To understand how a particular health insurance exchange (such as the exchanges required by ACA in 2014) works, one must answer the following questions.
(PRWEB) August 30, 2012
Zane Benefits, which provides businesses with flexible and comprehensive alternatives to traditional employer health insurance, today published a five minute guide to one of the most discussed topics in health insurance today.
The biggest buzzword of this decade in the employee health benefits market is "Health Insurance Exchange". Starting January 1st, 2014, the Affordable Care Act (ACA) requires every state to create health insurance exchanges for businesses, employees and individual. So, what exactly is a health insurance exchange?
At a basic level, a Health Insurance Exchange is simple. Webster defines an exchange as a place where things or services are exchanged, such as a store or shop specializing in merchandise usually of a particular type. So, at a basic level, a health insurance exchange is: a store or shop specializing in health insurance merchandise.
Today's health insurance exchanges typically include the following components:
- A choice of two or more health insurance options
- Advice and recommendation on what health insurance options best fit one's needs
- Automated billing for the chosen health insurance plan premium(s)
- On-going support for the chosen health insurance plan(s)
Health insurance exchanges come in many different shapes and sizes. To understand how a particular health insurance exchange (such as the exchanges required by ACA in 2014) works, one must answer the following questions about the particular exchange:
- Is the health insurance exchange Public or Private?
- Is the health insurance exchange Individual Market Based or Group Market Based?
- Who is eligible to participate in the health insurance exchange?
- What products are available in the health insurance exchange?
The guide walks the reader through the above questions from the perspective the of the imminent health care reform exchanges. This will give him the tools to analyze and understand health insurance exchanges.
READ THE GUIDE TO HEALTH INSURANCE EXCHANGES