How does a private exchange help individuals and families?

December 21, 2013

What is an exchange?

 

An exchange is an online benefits marketplace where you can view your coverage options in one place, easily compare plans and pricing side-by-side, select what you want, and enroll online in the coverage you need. An exchange should also provide Health Reform education and information. 

 

There are two types: public (governement website) and private (that's us!). Use either one to enroll in on-exchange (where goverment pays part of your premium to make it affordable for you) or off-exchange (no government subsidy) plans.

 

How can an exchange help?

 

Here are a few examples:

 

1) Simplifies insurance so it's easier to understand your choices.

 

2) No health insurance company can turn you away or charge you extra premium because of pre-existing conditions, claims, health history, gender or profession

 

3) Pre-existing conditions, pregnancy and 10 Essential Health Benefits must be covered by all plans

 

4) Many will save money on health insurance through the new pricing rules in the exchange

 

5) Many will qualify for tax subsidies (used like discounts toward new policies) based on household income to lower the premium and out-of-pocket expenses you pay on your health insurance in the exchange

 

6) There are no lifetime or yearly maximums for Essential Health Benefits so you can't run out of insurance

 

7) No health insurance company can terminate your coverage because you get sick

 

8) Health insurance companies have to justify their premiums and rate increases

 

9) Access to top healthcare experts for advice and service

 

10) All policies issued through the exchange are compliant with the Patient Protection and Affordable Care Act (often called ACA or Obamacare) law

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