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New York health exchange approved

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New York’s state-run health exchange was approved by the federal government Tuesday, becoming one of the first states to earn approval.

Under the Affordable Care Act, signed into law by President Barack Obama, states are required to set up their own health exchanges or have the federal government do it for them. The deadline is January 2014.

Gov. Andrew Cuomo’s exchange was created via an executive order in April 2012 after the Republican-led senate had vowed to block it. Only 18 states have set up exchanges, with many choosing to wait until after the presidential election.

The state received $183 million in federal grants for the exchange, and will receive $2.6 billion in federal tax credits. Medicaid will receive $2.3 billion in additional funding.

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