BlueCross BlueShield launching private exchange product

Employers seek range of choices in health insurance

BlueCross BlueShield of Tennessee is launching a new private exchange product for employers, responding to the need for greater flexibility in health insurance plans.

BlueMarket will be available to groups with at least 151 employees and is scheduled to launch in January 2015. The new product can be structured as a traditional defined-benefit plan or a defined-contribution plan, an increasingly popular model as employers try to contain costs while offering more choices to employees. BlueMarket will offer seven different medical plan options and streamline the enrollment process.

"BlueCross is committed to offering affordable health care coverage to all Tennesseans" Henry Smith, senior vice president of operations and chief marketing officer for BlueCross, said in a release. "We recognize that employer-sponsored plans will continue to be the way most people get their coverage and we want to lead the private exchange marketplace for Tennessee."