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2013 Exchange

2013 Exchange

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Published by SenateDFL
2013 Exchange
2013 Exchange

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Published by: SenateDFL on Mar 06, 2013
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05/14/2014

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What is an exchange?
An exchange is an online marketplacewhere businesses and individuals cannd 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 eligibilityor tax credits, cost sharing assistance,and public health care programs.
The Exchange will also placecoverage options in a standardizedormat to allow applicants tocompare the levels o coverageoered by dierent plans.
As directed by the ACA, all plansoered through the Exchange haveto cover the benets prescribed inthe essential benets set. Thereore,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 payingor the uninsured through uncompensated care. Thereore,
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
Background:
The Aordable 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.

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