Report shows that the state’s insurance exchange is performing well
Colorado’s health insurance exchange officials have released a report concerning the exchange’s operations in 2014. This report is meant to be released every year, tracking the performance issues of the exchange and its ability to serve consumers. The report suggests that the Colorado health insurance exchange had a very successful first year of operations. The report also predicts that 2015 will be a good year for the exchange, thanks to healthy enrollment activity.
Exchange succeeds in making insurance coverage more available to consumers
The report notes that the exchange has successfully made health insurance coverage more available to consumers throughout the state. During the last open enrollment period, however, the exchange had some technical problems that prevented many people from acquiring insurance coverage. The state has been working over the past several months to rectify these problems, preparing for the new open enrollment period, which began in November of 2014. Thus far, state officials have reported no serious problems with the exchange’s ability to provide consumers with health insurance coverage.
Improvements may still be needed
Despite its accomplishments, the state’s insurance exchange may still need serious improvements. Those managing the exchange noted that they can do better, and that they are still learning what it means to operate the exchange effectively and address all consumers concerns at once. States had relatively little time to prepare for the launch of their exchanges in 2013. While some states committed a great deal of effort in making their exchanges ready, others opted to wait until the last minute before addressing their own exchanges.
Exchange must find a way to support itself financially
One of the most significant challenges facing the exchange currently has to do with revenue. The state has used the $177.7 million in federal grants it received for the exchange, which means that it needs to find a way to become self-sustaining. This may be accomplished through surcharges being issued on policies offered by health insurance companies and the administrative fee that is also charged on the policies sold through the exchange.