Exchanges Scheduled to Open on October 1, 2014

What is an exchange?

Think of an exchange like an online supermarket for benefits. You'll browse through low-cost plans online, compare benefits and pricing side-by-side, see if you qualify for tax subsides or tax credits to reduce your costs and enroll online. Plans are sold by private insurance companies competing for your business.

Another way to think of shopping in an exchange is like planning a trip to the Grand Canyon. The first thing you'll probably do is visit a travel website to look at prices for airfare. You'll compare prices from several different private airline companies side-by-side. Then you'll consider things like arrival time or airport location. And once you make your decision, you can book your flight right there on the site before you shut your computer down. Or, if you'd prefer, you can call a service number to get information over the phone, too.

That's just like an exchange! Simple, better choices. Quick and easy comparisons. Private companies competing for your business to give you the best value. Purchase what you need online.

There are two types of exchanges: Public and Private.

Public exchanges are fun by either the state or federal government, but you'll still be shopping for plans sold by private insurance companies such as BlueCross BlueShield, United Healthcare and Humana. The public exchange choices and pricing will vary depending on what state you live in.

The public exchange will be used mostly by people or businesses who qualify for tax subsidies or tax credits to reduce their insurance costs. This will be for individuals and families, Self-Employed (who are the same as an individual or family under the new law) and Small Business (less than 50 full-time equivalent employees).

Private exchanges can include access to the public exchange products and information in addition to all other health insurance plans. Compare benefits, pricing and doctor networks for public and private plans side-by-side and decide which one is best for you. Private exchanges might also offer other products beside health insurance - like dental, vision, life, critical illness or accident to name a few. Private exchanges might also offer other services like wellness programs, online benefit management, benefits app, payroll, COBRA administration and more.

A private exchange can be sued by anybody who needs insurance, depending on what products that particular exchange offers. Some private exchanges might offer plans to all markets: individuals & families, Self-Employed, Small Business, Large Businesses and Medicare-eligible consumers.

A private exchange is your one-stop-shop for getting the best value from your benefits.