SB 608 Summary

• Establishes the Missouri Health Insurance Exchange as a state body corporate to facilitate availability and choice of private health insurance plans for eligible individuals and small employers effective January 1, 2013

• Creates an Exchange Board composed of three ex officio state directors and six governor-appointed members with specific expertise to govern the exchange and appoint an exchange director

• Allows licensed health carriers to offer consumer-driven plans, limited mandate policies, and enriched plans through the exchange at actuarially sound rates based on age, geography, and family composition

• Establishes the "Direct Payment Stop Loss Fund" to reimburse carriers 70% of claims between $50,000 and $100,000 per covered individual annually, commencing January 1, 2014

• Requires Missouri employers and self-employed individuals to annually file health insurance coverage status forms and requires uninsured residents ages 21-64 to post a $10,000 bond or establish an escrow account by January 1, 2014