The October 1 deadline has gone by and the health exchange market is still in a state of turmoil. Not everything has gone as planned and the government has been facing several troubles since the launch day.
Who can forget the government shutdown that resulted amid all this chaos? However,
even in this torrid period, there is a particular entity that has survived the carnage well – private health insurance exchanges.
Private health care exchanges have been receiving a lot of positive attention in this period. There are several reasons for this:
• The federal exchanges are not performing as expected, and there are several issues that need to be addressed for tackling the challenges being faced by users in registering and using the website. Amid this, the private exchanges are working flawlessly and letting employers rudn the show effortlessly.
• The private benefits exchange is made using a better technology. They are equipped with the latest security protocols and efficient codes that are affecting a smooth run of the exchange, something that the federal exchanges cannot claim.
• A private insurance exchange is improving the way health care providers deliver healthcare to employees of organizations implementing this model. Such a setup is encouraging people to map private exchanges to the average scenario for eradicating the challenges associated with a federal marketplace.
If the troubles associated with the federal marketplace continue, private exchanges are going to play a big role in deciding the future of online health marketplaces. Over the next few months, as the federal marketplaces approach perfect functioning, the private health insurance exchanges:
• Will permanently change the way people perceive health insurance purchase. They will become the de-facto standard to buy and sell health insurance marketplace online, mainly because the federal marketplace is full of bugs and loopholes.
• Will become a favorite of employers and employees. As more and more big employers move towards the private benefits exchange, other players are going to tilt in that direction. Slowly, this will create a deluge of employers willing to implement a private exchange for employee health insurance.
• Will increase the health insurance quality for every dollar spent. As the entire process becomes more transparent and clear, the quality of health insurance sold will increase dramatically. There is going to be substantial improvement in the quality of healthcare and people would be able to attain better healthcare at nearly same costs.
• Will pave a path for federal marketplaces to follow. A perfect operation of the portals would help federal marketplaces figure out the error in their strategy, thereby helping them overcome common challenges.
Due to all the above factors, private exchanges are going to become a standard for buying and selling health insurance online. It is very logical to predict that before the end of 2014, private health insurance exchanges would have had a great impact on the way the world perceives health insurance shopping.
