South Carolina rejects federal funds to create medical insurance exchange « Health Insurance Advisory

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new healthcare reform lawThe new healthcare law, called the Patient Protection and Affordable Care Act (PPACA), represents comprehensive healthcare reform legislation signed into law on March 23, 2010. It contains numerous provisions designed to protect consumers and promote low cost medical insurance, including many new taxes to pay for the cost.

In this section of the site, you can also obtain the following information specific to your state: available medical insurance options, efforts to regulate medical insurance premiums, healthcare, the individual medical insurance marketplace and the new healthcare law.

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South Carolina rejects federal funds to create medical insurance exchange

Author: Pete S - Sr. Staff Writer | Sep 04 2011 | Insurance Exchanges - New Healthcare Law, South Carolina

South Carolina has declined to accept millions of federal funds appropriated by the new healthcare law to help states set up medical insurance exchanges and will also let key deadlines pass. The health insurance exchanges are scheduled to open in 2014.

Governor Haley said the federal plan is not the right fit for South Carolina. To date, only sixteen states and Washington D.C. have accepted federal funds thus far, according to the U.S. Department of Health and Human Services. If a state has not made progress by Jan. 1, 2013, the federal government will step in.

According to Tony Keck, head of South Carolina’s Department of Health and Human Services, federal rules for the new health insurance exchanges are still not clear. That is making officials in many states hesitant to accept money and agree to yet-to-be-determined rules and regulations. “Every state is so far behind in implementing their exchanges because we have not gotten the information we need from the feds on how this will work,” Keck said. “The federal government has been letting the proposed rules and regulations trickle out.”

According to Keck, outstanding questions include how the states will distribute the federal subsidies to the private health insurance companies and what components of the medical insurance exchanges the states must run vs. what components the federal government will run. Small businesses can also use the exchange to buy health insurance. The rules on how that will work are also murky, Keck said.

“Right now, it’s smarter for the state to wait and see what rules actually come down and what solutions the federal government comes up with to the many unanswered questions and what other states come up with,” Keck said. “And, if (South Carolina) decides later that it makes sense for the state to run it, then we’ll run it. But that may be years off.”

Learn more about medical insurance exchanges and how they are designed to help individuals, families and the self employed shop, compare and apply online for affordable medical insurance in South Carolina and other states. Our online medical insurance quotes work just like a health insurance exchange. You have the ability to check rates and coverage levels with leading health insurance companies in your state and review plans side by side to ensure you are getting the best value for your dollar. Get started today!

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