What is an “Exchange” In The Health Insurance Reform Bill?
A key provision of the Acts’ insurance reforms is the creation of “Exchanges.” The Exchanges would be state based and serve as an aggregator of individual policies sold by private insurers and underwritten using the new federal underwriting and rating rules spelled out by the Acts. The Small Business Health Options Program (SHOP) would serve a similar function for small employers and the self-employed. It should be noted that the self-employed independent contractor could choose to purchase coverage that best meets their needs in either the Exchange or in SHOP.
The Exchanges and SHOP would act much like an “Expedia or Orbitz for health Insurance” system. Both would allow individuals and small firms to obtain information, compare and purchase private health insurance plans. The Exchanges/SHOP would also be the entities that would evaluate whether or not a particular insurance policy.
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LUCA Financial Services
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Tagged with: erisa • exchanges • health insurance • medicaid • medicare • patient protection and affordable care act • schip • small business health care option
Filed under: Health Insureance Reform • Insurance
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