Consumer Affairs Commercial Affairs (CAC) will be selling insurance coverage for those who want to shop around for the best deal on health care.
The department is hoping to generate more than $200 million by the end of next year, a huge sum for the sector, which has struggled in recent years with high insurance premiums.
“I think that the consumer is the ultimate arbiter of who they want to go to and the consumer can really influence the health care system,” said CAC president, John Schmitt, in an interview with Fox News.
“We have a very strong consumer in mind. “
We’re trying get it done quickly.” “
We have a very strong consumer in mind.
We’re trying get it done quickly.”
The department said it will have about 1,400 full-time employees by next year and that it expects that number to grow to 2,000 by 2020.
Consumers will be able pay an average of $6,200 per year.
Health insurance is one of the biggest drivers of the federal deficit.
According to a Congressional Budget Office report last year, the nation spends more than 10 percent of its gross domestic product on health insurance, with the bulk of the cost being borne by middle-class families.
The CBO also found that premiums are out of control for those making less than $70,000 per year and nearly double that for those with incomes of $200,000 or more.