What is the purpose of a healthcare exchange?

The purpose of state health insurance exchanges is to make health insurance more affordable and easier to purchase for small business and individuals.

What are health exchanges designed to offer?

Exchanges provide subsidies to help pay for health insurance. Health insurance exchanges are the only access point for government subsidies (premium tax credits) that make health insurance more affordable for Americans with modest incomes.

What are the three categories of state marketplace exchanges?

Plans in the Marketplace are presented in 4 “metal” categories: Bronze, Silver, Gold, and Platinum. (“Catastrophic” plans are also available to some people.) FYI Metal categories are based on how you and your plan split the costs of your health care. They have nothing to do with quality of care.

What do you mean by health insurance exchange?

Exchange. Another term for the Health Insurance Marketplace, a service available in every state that helps individuals, families, and small businesses shop for and enroll in affordable medical insurance. The Marketplace is accessible through websites, call centers, and in-person assistance. When you fill out a Marketplace application,…

What does shop stand for in health insurance?

What is a SHOP exchange? The Small Business Health Options Program (SHOP) is an insurance exchange designed to help small businesses compare health plans and enroll in coverage for their employees. Created through the Affordable Care Act, SHOP was an option in every state.

Are there any small business health insurance exchanges?

In some states, small group plans for small businesses are available through the exchanges as well. 2  But that segment of their market has attracted few enrollees, and the federal government announced in May 2017 that they would no longer operate the small business enrollment system (used in 33 states as of 2017) after the end of 2017.

What are the federal requirements for health insurance exchanges?

The Affordable Care Act includes two basic types of federal requirements for Exchanges, most of which are found in Section 1311.