Last week, the state asked licensed insurers to submit insurance plans for the Vermont Health Benefit Exchange, also known as Vermont Health Connect.
The new marketplace for Vermont health insurance will open for business on Oct. 1, 2013. By Jan. 1, 2014, the state will require all individuals and businesses with 50 or fewer employees to purchase health insurance on the exchange.
The Department of Vermont Health Access’ (DVHA) request for health insurance plans follows on the heels of the Green Mountain Care Board’s approval of the exchange’s core insurance plans and benefits.
In January 2013, insurance companies will submit their proposals to DVHA and the Department of Financial Regulation for how they will cover and share costs for the state-mandated benefits on the exchange. Then, in March, companies will submit their proposed insurance rates for review. The Green Mountain Care Board has the final say over the outcome of these proposed rates.
According to DVHA Deputy Commissioner Lindsey Tucker, “Only licensed carriers can submit proposals for plans on the exchange.”
The Vermont Health CO-OP is a proposed health insurance provider that, if approved by the state, would be a locally run, member-owned option on the exchange. The CO-OP has submitted its application to the Department of Financial Regulation for licensure, and Tucker said the state would not accept CO-OP proposals until it is certified.
Tucker said that DVHA is also working on developing a website with information about the exchange. It should be completed and available to the public by the end of the year.