CT receives $116 billion to set up health care exchange

HARTFORD, Conn. (WTNH) -- Connecticut is one of the first states to take advantage of the new federal health care law and is now working to set up a health insurance exchange.

This was one of the big questions about Obamacare: How would the states organize these insurance exchanges so the uninsured can get insured? Connecticut is one of six states to come up with a plan that meets the approval of the federal government.

An insurance exchange is a marketplace where people can shop for health insurance. If you don't have it already, you're going to have to get health insurance or face a penalty from the federal government.

To try to make insurance as affordable as possible, the insurance companies will compete in this marketplace called an exchange. The idea is that will keep costs down for everyone.

The plan certainly has its critics. And while Connecticut is proud to be one of the first to come up with an exchange program. But some states are not even trying. They say it's not going work, so let the federal government struggle with creating the exchanges.

Connecticut's exchange should be up and running by next year.