Insurance Exchange

What Does Insurance Exchange Mean?

An insurance exchange is a marketplace for purchasing insurance, commonly associated with health insurance.

With the signing of the Affordable Care Act, President Obama established insurance exchanges where individuals can compare and choose from plans offered by state governments, the federal government, or private insurers. Insurance exchanges are designed to promote competition and offer consumers a variety of options.

Insuranceopedia Explains Insurance Exchange

Under the Affordable Care Act, insurance exchanges are prohibited from denying coverage to individuals due to pre-existing conditions.

The primary benefit of insurance exchanges is that they provide consumers with the opportunity to choose from a wide range of insurance plans, promoting greater choice and access to coverage.