Mississippi Insurance Commissioner Mike Chaney told Becker’s April 28 that he is pursuing an exchange for short-term policies, as originally reported by the Magnolia Tribune.
The exchange would serve as a portal for individuals getting money for coverage from their employer and seeking an alternative, affordable option, Mr. Chaney said. These plans would have a tight formulary list and rely on generics when possible.
Because the federal government lacks oversight over short-term, limited-duration health plans, these offerings have historically faced questions over how comprehensive they are compared to those on the ACA. Mr. Chaney said his office is encouraging products to include essential health benefits, and coverage would resemble the state health plan, despite a different duration. The Magnolia Tribune reported CMS granted approval.
Mr. Chaney added that underwriting is up to the companies. The products will lower the possibility of more uninsured people winding up in the emergency room, he said, affecting hospital payments.
Mr. Chaney’s office is planning for a September rollout. He said at least five “big” companies have expressed interest so far.
Mr. Chaney also confirmed he is not interested in a state-based ACA exchange right now, building off previous reports regarding whether he would bypass the governor.
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