Coop Health Care Exchanges

HR Resource
January 11, 2013 — 1,619 views  
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Small businesses and consumers are growing increasingly agitated with the lack of effective and affordable options in health care. The PPACA (Patient Protection & Affordable Care Act) has paved a way for small groups and individuals to access affordable health care exchanges across their state of residence and to sign up for “Coop” or “Consumer Oriented & Operated Plan”, which is a new kind of health care scheme.

Coop health care exchanges are non-profit and private health care providers whose administration consists mainly of their customers. Coops are established to offer affordable and quality health care schemes in each of the states. They sell health care services and have almost the same rules as most other health care exchanges. Unlike most other health care companies, a coop allows enrollees to have the final word when devising a health plan.

Since coops are non-profit health care providers, they utilize their profits by providing benefits to their enrollees. Such benefits include lower premium, enhanced health benefits, expanded enrolment, etc. Coop health care exchanges thoroughly educate their enrollees of the plan. Communication is a major feature of coop health care exchanges because the enrollees of the firm help in devising the plans.

Small Businesses Receive an Extra Insurance Option

Small businesses benefit the most from the existence of coop health care exchanges. They now have access to quality health care much like their large-sized counterparts. Owners of small businesses can make the most of one of the latest competitive insurance exchanges especially designed for small enterprises, called a “SHOP” or Small Business Health Option Program. The ultimate rule makes sure that coop health care exchanges that offer schemes or plans to small firms also take part in SHOP.

Coop health care exchanges are licensed in each state where their business operates, similar to other health care providers. Coop health care exchanges are expected to meet all the standards if they are to attract enrollees. Coop exchanges will also receive extra protection if they successfully demonstrate that any loans taken from the banks or premiums are appropriately used to provide benefits to their enrollees.

The Appeal of Coop Health Care Exchanges

Coop health care firms are private exchanges that are run by their consumers and not the government. The concept of coop exchanges is somewhat similar to that in the North-Midwest where electrical coops and dairy coops are found in plenty. The idea in the aforementioned region has worked well and produced profitable results in the markets. While government-run alternatives offer high-quality health care services, they are rather expensive. Coop health care exchanges ensure that you have access to excellent quality at affordable prices.    

Employees of large organizations can take advantage of health and insurance plans through which they get treatment at the finest hospitals. However, small businesses do not have the luxury of quality treatment due to limited resources. With coop health care exchanges, small firms and individuals can take advantage of the services on offer at relatively inexpensive prices.

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