The state will be given the funds to begin its insurance exchange.
Maryland will be receiving $123 million in funds from the federal government in order to create and establish its insurance exchange as per the health care reform requriements that were made by President Obama.
Lieutenant Governor Anthony Brown made this announcement regarding the exchange and its website.
The state will make its exchange available online at what is now called the Maryland Health Connection, which is available at MarylandHealthConnection.gov, a website which is expected to be completely functional by October 2013. This will make it possible for consumers to preregister in time for the full implementation of the health care reform in January 2014.
When the health care reforms are fully put into place residents will use the website to shop for coverage.
Individuals, families, and small businesses will all be able to shop on the insurance exchange to purchase affordable coverage when the website has launched. This will give them the ability to view and compare the offerings of several different participating providers that have received their approval from the government as having met the minimum requirements set by the Affordable Care Act.
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These changes are expected to affect approximately 150,000 people in the state, who will use the exchange to purchase their medical insurance in the first year that it is running. Officials in the state are still ironing out the details of the way that the website will operate and whether or there will be a fee involved for its use, in order to help to cover the costs of running the site.
The reason is that it has been estimated by the state that its insurance exchange, which is required by the health care reform rules, will cost an estimated $50 million per year following 2015. These figures are based on the estimates of the Wakely Consulting Group, a Boston based consultant hired by the state.
The grant that has been given to Maryland by the federal government is the largest one that has been received to date. This will bring the total amount of money that it has received to over $157 million.