Fidelity opens health and wellness benefits marketplaceNews added by Benefits Pro on January 28, 2016

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Joined: September 07, 2011

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By Marlene Y. Satter

Fidelity Investments has announced the launch of Fidelity Health Marketplace, which is aimed at providing one-stop access to health and wellness benefits to small and midsized businesses and their employees.

According to the company, the marketplace provides employers the ability to choose from a network of national and regional medical, dental, vision and life benefits in addition to tax-savings options and access to wellness tools and programs. In Massachusetts and New York, the marketplace is already in use by several of Fidelity’s customers.

The move into health and wellness benefits by a company that is not only known for retirement services, but that stands as the largest 401(k) provider in the business, could be a sign of the times, with the integration of retirement and health/wellness benefits as companies seek to control more of the picture.

In an earlier interview, Alison Borland, senior vice president of retirement strategy and solutions at Aon Hewitt, predicted that “we will see a stronger connection between health and wealth — as employers expand beyond financial wellbeing into comprehensive wellbeing.”

And last November Mercer launched a new Defined Contribution and Financial Wellness Unit, aimed at creating an “Amazon of benefits” that will provide an “ecosystem” of benefits for its users.

The Fidelity Health Marketplace includes a decision support tool to help employees select benefits while also creating an integrated experience with Fidelity NetBenefits, offering employees access to all of their health and financial benefits, including the Fidelity Health Savings Account.

The platform uses Centive’s WebInsure Benefits private exchange technology platform, which offers an integrated enrollment experience and preconfigured connections to a network of insurance carriers and a range of health and other ancillary benefits.

“As health care regulation, complexity and cost increase, and benefits selection becomes more consumer-driven, employers need help simplifying the experience for their employees,” Joe Laurin, president of Fidelity Health Marketplace, said in a statement.

He added, “This doesn’t just mean education on which benefits to choose during annual enrollment, but how to use them. Fidelity Health Marketplace’s 365-day experience is designed to educate employees and is supported by Fidelity’s customer service. Adding Fidelity Health Marketplace to Fidelity’s suite of services provides an integrated health and financial offering to this market.”

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