Health insurance exchanges are part of the Affordable Care Act (ACA) and will begin in 2014. The objective of the exchanges is to help provide coverage for the millions of people across the nation who don’t have employer-sponsored group health coverage.
Individuals in states that choose not to offer an exchange will be able to obtain coverage through a federal exchange program. The exchanges will offer a selection of health care plans, which must meet certain quality and affordability standards as outlined in the ACA.
California has agreed to implement an exchange, and says its mission is to “increase the number of insured Californians, improve health care quality, lower costs, and reduce health disparities through an innovative, competitive marketplace that empowers consumers to choose the health plan and providers that give them the best value.”
The California Health Benefit Exchange has the following guiding values:
- Consumer-focused
- Affordable
- A catalyst for change in California’s health insurance system
- Integrity through accountability, responsiveness, transparency, reliability and speed
- Partnerships with providers, consumers, health insurance plans, employers, etc.
- Results will be measured by contributions to expanding access and improving quality health care
Employers with more than 50 employees will be required to offer benefits to their employee—those who don’t may face a penalty. Nonetheless, employees who are unable to obtain health coverage through their employer may qualify for a federal subsidy, depending on their income level.
The world of health insurance is changing and will continue to change in the coming years. Finding the right health insurance agent is key to helping you understand your options and the changes health insurance exchanges will bring. Benefit Packages has decades of experience in the insurance industry, and can answer all your questions. Call us today at 1-800-356-3615 for more information, or visit our website at benefitpackages.com.