BOSTON – Fidelity Investments® today announced that Fidelity Health MarketplaceSM, which offers one-stop access to health and wellness benefits to small and midsized businesses and their employees, has expanded into California. Fidelity Health Marketplace offers employers and their employees an extensive network of national and regional medical, dental, vision, life and disability benefits in addition to tax-savings options and access to wellness tools and programs; all in an integrated view with retirement benefits and payroll. The marketplace already operates in New York and Massachusetts.
"California is home to startups and established small companies of all kinds that could benefit from a technology-driven solution to expand choice, improve decision-making and ease the administrative burden of managing benefits, "said Joe Laurin, president of Fidelity Health Marketplace. "Our marketplace lowers the costs of offering benefits and makes accessing benefits easier for employees, not just during annual enrollment, but throughout the year as they access and manage their health, financial, and wellness benefits more holistically."
Fidelity Health Marketplace uses a private health exchange model to offer more choice and lower costs for employers and their employees at a time when both groups are very concerned about the future of health insurance benefits. A recent survey1 that included both employees and employers found:
- 76% of consumers surveyed are concerned that healthcare will increase in cost and complexity
- Less than half (48%) feel their level of healthcare will be maintained in the next five years
Not surprisingly, employers are concerned about costs too, but they also worry about attracting and retaining talent:
- Nearly 60% of employers are concerned about how competitive their benefits are versus other employers
- 77% of employers indicated that their highest priority is to ensure that employees see the value of the healthcare benefits they are offered.
- The vast majority (80%), of employees indicated that a competitive healthcare benefits package is important to them; and even more so among those under 30.
"The war for talent is something that all employers are dealing with and we know that offering a comprehensive benefits package is still an important part of the equation to attract the right people," continued Laurin.
Fidelity Health Marketplace has signed on key regional and national insurance carriers in California including Anthem Blue Cross ©, Blue Shield of California©, and Kaiser Permanente©. The marketplace offers full-service support beginning with assisting clients in determining the right plans to offer their employee base and a decision support tool to help employees select benefits. It is also integrated with Fidelity NetBenefits®, offering employees access to all of their health and financial benefits, including the Fidelity HSA® and Fidelity Payroll Solutions. The platform offers an integrated enrollment experience and pre-configured connections to a network of insurance carriers and a range of health and other ancillary benefits.
For more information on Fidelity Health Marketplace, please click here or follow us on Twitter @Fidelity_Health.
About Fidelity Health Marketplace
Fidelity Health Marketplace offers one-stop access to health and welfare benefits to small and midsized businesses and their employees. The platform offers employers the ability to choose from an extensive network of national and regional medical, dental, vision, life and disability benefits, tax-savings options and access to wellness tools and programs and a decision tool to help employees select benefits, all backed by Fidelity's customer service. Fidelity Health Marketplace is a Fidelity Investments company. For more information, please visit www.fidelityhealthmarketplace.com.
About Fidelity Investments
Fidelity's goal is to make financial expertise broadly accessible and effective in helping people live the lives they want. With assets under administration of $5.6 trillion, including managed assets of $2.1 trillion as of July 31, 2016, we focus on meeting the unique needs of a diverse set of customers: helping more than 25 million people invest their own life savings, nearly 20,000 businesses manage employee benefit programs, as well as providing nearly 10,000 advisory firms with investment and technology solutions to invest their own clients' money. Privately held for nearly 70 years, Fidelity employs 45,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about.