Intended to facilitate the purchase of health insurance coverage for individuals and small businesses across the country, markets offer access to multiple insurance companies with policies prescribed levels of coverage.
many states have chosen to allow the federal government to fulfill the contract, instead of run internally.
consumers have more choices in the market?
They are many choices, but many individual health insurance options already exist in many states. New plans on the markets require certain level of benefits and will cover plans for different categories.
Will increased competition for health insurance in a state?
There isn 't really a clear answer on how the presence of markets will increase competition in some states. Any state with several insurers could see increased competition between the prices of the health plan. But in states that have little competition, it is unclear how it will improve. . For increased competition in many states, health insurance companies should first develop in the state
States that already have a healthy competition between insurance companies include:
- Colorado
- Minnesota
- Oregon
states dominated by a single insurance company include:
- Alabama
- Delaware
- Alaska
- ND
- SC
- Rhode Island
- Wyoming
- Nebraska
the number of insurance companies that seek approval to sell products through markets is not yet known because some are uncertain about federal regulations and State.
markets should be open for business on 1 October 2013.
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