Retirement giant moves into health insurance

Fidelity Health Marketplace is coming to the USA – could Canada be next in line?

Already the second biggest mutual fund company in the USA, Fidelity is now making moves into the health insurance market.

A shopping website has been launched by the financial services firm labelled Fidelity Health Marketplace. It is set to target firms with at least 2,500 workers in the USA. So could Canada be next in line?

“Our present focus is on rolling out Fidelity Health Marketplace in the US,” commented Joe Laurin, president of Fidelity Health Marketplace.

“Because of the insurance structure in the US, we will roll out on a state by state basis, so it will take time to build our footprint. While we are always looking at what is next, it is too early to comment on any plans beyond the US at this point.”

So while plans are only in place for the USA at this point, what can we expect if it does eventually makes its way across the border?

“Our technology simplifies the process for benefit administration and enrollment and creates an integrated portal so employees can review their financial and health benefits in one place,” continued Laurin.

“It connects directly with the providers on our platform, eliminating paper forms and providing employers with real-time reporting to help them keep track of everything and easing the administrative burden on HR professionals. It also brings self-service and automation to the benefits experience for employees: for example, they can easily self-report a change in status event – marriage, divorce, new baby – that will affect their benefits.”

The move to integrate retirement and health benefits could be one to watch in the sector.