Cuomo Orders NY Health Insurance Exchange

Gov. Andrew Cuomo issued an executive order Thursday to establish a statewide health insurance exchange intended to reduce coverage costs for individuals, small businesses and local governments.

The New York Health Benefit Exchange, a federally authorized and financed marketplace for buyers, is also aimed at including more than a million New Yorkers now without coverage.

"The sky-high cost of insurance in New York is driving businesses out of the state and preventing lower income New Yorkers from being able to afford needed coverage," Cuomo said. "Establishing the health exchange will bring true competition into the health care marketplace, driving costs down across the state."

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Source: The Wall Street Journal