A closer look at the Utah Health Exchange.
Yet despite the unanswered questions and unresolved issues, there is much to be proud of and grateful for. In this issue of Utah Business, we honor a selection of healthcare professionals who have remained committed to bettering the health and lives of Utahns and individuals across the world. Regardless of the ups and downs the industry is experiencing, these Healthcare Heroes value our health more than the balance sheet. They remain devoted to the art of healing and hope. Read their stories beginning on page 58.
Though there are undoubtedly many issues to be resolved in the nations healthcare Industry, the state of Utah hasn't been standing by waiting for problems to be solved. The states innovative Utah Health Exchange portal is an example of how the Beehive State is leading the way in this uncertain industry--and many throughout the United States are watching.
The Utah Health Exchange allows participating employers to offer health insurance options to their employees through a defined-contribution marketplace--and it has promised to be a win-win. Here's how7 it works: Participating employers designate a specific dollar amount for their employees to purchase health insurance from participating health insurance companies--all through the exchange portal. Employers no longer have the burden of selecting plans for their employees, as the exchange offers numerous plans from companies like Regence BlueCross BlueShield and Select Health. The exchange allows employees to have more freedom to select a plan that fits their individual needs.
Though the Utah Health Exchange is an innovative model that many believe will be part of the solution to our nations healthcare problems, some across the United States are beginning to question its effectiveness, as companies are not lining up to participate. Officially launched in the fall of 2010 (after a nearly yearlong trial period), the exchanges first year in operation is about to come to a close. Here's a look at what its accomplished thus far: The exchange currently has more than 165 small employer groups participating, covering nearly 4,000 individuals--20 percent of those employers previously offered no health insurance coverage to its employees. Though the exchange is currently targeting small employers (2-50 employees), it is in the middle of testing the viability of large employer participation.
The Utah Health Exchange has not experienced raging success in its first year, nor has it experienced failure. Instead, the exchange is moving thoughtfully forward. Though it is too early to tell whether it will be a viable model for states around the nation, it is worth watching. And its another example of how Utah is innovatively working to solve problems in an ailing industry.
From the Editor
Sarah Ryther Francom
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|Title Annotation:||From the Editor|
|Comment:||A closer look at the Utah Health Exchange.(From the Editor)|
|Author:||Francom, Sarah Ryther|
|Article Type:||Letter to the editor|
|Date:||Oct 1, 2011|
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