Insurance Technology Featured Article

HHS Receives $1.5 billion to Encourage States to Build Health Insurance Marketplaces

January 22, 2013

California, Delaware, Iowa, Kentucky, Massachusetts, Michigan, Minnesota, New York, North Carolina, Oregon and Vermont have been recently granted with $1.5 billion by Health and Human Services (HHS) Secretary Kathleen Sebelius, to purchase any resources that are needed to build a sufficient healthcare marketplace for their residents.

The Affordable Care Act gives consumers and small businesses access to insurance marketplaces, a one-stop shops that will provide access to quality and affordable private health insurance choices similar to those offered to members of Congress by next year starting.

This law recommends that consumers get insurance from qualified health plans that are run directly through marketplaces, where they may be eligible for tax credits to help pay for their health insurance. These marketplaces promote competition among insurance providers and offer consumers more choices.

“These states are working to implement the health care law and we continue to support them as they build new affordable insurance marketplaces,” Secretary Sebelius said. “Starting in 2014, Americans in all states will have access to quality, affordable health insurance and these grants are helping to make that a reality.”

Forty-nine States and the District of Columbia received up to $1 million in grants to help plan for their marketplaces. States may again go for grants through the end of 2014 to build marketplaces on time and use funds through their start-up year.

The Exchange Establishment grants recognize that States are making progress toward establishing grants, but are doing so at different paces. States can choose when to apply for grant funding based on their needs and planned expenditures.

States that are moving at a faster pace can apply for multi-year funding, known as level two establishment grants. States that are making progress in establishing grants through a step-by-step approach can apply for funding for each project year, known as level one establishment grants.




Edited by Ashley Caputo

Article comments powered by Disqus

Related Insurance Technology Articles

SAP SE Launches Cost and Revenue Allocation for Financial Products Application

SAP SE, a company most known for its work with databases, is getting into the financial market in a significant way with the release of its Cost and Revenue Allocation for Financial Products application. The new release will leverage SAP HANA to give executives proper access to financial information and corporate data. [ Read More ]
06/24/2015

AutoClaim Mobile App Acquired by ABT Mining Company to Speed Claims Processing

Mobile app gives drivers tools to gather critical claims information right after an accident to speed processing. [ Read More ]
06/23/2015

Pacific Life Selects GMC Software Technology for Managing Customer Retirement Communications

It should almost go without saying that an informed customer is a satisfied customer. Let's face it; none of us likes surprises, particularly when it comes to anything doing with our financial status and interactions. This is one of the reasons why insurers across all of their lines of business are looking to improve their customer satisfaction by enhancing business processes and customer interactions capabilities to keep customers informed. [ Read More ]
06/18/2015

Study Finds More Tech Use Means More Productivity and Profitability for Insurers

Velocify and Insurance Technologies Corp. study finds correlation between tech usage and financial performance. [ Read More ]
06/16/2015

Events

Weekly Live Demo
Contact Center Solutions

Register Today!