$9 million Needed to Keep Idaho Exchange from Dipping Into Reserves
BOISE, Idaho (AP) — Idaho's online insurance exchange needs to collect $9 million in revenue by the summer of 2017 or risk dipping into its limited reserves in order to stay in business.
The federal government stopped providing funding for state-based exchanges on Jan. 1. This means the 13 states currently operating their own exchange must find a way to become sustainable. Your Health Idaho is estimated to collect roughly $6 million in fees from plans offered on the exchange starting July 1.
However, the exchange will also use up about $22 million of leftover federal funds during the same budget year to pay off capital expenses. Starting in 2016, Idaho will need a jump in enrollees to raise $9 million to operate the exchange. If not, officials say they'll have to dip into the $7 million reserve fund.