Kentucky Receives $7.6 Million Grant to Establish A Health Insurance Exchange
« Back
Aug 15th, 2011
Kentucky Receives $7.6 Million Grant to Establish A Health Insurance Exchange
On August 12, 2011, the Department of Health and Human Services announced that Kentucky will receive a $7,670,803 Exchange Establishment grant under the Affordable Care Act.
Kentucky was one of 13 states, along with the District of Columbia, that was awarded more than $185 million to help states set up health insurance exchanges. When the Affordable Care Act is fully implemented in 2014, individuals and small businesses will have access to affordable coverage through a new competitive private health insurance market – state-based Affordable Insurance Exchanges.
Kentucky will use these new funds to continue the state’s Exchange planning efforts. Much of the funding will be used for Information Technology systems (IT) to support the definition of business requirements, the procurement of an IT planning vendor, assistance with drafting an RFP for procurement of IT upgrades/and or new systems. The State will also focus on outlining business operations for the Exchange.
These grants are just the latest in an ongoing series of Affordable Care Act grants to help states develop Exchanges. Already, 49 states and the District of Columbia received Exchange Planning grants, seven states received Early Innovator grants, and a number of states have indicated interest for future rounds of Exchange Establishment grants. While states are moving at different rates in the planning and establishment process, the vast majority of states have already taken the crucial early steps in building these new marketplaces. Numerous states have already expressed interest in applying to future rounds to build a robust Exchange for their residents.
Affordable Insurance Exchanges are intended provide individuals and small businesses with a “one-stop shop” to find and compare affordable, quality private health insurance options. With these Exchanges, Americans will no longer be on their own in trying to find comprehensive, affordable health coverage that is right for their needs. Exchanges will bring new transparency to the market so that consumers will be able to compare plans based on price and quality. By increasing competition between insurance companies and allowing individuals and small businesses to band together to purchase insurance, Exchanges will help lower costs.
More information on Exchange grants here.
« Back
