Regions Insurance Offers Private Health Insurance Exchange Solution to
Exchange will help companies connect employees with a variety of coverage
BIRMINGHAM, Ala. -- March 27, 2014
Regions Insurance (NYSE:RF) today announced the company is offering employers
in four states access to a private health insurance exchange platform that
will help companies better manage benefits while offering a wide array of
insurance options for their employees.
“The health insurance market is changing. There are many complexities and new
requirements that employers must follow,” said Curren Coco, CEO of Regions
Insurance. “By offering a private exchange solution to employers, we are
helping companies understand and navigate changes in the marketplace while
continuing to offer their employees a variety of comprehensive health
The private exchange, called Regions TruSelect, will be available to employers
that are based in Georgia, Indiana, Tennessee or Texas, and have 50 or more
eligible employees. Regions TruSelect will serve as an online benefits
marketplace, connecting employees of participating companies to a wide array
of medical, dental and vision coverage plans through a variety of providers.
Life and disability coverage, 401(k) enrollment and other ancillary benefits
will also be available later this year.
Benefits to participating employers include the ability to manage costs by
using a defined contribution model. The model allows employers to set a
predetermined contribution for insurance options over a specific period of
time, resulting in a consistent method of budgeting. Regions TruSelect also
reduces administrative burdens on employers by connecting employees directly
with trained advisors who can answer employee benefit questions.
Advantages for employees of participating companies include a broader
selection of coverage options than traditional benefits plans. Options will
include the ability to establish a health savings account. With multiple plans
available on the private exchange, employees will have greater flexibility to
customize insurance coverage to meet their specific needs. The private
exchange also provides an opportunity for employees to increase their control
over take-home pay as a result of the ability to choose from multiple options
and price points.
Bloom Health, headquartered in Minneapolis, Minnesota, will use its Private
Exchange Platform® solution to power Regions TruSelect. Bloom Health’s
technology and service infrastructure offers user-friendly online tools and
tailored phone support from a team of advisors who assist customers through
the insurance selection process.
“Our goal is to ensure our customers are well-informed, educated and confident
in their benefits decision-making and to support employers in setting
multi-year strategies that bring predictability to their benefits budgets,”
said Simeon Schindelman, Chairman and CEO of Bloom Health. “We are energized
about expanding the national reach of the Bloom platform through our
relationship with Regions Insurance, a well-respected and trusted agency
committed to bringing innovative solutions to their clients.”
Plans offered through Regions TruSelect will meet or exceed requirements of
the Affordable Care Act, helping employers ensure compliance with the new
federal law. While plans will meet ACA requirements, Regions TruSelect is a
private exchange that is separate from federal and state exchange systems.
Regions Insurance provides a full range of insurance brokerage services. The
company offers access to an array of medical, dental, vision and disability
plans as well as voluntary products and other employee benefits plans from
carriers and vendors across the United States.
Employers interested in learning more about Regions TruSelect are encouraged
to contact a Regions Insurance advisor. Additional information about Regions
Insurance and its products and services can be found at
About Regions Insurance
Regions Insurance, an affiliate of Regions Bank, is ranked among the top 30
U.S. insurance brokers and is the sixth-largest insurance broker based in the
Southeast. Regions Insurance offers comprehensive insurance solutions and risk
management services for businesses and individuals through more than 500
insurance professionals located throughout the 16 states Regions serves.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $117 billion in assets, is a
member of the S&P 500 Index and is one of the nation’s largest full-service
providers of consumer and commercial banking, wealth management, mortgage, and
insurance products and services. Regions serves customers in 16 states across
the South, Midwest and Texas, and through its subsidiary, Regions Bank,
operates approximately 1,700 banking offices and 2,000 ATMs. Additional
information about Regions and its full line of products and services can be
found at www.regions.com.
Regions Financial Corporation
Jeremy King, 205-264-4551
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