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Top StoryHouse council proposes e-marketplace for insurance By Christine Jordan Sexton
According to the draft report, the idea is to make health insurance more affordable for those who are now priced out of the market -- mainly those who work in small businesses or are self-employed. The plans described in the council report would have to meet the tax requirements laid out by the Internal Revenue Service so pre-tax dollars can be leveraged to their fullest. To ensure success the state may have to provide incentives for insurance companies and PSNs to participate, such as paring back premium taxes or the amount that hospitals pay in Public Medical Assistance Trust Fund assessments, the so-called “sick tax.”
The electronic marketplace plan differs from the proposal by Florida Gov. Charlie Crist, which would have the state acting as negotiator on behalf of the uninsured and insurers would bid for the business. Crist’s plan would require companies to take all comers, regardless of health risk, while the Bean plan would not,
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To attract participants, the initiative could be targeted toward part time state employees who don’t have benefits and to retired state employees under 65 who are at risk of being uninsured because of increasing health insurance premiums costs. Employers that purchase the plans could also receive some incentive, such as a reduction on business taxes. Employees could receive some tax rebate, although the report doesn’t make clear how that would work.
The interim study states that the program could be administered either by a state agency or a private corporation established in statute. The state could also hire a third party administrator through competitive bidding. And while start-up funding will be necessary the report concludes that “eventually the marketplace should become self-sufficient, funded through fees paid by participants.”
Ultimately, the e-insurance marketplace should serve employers like a “centralized human resource department—managing the offering of multiple choices, payments of premiums and other related functions.”
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