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Health Insurance Exchanges: What They are and How They will Benefit You
New York Stock Exchange, look out! New exchanges are coming to every state to change the face of business forever, at least in the healthcare industry.
One of the major changes in the current healthcare reform is the addition of health insurance exchanges. These exchanges offer a free market to assist individuals and small businesses in finding affordable health insurance options.
The exchanges won't officially go into effect until 2014, according to the healthcare reform, but some companies are already whipping their exchanges into shape for the benefit of the insurance consumer. These health insurance exchanges will be an asset in your pursuit of affordable health insurance coverage.
What is a Health Insurance Exchange?
A health insurance exchange establishes a private insurance market where consumers can shop for the most affordable health insurance for their needs. The exchange will provide a wide range of plans with varying levels of coverage, benefits and price tags.
Because individuals and small business owners will be buying into a single plan, you enjoy purchasing power typically seen with larger corporations buying affordable health insurance for their sizable staffs. However, this time, you're in the driver's seat, choosing the best plan for your family at a reasonable price.
Health insurance exchanges will be run by each state according to the healthcare reform. States that do not choose to manage their own exchanges will have access to a multi-state exchange run by the HHS. Affordable health insurance options will be listed by zip code to ensure consumers are shopping for valid health plans in their own areas, no matter which exchange they use.
What is a Health Insurance Exchange?
A health insurance exchange establishes a private insurance market where consumers can shop for the most affordable health insurance for their needs. The exchange will provide a wide range of plans with varying levels of coverage, benefits and price tags.
Because individuals and small business owners will be buying into a single plan, you enjoy purchasing power typically seen with larger corporations buying affordable health insurance for their sizable staffs. However, this time, you're in the driver's seat, choosing the best plan for your family at a reasonable price.
Health insurance exchanges will be run by each state according to the healthcare reform. States that do not choose to manage their own exchanges will have access to a multi-state exchange run by the HHS. Affordable health insurance options will be listed by zip code to ensure consumers are shopping for valid health plans in their own areas, no matter which exchange they use.
What are the Benefits of a Health Insurance Exchange?
States will be responsible for ensuring all of the affordable health insurance offered is truly comprehensive and free of loopholes. Rates will also be reviewed periodically by the governing state to ensure companies are not arbitrarily increasing premiums without due cause. Consumers will have peace of mind in knowing a watchdog is looking out for them as they shop around for the most affordable health insurance plans for their families.
Additional benefits of these exchanges will include:
• Lower Costs – As competition for health care coverage dollars increases, costs will go down. It is the epitome of the free market that Americans have grown to know and love.
• Purchasing Power – The exchanges will give small businesses the same opportunity to purchase affordable health insurance for their employees that larger corporations currently enjoy. When more small businesses can afford health insurance, more Americans get the coverage they need.
• One-Stop Shopping – Health insurance exchanges will be available online, allowing consumers the convenience of shopping from home at a time that is convenient for them. They can plug in their specific coverage needs and a variety of affordable health insurance plans that meet their criteria will be presented – just like shopping for shoes!
• Higher Quality – Today, the private health insurance market is a scary one to navigate, featuring confusing plans with hidden loopholes. The health insurance exchange raises the bar on the quality of affordable health insurance, so everyone can get the coverage they need at a price they can afford.
Health insurance exchanges do not have to become a reality until 2014, according to the healthcare reform, but many states are getting a jump on the exchange action. Grants were recently announced by the HHS to provide states with necessary funding to make the exchanges happen. Before you know it, the complex, scary world of affordable health insurance will become a whole lot easier to navigate.
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