50 Employers Become Repeat Customers of Towers Watson’s OneExchange
05 June 2014 - 11:05PM
Business Wire
Employers return to OneExchange to meet business objectives
and provide retirees with a meaningful choice of plans and better
health care value
Towers Watson (NYSE, NASDAQ:TW), a leading global professional
services company, announced today that 50 major U.S. employers that
previously transitioned retirees to the company’s OneExchange
solution for Medicare-eligible retirees are now making the exchange
available to new groups of retirees, becoming repeat customers.
While many employers transition all of their Medicare-eligible
retirees at the same time, some transition them in waves.
Reasons for a phased approach include differing timelines for
union contract negotiations, the desire to test-drive an exchange
with a portion of a population and the opportunity to streamline
benefits administration by providing consistent benefits to
retirees of newly acquired companies, if appropriate.
In the case of Eastman Chemical Company of Kingsport, Tennessee,
after completing its initial transition of retirees to Towers
Watson’s private Medicare exchange in 2009, Eastman acquired
several companies and assumed benefits administration
responsibilities for those retirees.
“Where appropriate, we have found opportunities to transition
acquired retirees from a more traditional benefit offering
(company-sponsored, limited plan choices) to the OneExchange model,
which includes more plan choices and typically more buying power
than traditional company-sponsored coverage,” said Phil Belcher,
U.S. Health & Welfare Plans Manager for Eastman Chemical. “Our
retirees also get personalized help choosing plans that meet their
health needs, while also allowing them to continue using the same
doctors, hospitals and pharmacies. Post-enrollment, OneExchange
makes sure that retiree questions are answered and issues with
health insurers are resolved when necessary."
“Bottom line,” said Belcher, “OneExchange represents a better
health care value proposition in aggregate for our retirees, and it
helps Eastman manage costs into the future.”
Private Medicare exchanges becoming more common for large
employers
In the 19th Annual Towers Watson/ National Business Group on
Health Employer Survey on Purchasing Value in Health Care, 71% of
respondents reported that they either already offer retirees access
to a private Medicare exchange or will offer one by 2016, up from
48% for 2015 and 32% for 2014.
“That 50 major U.S. employers have come back to us with new
groups of retirees reflects the maturity and proven value of our
exchange to both retirees and employers,” said Bryce Williams,
managing director of Towers Watson’s Exchange Solutions business
segment.
About the Towers Watson/National Business Group on Health
Employer Survey on Purchasing Value in Health Care
The 19th Annual Towers Watson/National Business Group on Health
Employer Survey on Purchasing Value in Health Care tracks
employers’ strategies and practices, and the results of their
efforts to provide and manage health benefits for their workforce.
This report identifies the actions of high-performing companies, as
well as current trends in the health care benefit programs of U.S.
employers with at least 1,000 employees. The survey was completed
by 595 employers between November 2013 and January 2014.
Respondents collectively employ 11.3 million full-time employees,
have 7.8 million employees enrolled in their health care programs
and represent all major industry sectors.
About Towers Watson
Towers Watson (NYSE, NASDAQ: TW) is a leading global
professional services company that helps organizations improve
performance through effective people, risk and financial
management. The company offers consulting, technology and solutions
in the areas of benefits, talent management, rewards, and risk and
capital management. Towers Watson has more than 14,000 associates
around the world and is located on the web at towerswatson.com.
Forward-Looking Statements
This document contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
You can identify these statements and other forward-looking
statements in this document by words such as “may,” “will,”
“would,” “expect,” “anticipate,” “believe,” “estimate,” “plan,”
“intend,” “continue,” or similar words, expressions or the negative
of such terms or other comparable terminology. Such statements are
based upon the current beliefs and expectations of Towers Watson’s
management and are subject to significant risks and uncertainties.
Actual results may differ from those set forth in the
forward-looking statements.
The following factors, among others, could cause actual results
to differ from those set forth in the forward-looking statements: a
decline in client demand (for example, resulting from the reduced
use of defined benefit plans); the risk of a disclosure breach of
company or client data; the ability to successfully make suitable
acquisitions and divestitures; the risk that the acquisitions of
Extend Health and Liazon are not profitable or are not otherwise
successfully integrated; our ability to protect client data and our
information systems; the risk that potential changes in federal and
state health care regulations, or future interpretation of existing
regulations, may have a material adverse impact on our business;
the risk that our Exchange Solutions or OneExchange businesses fail
to maintain good relationships with insurance carriers, become
dependent upon a limited number of insurance carriers or fail to
develop new insurance carrier relationships; the risk that changes
and developments in the health insurance system in the United
States could harm our business; our ability to respond to rapid
technological changes; the ability to recruit and retain qualified
employees and to retain client relationships; and the risk that a
significant or prolonged economic downturn could have a material
adverse effect on Towers Watson’s business, financial condition and
results of operations. Additional risks and factors are identified
under “Risk Factors” in Towers Watson’s most recent Annual Report
on Form 10-K filed with the SEC.
You should not rely upon forward-looking statements as
predictions of future events because these statements are based on
assumptions that may not come true and are speculative by their
nature. Towers Watson does not undertake an obligation to update
any of the forward-looking information included in this document,
whether as a result of new information, future events, changed
expectations or otherwise.
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Media:Towers WatsonMelanie Meharchand,
+1-650-292-8717melanie.meharchand@towerswatson.com
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