Towers Watson, a global professional services company, today announced a nonexclusive agreement with The Segal Group to expand access to the private Medicare solution on Towers Watson's OneExchange.
Under terms of the agreement, Segal will offer OneExchange as a prequalified option to its clients seeking a private exchange solution for their Medicare-eligible retirees.
According to Edward A. Kaplan, SVP and The Segal Group’s national health practice leader, "Segal is committed to offering health plan sponsors and their retirees new solutions that reflect their changing needs and the evolution of the retiree health plan market."
"Segal is an independent advisor that tailors health benefit solutions to meet our clients’ objectives, and this initiative expedites the vetting process by ensuring the private exchange vendors our clients consider meet several important requirements in the areas of experience, service and stability."
Towers Watson’s OneExchange Medicare solution offers thousands of private Medicare plans from more than 90 health insurers and licensed benefit advisors, as well as technology-based decision support to provide personalized guidance to retirees. The OneExchange Medicare solution is the nation’s largest and longest-standing private Medicare exchange. Nearly 400 employers have adopted the exchange, which serves hundreds of thousands of retirees.
"Segal is the leading benefit consultant to public sector and multiemployer health plans, with rich traditions and a trusted brand," said Bryce Williams, managing director of Towers Watson’s Exchange Solutions business segment. "Retiree exchanges have become commonplace for employers in the private sector, and a growing percentage of our retiree exchange clients are public sector employers or sponsors of multiemployer health plans. Through this agreement with Segal, we expect more participation in our private Medicare exchange from both public and private sector plan sponsors seeking new retiree health solutions."