The Exchanges Are Open- Will Your Workers Drop Your Health Insurance?

October 1st has finally come and gone, and for individuals and small businesses around the US, that means the insurance exchange is now open to the public. As an employer, you might not think this affects you much, especially if your business meets the criteria laid out in the health care reform and you already have to provide insurance to your workers.

Did you know, though, that your employees don’t have to actually use the health insurance you provide? That’s right. Even if you pay for health insurance to cover all of the employees in your company, those workers can actually go online and opt in for the health care exchange, possibly obtaining insurance on their own at a lower cost.

What is the Exchange?

The exchange is an online health insurance marketplace where individuals and small businesses can obtain insurance through private insurance companies, as well as assistance from the government in paying for that insurance, as set up under Obamacare. In 34 states, this exchange is available at HealthCare.gov, while the District of Columbia and 16 other states have their own exchanges.

While you may have already done the research and paid for health insurance for your workers, there’s actually nothing to prevent employees from shopping for their own instead. And some may take advantage of this exchange for several reasons. more