New Jersey one step closer to an insurance exchange

Deltek Analyst Amanda White reports.

New Jersey recently introduced bill A217, which, if passed, will establish an insurance exchange within the state. Under the bill, the state would set up the exchange as an active purchaser system. An active purchaser model only enables insurers who meet certain criteria to harbor plans within an exchange, whereas the clearinghouse model allows all insurers to participate as long as their plans meet federal requirements.
Last week, New Jersey’s Assembly Committee approved the exchange bill, which will now move to the full assembly for review. If passed, the bill will also formulate a seven-member board that includes state commissioners of insurance and human services, and the New Jersey Health Benefit Exchange Trust Fund. The trust fund will collect funds from health insurance carriers and store federal grants the state receives to implement an insurance exchange. Moreover, the New Jersey Department of Treasury contracted with KPMG last year to conduct a gap analysis for the exchange.
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