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A number of recent health care reform plans call for the creation of a health insurance "exchange," a new entity intended to create a more organized and competitive market for health insurance by offering a choice of plans, establishing common rules regarding the offering and pricing of insurance, and providing information to help consumers better understand the options available to them. This brief explains the purpose and function of exchanges, how they would relate to greater regulation of the insurance market, and some of the key questions likely to be addressed by any health reform proposal that calls for the creation of exchanges.

The passage of health insurance reform legislation represents a historic victory for the American people – a victory over the special interests that have fought for decades to prevent families and businesses from having control over their health care or the health care of their workers. The legislation will: * Rein in the worst excesses and abuses of the insurance industry with some of the toughest consumer protections this country has ever known. * Hold insurance companies accountable to keep premiums down and prevent denials of care and coverage, including for pre-existing conditions. * Make health insurance affordable for middle class families and small businesses with one of largest tax cuts for health care in history – reducing premiums and out-of-pocket costs. * Provide the security of knowing that if you lose your job, change your job, or start that new business, you’ll always be able to purchase quality, affordable care in a new competitive health insurance market that keeps costs down. * Strengthen Medicare benefits with lower prescription drug costs for those in the ‘donut hole,’ chronic care, free preventive care, and nearly a decade more of solvency for Medicare. * Improve our nation’s fiscal health by reducing our deficit by more than $100 billion over the next decade, and more than $1 trillion in the decade after that. Health Reform & the Budget “Under this budget, we will provide the health and human services that Americans depend on more effectively, slashing waste and focusing programs on results.” -- Secretary Sebelius The President’s budget helps build the foundation for health insurance reform. The budget strengthens the health care system and improves access to care by investing $995 million to address the shortage of health care providers in underserved areas, increasing funding to expand services at Health Centers by $290 million and allocating nearly $80 million for work to spread the adoption and use of health information technology. Read the President’s Budget