ALBANY, N.Y. (AP) — New York has taken several steps to establish a statewide health insurance exchange in 2014 intended to extend coverage to the uninsured and reduce costs for individuals, small businesses and local governments.
The New York Health Benefit Exchange, a federally required and subsidized marketplace for buyers, was established by Democratic Gov. Andrew Cuomo by executive order last April after a legislative proposal ran into opposition in the Republican-controlled state Senate.
New York has an estimated 2.7 million uninsured among roughly 19 million residents. Danielle Holahan, director of policy and planning for the Health Department's exchange, said their analysis indicates they will enroll about 1.1 million people.
Individuals and small businesses purchasing coverage through the exchange can tap up to $2.6 billion in federal tax credits and subsidies annually, according to the executive order. The state has already indicated to federal officials it will be ready to begin taking applications in October 2013 for coverage starting Jan. 1, 2014.
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