One Albany law firm is now using the variety and ease of its health insurance platform as a recruiting tools for new employees.
Tully Rinckey made the switch over to insurance broker Rose & Kiernan’s private exchange on Sept. 1. Mathew Tully, a founding partner, said the firm wanted to prepare for future growth. The law firm plans to open two new offices in 2016.
Tully said the response from employees has been so positive that it’s become a recruiting tool as current employees spread the word.
“We were looking to become comfortable with our current needs and where we’re going,” Tully said. “We’ve had applicants coming to our firm because of this platform … This is not only helping our bottom line but also helping our recruiting.”
Rose & Kiernan, the largest insurance broker in the Albany area, started its private exchange in 2013. The broker has seen rapid growth on the exchange, with more than 75,000 employees from 75 groups expected to be signed up at the end of this year.
The private exchange is an offshoot of the Affordable Care Act, where the government-run exchanges offer more narrow options for individuals and businesses. The exchange model allows employers to put a set contribution toward health insurance premiums and potentially offer more options.
Tully Rinckey, which has 127 employees, was facing hefty premium increases from its existing plan, ranging from 20 to 40 percent. Instead, the increase was negligible with the move to a private exchange, said chief operating officer Graig Cortelyou.
“We’re also able to offer a number of voluntary plans, such as a telemedicine policy,” Cortelyou said.
Rose & Kiernan’s private exchange is also providing the back-end compliance support to make sure Tully Rinckey complies with new paperwork requirements under the Affordable Care Act.