“The ACA presents New York policymakers with a unique opportunity to reform its individual and small-group insurance markets. However, creating an effective market-based exchange requires policymakers to recognize that simply imposing its current high-cost insurance arrangements on the exchange may lead to the collapse of the exchange over time. Instead, reforms should build on the lessons learned from state exchanges in Utah and Massachusetts, federal programs such as Medicare Part D, and private exchanges such as New York’s HealthPass.”