What are the responsibilities of a health exchange? An exchange is responsible for making sure that certain minimum criteria are met by a health care plan or plans. Exchanges encourage insurance companies to compete for insurance business that are based on the overall value of their health plan benefits. The Exchange then will promote and publicize those plan ratings based on customer satisfaction, costs and quality.
An exchange’s responsibilities also include determining who can get subsidies for premiums. They certify exemptions for those people who do not qualify from the individual requirement, and they make this information available to the Internal Revenue Service. They verify if employees can get premium subsidies using the Exchange due to the fact that employer-sponsored coverage is not accessible for them. Exchanges are charged with helping employers reach their requirements by providing data on the employees’ enrollment in the health plans through the Exchange.
Exchanges can make it simpler to enroll in health plans via a yearly open enrollment period.