Health benefit exchange
Michael A. Smith, president of the New Paltz Area Chamber of Commerce, is a certified healthcare compliance professional and a member of the governor’s recently established regional advisory committee for the Mid-Hudson, Capital and Northern New York region of the state health benefit exchange recently provisionally approved by the federal government.
Smith takes a business perspective. He quotes governor Andrew Cuomo in espousing the goal of health exchanges bringing true competition to the healthcare market, driving down costs by organizing a competitive marketplace in which consumers will shop for coverage by comparing choices on benefits, prices, service quality and costs.
Smith last month submitted a short article identifying the state’s healthcare benefit exchange as the key vehicle for ACA implementation. He also recommended a governmental website (healthbenefitexchange.ny.gov).
Here’s Smith synopsis of what he sees as the highlights of the exchange structure in New York State:
Serve as a facilitator to enroll the purchase and sale of qualified healthcare plans to small businesses and individuals and enable them to receive tax credits and cost-sharing subsidies.
Small businesses with less than 25 full-time employees may be eligible to receive tax credits for those having average annual wages below $50,000 and pay half the cost of their healthcare coverage.
Small businesses will have the choice to purchase insurance through the Small Business Health Option Program (SHOP) Exchange or continue to buy insurance through the marketplace.
