Health insurance exchange refers to shopping for an appropriate health insurance plan for oneself or the entire family. The government of the United States of America has framed it for individuals to ensure ease in buying suitable health insurance that will be eligible for federal subsidies. By the beginning of next year, 2014, all the exchanges shall be fully certified and operating under federal law.
Meaning
Precisely, the health insurance exchange is now called the health insurance marketplace. It refers to a set being framed under the government health-based plans.
Essential features
- In the United States of America,personal liability cover has been mandated to further health reforms.
- The basic features of the exchange include a transparent setup that shall be accountable at each point to the health insurance industry.
- The information on the companies in the health insurance is displayed at a public platform through the exchanges.
- The purpose of the health insurance exchange is to assist the insurers in complying with consumer protection. It helps in ensuring economy to the customers and wider coverage in the process.
- These exchanges are not the actual risk bearers, not the insurers themselves.
- These exchanges determine the insurance companies which may act under them.
Advantages
Ideally, through a health insuranceexchange,the customer always hasan adequate level of information to take a guided decision; they may easily compare several policies at such a platform through the assurance of credible information at one point. At such exchanges, it becomes extremely convenient to make the needed comparison in terms of the advantages of one over the other, prices, and other specifications. The insurance plans opted for at such exchanges shall help provide suitable coverage that may safeguard from extreme costs of medical treatment and provide additional suitable services.
Conclusion
The implementation of the health insurance exchange shall be guided by the Patient Protection and Affordable Care Act 2010 though there remains some scope of setting it up and how it has to be handled within the state. Further, if this particular exchange shall include a government-run insurance option in its arena is still a question unanswered. The specialist believes that it will provide a platform displaying all the quotes about insurance plans and thereby bring more and more Americans under the insurance cover through affordable options.In such exchanges the technology is coupled with human advocacy.
