Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
Feb. 15--Gov. Bob McDonnell has informed the Obama administration that Virginia will rely on a federally run health insurance exchange while retaining oversight of the insurers that offer coverage through the new system.
McDonnell's Thursday letter to the U.S. Department of Health and Human Services reinforced the Republican governor's long-standing opposition to creating a state-based insurance exchange under the federal health care overhaul. McDonnell said in a statement that "it will not benefit Virginia taxpayers to participate in the establishment and management of the day-to-day functions of the exchange."
"However, it is vital that any health insurance issuer in Virginia meets our established certification standards and conducts business in compliance with our long-standing regulatory framework to protect our citizens," McDonnell added.
The health exchanges are intended to create a more competitive insurance market, and provide consumers and small businesses with a choice of plans and information to help them understand their options.
In his letter, McDonnell said he intends to sign legislation moving through the General Assembly that gives the State Corporation Commission oversight of insurers and health plans offered on a federally run exchange.
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