Healthcare Business News

Cuomo signs order to create insurance exchange

By Ashok Selvam
Posted: April 12, 2012 - 5:30 pm ET

New York Gov. Andrew Cuomo has signed an executive order for his state to join the 13 others that have established health insurance exchanges.

“Establishing the health exchange will bring true competition into the healthcare marketplace, driving costs down across the state,” Cuomo said in a news release.

Washington, D.C., also has established an exchange. The Patient Protection and Affordable Care Act mandates all states to create exchanges by Jan. 1, 2015, or the federal government would establish its own for each state. The federally funded exchanges offer insurance-plan choices for individuals and small businesses, as well as subsidies to lower-income enrollees within the state.

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The exchange could insure more than 1 million New Yorkers and cut costs by as much as 66% for individuals and 22% for small businesses, New York officials said in the release.

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