What is an exchange?
An exchange is an online marketplacewhere businesses and individuals cannd an apples-to-apples comparisono coverage options and leverageinsurance companies against oneanother or the best deal.
The Exchange will be able todetermine an applicant’s eligibilityor tax credits, cost sharing assistance,and public health care programs.
The Exchange will also placecoverage options in a standardizedormat to allow applicants tocompare the levels o coverageoered by dierent plans.
As directed by the ACA, all plansoered through the Exchange haveto cover the benets prescribed inthe essential benets set. Thereore,the plans in the Exchange will allcontain coverage or the essentialcore o most applicants’ healthcare needs.
What does this mean for Minnesota?
A Minnesota exchange will cost less than participationin the ederal exchange or all parties involved
. Thestate will pay less in the long run or the operation,insurance companies will pay less in the premiumwithholds, and consumers will receive coverage deliveredat a lower cost.
Minnesota has a historic opportunity to move health caresystem orward, by providing opportunities or healthinsurance to roughly 300,000 Minnesotans who don’tcurrently have coverage. Minnesotans are already payingor the uninsured through uncompensated care. Thereore,
the Exchange provides cost-efcient coverage to thispopulation and provides savings to all Minnesotans.
The Exchange saves Minnesota’s small businesses onthe premiums employers pay or their employees’health insurance.
This savings will allow job creatorsto put their money back into their businesses and theircommunities.
It is estimated that 160,000 small business employeeswill take advantage o the health care Exchange.
The Exchange will serve about 1.3 million peoplestatewide; that is one out o every our Minnesotans whowill utilize the Exchange.
MINNESOTA STATE SENATE
2013 HEALTH CARE EXCHANGE
The Aordable Care Act directed states to create a health care exchangeaccessible by individuals, amilies and small businesses. I a state ails to createan exchange then all enrollees will automatically be put into the FederalExchange on January 1, 2014.
The Minnesota Exchange will provide individuals and businessesaccess to lower premiums by leveraging competition betweeninsurance providers.