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What’s an insurance exchange?

08-21-2012 by Colleen King


You may be hearing about this more and more in the news these days. Will they be of help to you? Here’s some info, with a bit of my ‘opinion.’

Health care reform proponents wanted to create a ‘marketplace’ where people could go to compare different types of coverage, get help figuring out what plan will work best for them. In the insurance agent community, we weren’t exactly sure what that meant, since wasn’t that we did already? Go to my web site, check out the plans, or call me and I’ll check some out and make suggestions, all without creating a new government agency.

There is still LOT to be done in establishing the exchanges as each state is to create one, or if they don’t want to, the federal government will do one. The biggest difference, is if you are eligible for a subsidy from the feds to purchase coverage, you can ONLY buy from the exchange. Agents in California supposedly are going to be able to offer plans through the exchange, but details on that will need to be worked out–like commissions.

There is a lot more to be figured out, like cost, what will the plans look like, which insurance carriers will be participating, and this needs to be created for both individual/family plans and small group plans. Will it help affordability? Not sure, that will take some time to figure out. And keep in mind, it all has to be up and running by January 1, 2014. Not very far off….



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