Exchange will require a $25 million budget
Right now, funding for the exchange comes from the federal government and a variety of grants, according to Jim Sugden of Connect for Health Colorado, who spoke at the Larimer Workforce Center’s annual Workforce Symposium, held Wednesday as part of the Business Report’s annual Bixpo business expo.
To sustain the exchange financially, each plan that is purchased will include a 1.4 percent fee, Sugden said. This fee should eventually be enough to cover the expense of the exchange.
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The exchange is set to open Oct. 1, with plans purchased there taking effect on Jan. 1, 2014.
Plans will be offered to the individual and small group markets, and are meant to offer enough flexibility so that consumers can find plans that fit their budgets, Sugden said, since the increasing costs of health care will continue to drive up health care premiums.
The small business exchange, formerly called Small Business Health Options Program, has been rebranded and is now called the Small Business Marketplace, Sugden said.
In order to qualify to purchase plans on the Small Business Marketplace, businesses must have a location in Colorado, have 50 or fewer full-time equivalent employees, and must offer coverage to its full-time employees, Sugden said.
Right now, funding for the exchange comes from the federal government and a variety of grants, according to Jim Sugden of Connect for Health Colorado, who spoke at the Larimer Workforce Center’s annual Workforce Symposium, held Wednesday as part of the Business Report’s annual Bixpo business expo.
To sustain the exchange financially, each plan that is purchased will include a 1.4 percent fee, Sugden said. This fee should eventually be enough to cover the expense of…
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