Health Insurance Exchange, Insurance Exchange. An organized marketplace for the purchase of health insurance set up as a governmental or quasi-governmental entity to help insurers comply with consumer protections, compete in cost-efficient ways, and to facilitate the expansion of insurance coverage to more people. Exchanges do not bear risk themselves – they are not insurers. Rather, they would contract with private insurers and possibly offer a public plan option to cover specified populations (such as those obtaining coverage through small employers and those without employer coverage).
Ideally, an exchange would promote insurance transparency and accountability, facilitate enrollment and the delivery of subsidies, while also playing roles in spreading risk (i.e., ensuring that the costs associated with those with high medical need are shared broadly) and containing costs.
Horizontal Equity. (Compare Vertical Equity.) The concept that equals should be treated equally by taxes and transfer payments. For the personal income tax, equality is measured by income received within any one year.
Human Capital. Knowledge and skills that workers acquire through education, training, and experience.
Hybrid Pension Plan. An employer-sponsored retirement program, such as a cash balance plan or pension equity plan, that combines features of defined benefit and defined contribution plans.
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