What is a health insurance exchange? | Get Smart Get Covered ...

Since the Affordable Care Act (the ACA) was passed in 2010, the term ?health insurance exchange? has slowly become a part of our national dialog. Exchanges are often described as ?online marketplaces? where individual consumers and small businesses can shop for health insurance.

Sound familiar?

Key Components of a Health Insurance Exchange. A basic description of a health insurance exchange might include the following:

• It?s an online consumer resource to shop for health insurance options
• Provides multiple health insurance options to choose from, from multiple insurance companies
• Allows people to compare health insurance plans side-by-side
• Allow consumers to apply for coverage and enroll online
• The products available on the exchange must be subject to government regulation
• An exchange must works with, or be subject to the authority of, state or federal authorities to facilitate the enrollment of consumers in health insurance products

What is a health insurance exchange in the context of health care reform? The concept of the health insurance ?exchange? has, in the context of the ACA, come to refer to online health insurance marketplaces established by the states or federal government where consumers can turn to compare and purchase subsidized health insurance products.

• State exchanges: Each state will have the option to create an exchange, where consumers within that state can go to purchase individual and family plans as well as small business health insurance plans
• Federal-run exchanges: Some states have promised not to create an exchange, in which case the federal government will step in to help create a state-focused exchange for consumers within that state
• When exchanges go live: Some states may roll out portions of their exchanges early (see www.onemississippi.com), but most state-based exchanges plan to open their doors late in 2013.; states will have the option to work with private exchanges to help maximize enrollment

What is a private health insurance exchange? A lot of the functionality of the state exchanges can be provided through private licensed agencies online. In fact, ?private exchanges? have been around for a long time:

• ?A private health insurance exchange is run by a private sector company or nonprofit rather than the government
• Health plans in a private exchange are subject and must follow the same rules as the state exchanges
• Private exchanges offer many of the same advantages that a state exchange would offer, for example, consumers have the ability to apply online, look for personalized plans based on specific health conditions, search for preferred doctors and hospital networks and compare plans to ensure they are receiving the best options and price

Would eHealthInsurance.com be considered a private exchange? Yes, we think so! eHealthInsurance.com is a perfect example of an already existing private exchange, and a prime example of what states are working to develop now. eHealthInsurance has been around for over ten years, and will be an excellent alternative to help lighten the load for state run exchanges by helping consumers understand their options and enroll in quality health care options.

Stay tuned to Get Smart ? Get Covered to learn more about health insurance exchanges in the weeks and months to come.

?Image by Flickr user dannymac15_1999

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Source: http://blog.ehealthinsurance.com/2012/08/what-is-a-health-insurance-exchange/

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