What are Health Insurance Exchanges?
Today, you could shop for health insurance by contacting several insurance providers. If you are interested in getting Kaiser Permanente coverage, click affordable medical insurance. In 2014, the plan is to have you go to a single marketplace or “exchange” to shop. Imagine the convenience and time savings of going to one location to find the information you need to get medical coverage.
Health Insurance Exchanges will provide consumers a resource or tool to help them choose a medical plan. For a preview of what the tool could look like, go to HealthCare.Gov to view the “Health Insurance Finder”. The resource that will be available in 2014 will be similar to the Health Insurance Finder in that it will ask general questions about your health care and budget needs. After you provide the basic information requested, your answers will bring up a list of the health plan options offered by the various insurance companies.
What will be the difference in prices and benefits in 2014?
Overall, the rates in 2014 are expected to be more competitive than they are currently. With regards to benefits: Health insurance policies will be standardized in that all will need to cover the same minimum benefits. However, carriers will continue to offer a wide array of benefit plans. The carriers will compete based on the rates and the quality of care provided by their network.
What is being done now to prepare for the Health Insurance Exchanges?
Health Insurance Exchanges will be run by the states. The federal government is working with the states to help them get their Health Insurance Exchanges in place by year 2013. As part of this effort, the government started awarding grants to the states on March 23, 2011, being the one-year anniversary of the passing of the Health Reform Law.
How Big Businesses are Responding to the Health Insurance Exchanges:
When the Health Reform Bill first passed, it was projected that in 2014, a good percentage of large companies with 50 or more employees would prefer to offer health insurance, as required by law, than pay the hefty fine for non-compliance. One year later, the prediction has changed. Now, more large groups are estimating that it is more cost-effective to pay the fine than to offer their employees health insurance. Although there is some anticipation that a greater number of large companies will be leaning towards referring their employees to the Health Insurance Exchanges in 2014, one thing is for sure: everyone is waiting for things to unfold and regulations to become better defined. Until then, only time will tell.