Early Data Show Consumers Will Have More Insurance Choices Under Marketplaces
June 3—The health insurance marketplaces (formerly known as exchanges) are attracting new insurance choices and increasing competition, according to a recent White House memorandum. More specifically, the memorandum states that approximately 90 percent of target enrollees will have five or more different insurance company choices.
In about 75 percent of states with a U.S. Department of Health & Human Services (HHS)-run marketplace, at least one new insurance company intends to enter the market and plans to offer individual market coverage, according to the White House. One out of every four insurance companies proposing to offer coverage next year in the HHS-run marketplace has newly entered the individual market.
These estimates are based on data from the 19 federally-run exchanges and several state-run exchanges that have publicly released information about potential insurance company participants.
The memorandum further states that consumers will have options at each tier of coverage, including catastrophic, bronze, silver, gold, and platinum.
Publication Date: Monday, June 03, 2013