TAMPA, Fla.—Suncoast Credit Union has launched a new private health insurance exchange portal.
The credit union said its new subsidiary, Members Insurance Center, LLC, will offer a custom-branded health insurance marketplace that enables buyers to comparison shop and enroll online for individual health coverage.
The portal was developed by HealthPlan Services (HPS), a technology, sales, retention and administrative services provider for the insurance and managed care markets.
“This venture will allow our members to have access to quality, comprehensive medical insurance in a trusted and safe environment,” said Mona Russell, VP-insurance at Members Insurance Center, LLC, in a statement. “Offering health insurance, which is a concern for many, is yet another extension of our mission to improve the lives of our members.”
Suncoast said it has joined a growing list of companies using the technological infrastructure of the HPS My-ConsumerLink online private exchange platform, which gives members choices rather than selling only one brand of insurance. It cited an April 2015 report by Accenture that concluded the private exchange market will surpass state and federally funded ACA exchange health plan enrollment by 2018, reaching a total enrollment of approximately 40 million.