Regional
10:33 am
Tue July 20, 2010

New Mexico Plans Insurance Exchange

New Mexico – Gov. Bill Richardson says his administration plans to start developing a state-based exchange for small businesses and individuals to buy health insurance.

Richardson said Monday a state-managed exchange was recommended by an administration task force that looked at how New Mexico should implement provisions of a federal health care overhaul.

An exchange will serve as a supermarket for buying health insurance and it's intended to provide more price competition. States have the option of going with a federally run exchange or establish a state-based operation that would open for business in 2014.

The governor said his administration will move ahead with several other task force recommendations, including creating a state Office of Health Care Reform.

Copyright 2010 The Associated Press.