MINNEAPOLIS, Aug. 25, 2014 /PRNewswire/ -- CieloStar, a leading nationwide healthcare benefit distribution, private health exchange and payment technology company, announced today that it has partnered with HCC Life Insurance to extend the private healthcare exchange concept to the self-funded marketplace. The "HCC Self-funded Private Exchange" will offer an exclusive pricing arrangement that allows selected HCC Partner Brokers, Benefit Consultants, and Third Party Administrators to offer self-funded employers access to the most effective benefits management private exchange available at a fraction of the cost of providing these services by other means.
"Self-funded health plans have long since offered employers a level of flexibility and predictability that fully insured plans haven't," said William Mehus, Executive Chairman of Cielostar. "Our partnership with HCC now adds Cielostar's BenefitReady® program and our reliable technology to the self-funded marketplace in the most cost-effective way possible."
The HCC Private Exchange is a groundbreaking self-service based exchange that offers customized self-funded employee benefit plans. The HCC Private Exchange is complimented by a full line of employer specific voluntary benefit packages and also provides an integrated and efficient benefit selection experience with the use of a patented decision support-modeling tool for employees. The HCC Private Exchange offers employers and TPAs an integrated employer administration and reporting system, as well as comprehensive administration tools to support the needs of self-funded arrangements.
"Human Resources professionals will appreciate the benefits portal and the ease with which they and their employees can manage the enrollment process," added Mehus. "Employees will have the ability to manage all information related to dependents and beneficiaries, as well as access a "Knowledge Base" menu of client-specific links and form." Mehus noted that Cielostar's BenefitReady® platform facilitates the collection, management, processing, and transfer of all the pertinent data that is typically involved with benefits administration.
CieloStar has been helping employers and employees across the country navigate the ever-changing world of benefits since 1988. The company's expanding suite of products and services includes high-tech, high-touch SaaS based solutions, sophisticated decision support technology, private exchanges, enrollment solutions, mobile and web-enabled technology, health and wellness tools, bill consolidation and provider payment solutions. CieloStar, headquartered in Minneapolis, MN is privately held, employee owned. Visit www.cielostar.com for more information.
ABOUT HCC LIFE INSURANCE COMPANY:
For nearly 35 years, HCC Life Insurance Company has been leading the way in medical stop loss insurance for employers who self-fund their employee benefit plans. HCC Life's products, including medical stop loss, group term life insurance and short term medical insurance are backed by the financial stability of its parent company, HCC Insurance Holdings, Inc. (NYSE: HCC). HCC Life holds a financial strength rating of AA (Very Strong) by Standard & Poor's and Fitch Ratings and A+ (Superior) by A.M Best Company. Visit www.hcc.com/life for more information.
Contact: William P. Mehus, Executive Chairman