New York Gov. Cuomo Authorizes Health Insurance Exchange

New York Gov. Andrew Cuomo has issued an executive order authorizing the creation of the New York Health Benefit Exchange as a marketplace for consumers and businesses to purchase healthcare plans, according to a Westfair Online report.

Gov. Cuomo previously stated he would use his executive powers to create the insurance exchange if the state Legislature failed to act. Healthcare organizations praised the governor's actions last week.

Gov. Cuomo's office predicts the exchange will save taxpayers hundreds of millions of dollars annually. State and local governments currently pay more than $600 million each year to cover the cost of healthcare for 2.7 million uninsured New Yorkers.

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