SPI Announces SPI HealthLink: A Health Care Private Exchange for the Plastics Industry
WASHINGTON, April 10, 2014 /PRNewswire/ -- SPI: The Plastics Industry Trade Association today announced a new health care private exchange for the exclusive benefit of its members. Combating the traditional one-size-fits-all approach to health care, SPI HealthLink allows an easy solution for employers wanting to offer a more flexible option for the vastly different needs of their employees.
"The first step in the success of any health care plan is to recognize the issues that need to be addressed," said SPI President and CEO William R. Carteaux. "Where SPI HealthLink stands out as such an attractive option for employers, is in its ability to create a predictable solution that is both time and cost efficient."
Data collected by JD Power & Associates shows that while 47 percent of businesses claim the intention to adopt a private exchange, a vast majority still only offer a single choice in health benefits to their employees. Questions about cost, predictability and the ability to streamline administrative tasks are the leading concerns for employers when evaluating health care options. However, because SPI HealthLink is administered by the Benefits and HR Consulting team of international service provider Arthur J. Gallagher & Co., these roadblocks can become nonexistent.
"There are a lot of questions out there for employers when it comes to choosing the best health care plan for their company," said Mark Orzechowski, Senior VP, Benefits and HR Consulting at Arthur J. Gallagher & Co. "Since companies don't have to worry about the administration of this private exchange, they can finally get out of the benefits business and get back to doing what they do best – running a company."
Companies who adopt SPI HealthLink will also see their employees benefit from a defined contribution (DC) strategy. Unlike the defined benefit approach, a DC approach allows for full transparency in total employee compensation and makes it possible for employers to set their long-term benefits budget based on predictions. A defined contribution strategy works best in an exchange environment, where employees have the choice of how to spend their benefits dollars.
Interested companies are invited to contact SPI to set up a customized solution preview with guidance from Gallagher's Benefits and HR Consulting team. For more information, visit www.plasticsindustry.org/HealthLink.
Founded in 1937, SPI: The Plastics Industry Trade Association promotes growth in the $373 billion U.S. plastics industry. Representing nearly 900,000 American workers in the third largest U.S. manufacturing industry, SPI delivers legislative and regulatory advocacy, market research, industry promotion and the fostering of business relationships and zero waste strategies. SPI also owns and produces the international NPE trade show. All profits from NPE are reinvested into SPI's industry services. Find SPI online at www.plasticsindustry.org and www.inthehopper.org.
About the Benefits and HR Consulting operations of Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co.'s Benefits and HR Consulting operations offer a full range of employee benefits and HR consulting services to clients in approximately 90 countries. Those services include benefits strategy, plan design and management, financial planning, actuarial, data analysis and benchmarking, retirement brokerage and consulting, human resource services and more. Learn about us at www.ajg.com.
SOURCE SPI: The Plastics Industry Trade Association