Exchange Health Plans To Receive Star Ratings
Soon consumers shopping for health insurance on the public health exchanges will feel more confident about the health insurance they are purchasing. The Department of Health and Human Services (HHS) has announced that they will be giving Star ratings to the public exchange health plans.
As of now, consumers have little information about the quality of services they can expect when they purchase a health insurance plan on the public exchange. Many consumers choose a health plan based on price and their physician’s participation in the insurance plan. The HHS is looking to help consumers feel more confident about the health plans they are choosing by using a Star rating system.
Each health plan would receive a collection of three “summary indicator” ratings and one overall rating. The indicator ratings would take into consideration these 3 factors:
- Clinical quality management
- Insurance member experience
- Plan affordability and management
The new Star rating system will be available for Qualified Health Plans that have more than 500 participants in the program.
The HHS will be submitting their guidelines for the rating system to the Federal Register by the end of this month and expect to have the rating system in place in next few months.