Why is change to the health care system needed? Millions of Americans are currently uninsured. Many people would like to have health care, but find it to be too expensive, and they are pushed out of the system. Having less people involved in health care ultimately lowers the bargaining potential everyone has, since more people buying insurance means lower overall premiums and prices.
The average American pays much more for their healthcare than comparable countries, while receiving less quality care. A cost analysis shows a need for updates to the current system, especially when high medical bills are often the result of a lack of adequate health care beforehand, which results in more dire conditions forming. Factors such as medical loans and loan defaulting can ultimately hold back economic growth for the entire country.
In accordance with new government policies, Connecticut is implementing the Ct health insurance exchange program. Exchanges are organizations that will, hopefully, create a more competitive and organized environment for health insurance purchases. They primarily serve individuals and business owners who have more than 100 employees. The program allows people to receive subsidies for insurance premiums they plan to buy from the exchange if they have incomes between 133 and 400 percent of the poverty line. This will provide incentive to more people to engage.
The state is hoping that by implementing the Connecticut health insurance exchange program, the percentage of insured citizens in the state will increase. Industry experts predict that it will be difficult to get everybody onboard, especially since many people dealing with the Connecticut health insurance exchange have never dealt with the ins and outs of health insurance before. The private health care insurance industry is afraid that the market size will be too small, especially owing to restricted eligibility, which will lead to cherry picking by customers and force an exchange clearance.
Not everyone, of course, will be complying with the Connecticut health insurance exchange. Many businesses are, instead, looking for private carriers. Several business owners, who have not had to comply with health insurance before, have experiences sticker shock when looking at the estimated cost of insurance exchange rates. Many experts have questioned the affordability of connecticut health insurance exchange. Some businesses might find private carriers who can tailor to their individual needs and ability to pay to be a more affordable options.
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