|Web broker entity agreement enables Towers Watson to help employers connect eligible populations to the federally run exchange
NEW YORK, August 9, 2013 — Towers Watson (NYSE, NASDAQ: TW), a global professional services company, today announced that it has signed a web broker entity agreement with the Centers for Medicare & Medicaid Services, which supervises the federally facilitated marketplace — the health insurance exchange operated by the federal government in 36 states.
With this agreement, Towers Watson can help employers provide health insurance education and enrollment services to part-time and seasonal employees, retirees and their dependents by supporting them as they evaluate and purchase individual health plans on the federally run exchange.
Towers Watson's exchange platform will seamlessly integrate with federal eligibility systems so that it can assist individuals every step of the way as they shop for and enroll in subsidized coverage through the federal exchange. The agreement specifies privacy and security requirements and consumer support guidelines that web broker entities must follow to protect individuals who purchase plans on the federal exchange.
According to the Kaiser Family Foundation, 78 percent of the uninsured live in households where at least one family member works. Many people who hold part-time or seasonal positions do not have access to employer-sponsored health benefits, and when they do, many do not opt in to the coverage.
Bryce Williams, managing director of Exchange Solutions for Towers Watson, said, "Many Americans today either don't qualify for their employer's health plan or choose not to enroll in it. This agreement lets Towers Watson help employers provide a way for part-time and seasonal employees, retirees and their dependents to learn about the health insurance options available to them, qualify for subsidies if they are eligible and enroll in health coverage on the federal exchange."
Added Williams, "This lets us be a single destination for advice on getting coverage in all 36 states served by the federal exchange, both for employers and their geographically diverse workforces."
Towers Watson operates the nation's largest private Medicare exchange, which offers thousands of private Medicare plans from more than 85 health insurance carriers. Licensed benefit advisors and technology-based decision support tools provide personalized support and expert guidance to retirees as they shop for individual plans. Nearly 300 public and private sector employers and trade associations have used Towers Watson's private Medicare exchange to connect more than a half million customers with health coverage.
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 solutions in the areas of benefits, talent management, rewards, and risk and capital management. Towers Watson has 14,000 associates around the world and is located on the web at towerswatson.com.
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: 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 business fails to maintain good relationships with insurance carriers, becomes dependent upon a limited number of insurance carriers or fails 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; 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.