"Two models have dominated the policy literature on health insurance exchanges, with many hybrids borrowing elements of each. At one end of the policy spectrum, the insurance exchange can serve as a 'marketplace' or 'clearinghouse' where buyers and sellers transact with minimal regulation of the product features and prices.... At the other end of the policy spectrum, the exchange serves as an 'active purchaser' of health insurance on behalf of its clients, the individual consumers. In effect, the exchange seeks to move insurance from a let-the-buyer-beware retail market to a two-stage wholesale and retail market."  MORE >>