States showing progress towards exchanges despite uncertainty concerning health care reform
Though the fate of the Affordable Care Act is still undecided, states continue to work to comply with one of the law’s primary provisions: The establishment of health insurance exchanges. The law dictates that states must have fully functioning exchanges in place by 2014 or they will lose the ability to govern these insurance marketplaces to the federal government. Some states have chosen to delay they work on an exchange program until the fate of the health care law is decided, but this may mean that these states are missing out on a great deal of financial support from the government.
Department of Health and Human Services reports that support is strong from the government
This week, the U.S. Department of Health and Human Services issues a statement concerning how much money the federal government has issued to states in an effort to help them build health insurance exchanges. Along with the announcement, the agency stated that it would be distributing more than $180 million to six states in order to assist them in the health insurance exchange endeavor. The statement notes that, with this investment, the total amount that the federal government has spent on health insurance exchanges has breached $1 billion over the past two years.
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Survey shows that many states are pushing for health insurance exchanges
IDC Health Insights, a market research and analysis firm, recently published the results to a survey conducted in January of this year. The survey shows that 54% of states have increased their budgets for their health plans, due mostly to the financial aid coming from the federal government. The survey suggests that these states are working to establish health insurance exchanges despite the uncertain future of the Affordable Care Act and the cost of health care reform.
Insurance industry continues to grapple with change
The country’s health insurance landscape has been undergoing major changes for the past two years. These changes have taken a toll on some insurance providers, while others have been able to adapt more favorably. The Department of Health and Human Services notes that the government will continue to provide financial support for health insurance exchange plans.