Connecticut aims to have exchange operational ahead of deadline
Connecticut is one of the few states in the U.S. that has made significant progress in establishing its own health insurance exchange. The state is keen to operate the exchange itself in the hopes of providing service to residents that is suited to the needs of the market. Though the state has made major progress over the past two years to build its own exchange program, the Legislature is now working to make the program a reality, hoping to beat the federal deadline of January 2014.
Health insurance exchanges mandated by Affordable Care Act
According to the Affordable Care Act, which was passed in 2010 and upheld earlier this year by the Supreme Court, all states must host a health insurance exchange. These exchange systems are meant to provide consumers with access to affordable health insurance policies that will be provided by the insurance companies working in each state. While all states are required to have an exchange, state governments can opt out of the initiative and place the burden of building and operating an exchange system to the federal government. States may also choose to partner with the federal government in running an exchange system. Connecticut is one of the states that has chosen to take full responsibility for its exchange initiative.
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Connecticut seeks to placate concerns of the public
The Connecticut government is now seeking to engage the public to address any concerns that residents may have regarding the state’s health insurance exchange. State officials expect that cost will be one of the most popular topics with residents as many have shown concern for how expensive health insurance and medical care are becoming. It may be too early to tell whether the exchange program will be able to save consumers money in the long term, but officials note that the system is being designed to account for a consumer’s income level.
Health insurance exchange to offer policies in numerous tiers
As with other health insurance exchange systems, the one in Connecticut will offer insurance in a tiered format. These tiers are to be populated by policies that have differing levels of benefits, with the highest tier offering the most comprehensive and expensive coverage. Lower tiers are meant to be more financially viable for some consumers without offering lackluster benefits.