Connecticut Health Exchange Enjoys Fiscal Stability While Others Struggle
Though the state’s health exchange soon will consider boosting insurance assessments, Access Health CT officials said Tuesday Connecticut’s program is on sound financial footing — unlike many other state exchanges.
The finance subcommittee of Access Health’s Board of Directors unanimously recommended that the full board consider two options to increase modestly its assessments on all individual and small-group insurance plans sold in the state.
The subcommittee also endorsed an $81.6 million budget proposal for the 2015-16 fiscal year, which includes $29.7 million in Access Health operating costs, $43 million in expenses that would be reimbursed by the state Department of Social Services, and $8.8 million in grants.
This plan cuts annual spending almost 25 percent as the exchange — which was launched with major federal grant assistance — seeks to be self-sustaining as those grants end.
“We’re the best positioned state in the country,” Access Health CT’s chief executive officer, Jim Wadleigh, said.
Most states rely on the federal exchange, known as HealthCare.gov, to match up consumers with health care policies. But The Washington Post recently reported that nearly half of the 17 exchanges run by states or by the District of Columbia are struggling fiscally as federal grant support shrinks.