Wednesday, October 3, 2012

Health Insurance Exchange Update: Wednesday, October 3

Michigan State Flag
More than just states are joining the chance to participate in exchanges.  Two major employers shared they would offer the exchange to their employees.  Many other states are also facing the challenges of running their own exchange and have decided to partner with the state government who may be working with a few more states than it had originally planned when setting out to build the exchanges.

Michigan is one of the states that had originally planned to create a state run exchange.  However, due to the lack of action from their House of Representatives and the fast approaching deadline, they will partner with the federal government to get their exchange running.  They will maintain control of the plan selection, benefit package information and more according to Foster Swift.  They can also spin off and create and exchange fully run by the state at some point in the future.

On a similar note, a report from Price Waterhouse Cooper has reported that only 13 states and Washington DC have commuted to creating an exchange.  This is quite a few more than original number the federal government had planned on establishing.  Those looking to capture the new market, which is the biggest government expansion in the healthcare realm since 1965.  Those who will be insured are expected to cycle between Medicaid and the subsidized exchange are numbered at 12 million.

And in one of the first moves by major corporations towards exchanges, Sears Holding and Darden Restaurants have announced they will offer insurance to their employees through a private exchange. They will provide insurance advisers and employees will have access to a wide range of benefits.  Health Data Management believes this will increase the competition and quality of the insurance provided.

Want to learn more about the health insurance exchange? This November, the Health Insurance Exchange Congress will be held November 13-14, 2012 in Chicago, IL.  Here, state officials and health plans with the only opportunity to come together to discuss PPACA and strategize on how to make this a successful opportunity for all.  For more information on this year's agenda, download the program here.  As a reader of this blog, when you register to join us and mention code XP1710BLOG, you'll receive 15% off the standard rate!

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