isolved, a leading human capital management (HCM) partner, has unveiled its new offering, isolved Portable Alternative Coverage (PAC). This innovative solution, developed in collaboration with When, an approved partner of Healthcare.gov, aims to enhance the offboarding process and reduce the overall costs of medical insurance. isolved PAC supports COBRA-eligible employees by providing tailored health insurance alternatives, ensuring essential support during critical career transitions.
- Background and Need
- COBRA Overview: Since its enactment in 1986, COBRA has provided temporary health coverage, but today’s workforce demands more flexible options.
- New Solution: isolved PAC, powered by When’s AI-driven platform, offers a modern alternative to COBRA, focusing on employee well-being during transitions.
- Key Features of isolved PAC
- Cost Reduction: Reduces COBRA expenses by up to 70%, streamlining HR processes.
- Tailored Health Insurance: Provides COBRA-alternative options customized to employees’ post-employment needs.
- Retirement Planning: Offers personalized guidance for retirement-age employees exploring Medicare Advantage plans.
- Compliance and Customization: Ensures adherence to local and state regulations with intelligent workflows and customized severance packages.
- Employee Engagement: Enhances engagement and productivity by simplifying the alternative coverage process.
- Expert Insights
- Barry Gauch: VP of Strategic Alliances and Partnerships at isolved, highlights the holistic nature of isolved PAC in addressing both health insurance and financial planning needs during career transitions.
- Andy Hamilton: CEO at When, emphasizes the importance of a positive offboarding experience, noting that isolved PAC redefines this universal experience with empathy and support.
- Ken Harbin: Managing Partner at Contemporary Benefits Advisors, praises isolved PAC for reducing administrative burdens and costs while empowering employees with personalized health coverage options.
- Impact and Adoption
- Customer and Partner Feedback: The response to isolved PAC has been overwhelmingly positive, with organizations recognizing the value of COBRA-alternative options in creating a supportive offboarding experience.
- Broader Implications: The offering reflects a shift towards more empathetic and flexible solutions in employee offboarding, catering to modern workforce needs.
The introduction of isolved PAC marks a significant advancement in post-employment health insurance solutions. By reducing COBRA costs and providing tailored coverage options, isolved PAC not only enhances the offboarding process but also supports employees during critical career transitions with greater empathy and effectiveness.
