What is the healthcare exchange?

As time draws nearer and nearer for millions of Americans to get signed up for a health care plan, this leaves many confused on what to do. Especially since the online system has been down this whole time and millions of Americans rely on the ease of the internet to sign up. Each state is able to pick from a number of options in what it will decide to do in to have its citizens sign up. According to the Affordable Care Act an exchange must be available by each state. There are a few things a state can decide to do and they are as follows

• A state can have its own exchange.
• A state can choose to not have an exchange and allow the residents of each state to buy from the federal exchange.
• The last option is a mix of both, where the state and the federal government share responsibility in managing the exchange for said state.  

 Public exchanges will be the most popular of the exchanges because it will be the most accessible for the American public. To help those shopping for insurance understand the differences of insurance made available to them; the plans will be categorized by Platinum, Gold, Silver or Bronze.


This might leave people who are new to health care especially the young to still be unsure of which one to pick.


Platinum plans will have a higher premium which means it will be a higher cost overall but will have lower out of pocket costs. This plan might be best for someone who regular goes to the doctor and may be more at risk to have a hospital visit.

Gold and Silver plans will have a more moderate cost and a more moderate out of pocket cost. Bronze plans will have a low premium and a higher out of pocket cost. This plan might be best for someone who may have an emergency fund set up and is of good health.

Private exchanges will be available too. These will not be run by the government but instead the private sector. The private exchanges are up and running unlike the public exchange which is still being fixed.

What is important to know is that in the state of Virginia, we will be having our exchange handled by the federal government. While Maryland and DC have state based marketplaces.

All in all, we have the ability to pick from our federal marketplace once it is up and running or choose from the private sector. BB&T will be offering health care insurance to individuals and businesses. Incentives will be offered for those who buy health care from federal exchange. There will be "essential health benefits" that will provide wellness and preventive services, covered hospital stays, prescription drugs to name a few.

More information on exchanges, private sector exchanges and how states are handling their exchanges can be found below:

BB&T joins the private sector exchange
Health Insurance can be found in the private sector too
Aetna- Exchanges explained
Exchanges by state