Idaho will have its own health insurance exchange

Health Insurance plans

Idaho Health-InsuranceIdaho officials decide the state should operate its own health insurance exchange

Idaho will build and operate its own health insurance exchange, according to the Idaho Association of Commerce and Industry and the Health Insurance Exchange Working Group. The two parties have determined that it is in the state’s best interests that it operate its own health insurance exchange rather than have the federal government do so. The Idaho health insurance exchange is set to be built in 2014. Now that plans are in place, must work to meet federal deadlines or risk having its plans go awry.

Exchanges aim to provide consumers with access to affordable coverage

A health insurance exchange is an insurance marketplace meant to provide consumers with an alternative to private insurance providers. These marketplaces are filled with policies that are meant to be priced below those that are offered through private companies, thus giving consumers access to affordable health insurance coverage. States are required by federal law to have their own health insurance exchange in place. If states cannot comply with this law, the federal government will establish an exchange program itself.

State to submit plans for exchange by year’s end

Several states have opposed the notion of a health insurance exchange, but Idaho lawmakers believe that the state can benefit from such a program. Though not all state officials support having the federal government require that Idaho builds an exchange, these officials are also disinclined to allow the federal government to control such a system. Work has begun on drafting a plan for the Idaho health insurance exchange. These plans are expected to be prepared by the end of the year for review from the Department of Health and Human Services.

Insurers expected to develop new products for exchange program

Under a health insurance exchange run by the state, Idaho insurance companies are expected to develop new products that are specifically designed to meet the needs of the exchange itself. The state has yet to determine what the absolute minimum coverage consumers will be able to attain through the exchange, but plans for this are expected to be revealed in the coming months.

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