What is the purpose of health insurance exchanges?

The purpose of health insurance exchanges is to create a marketplace for purchasing health insurance. These exchanges, established under the Affordable Care Act (ACA), allow individuals, families, and small businesses to compare different health insurance plans side-by-side. They are designed to facilitate access to health insurance by providing a centralized platform where consumers can review their options, assess costs, and select coverage that fits their needs and budget. By promoting competition among insurers, health insurance exchanges help to increase the affordability of plans and enhance consumer choice. The goal is to provide easier access to coverage and ultimately improve health outcomes for the insured population.