose and enroll in plans that fit their specific health needs, and an administration dashboard for employers and brokers to access all the information they need to administer the company’s health benefits.

For small businesses covering 10 to 99 individuals, myBenefits offers four predefined sets of its most popular medical plans, each with five medical options, including those qualifying for health savings account and health reimbursement arrangement options. Employers also may include three dental and two vision plans as well as critical illness and accident coverage.

For employers and unions offering traditional group retiree benefits, myRetireeBenefits provides an alternative to help manage retiree medical spending while giving Medicare-eligible retirees a choice of several group Medicare Advantage and Medicare Supplement plan options.