With the financial sustainability challenges introduced by the Patient Protection and Accountable Care Act (ACA), employer health plan sponsors are reevaluating their strategies, with some hoping for a “magic bullet” that will ease financial pressure going forward. Private health exchanges (PHEs) are receiving a lot of attention of late and may provide financial and administrative relief. However, the decision to move to a PHE requires thorough due diligence, analysis, and consideration of potential outcomes.