What role do 'Health Insurance Exchanges' play in healthcare?

Health Insurance Exchanges serve as marketplaces that facilitate the buying and selling of health insurance plans. They were established as part of the Affordable Care Act to increase transparency and competition among insurers, providing consumers with more options and easier access to health coverage. Through these exchanges, individuals, families, and small businesses can compare different insurance plans side by side based on coverage, costs, and quality, allowing them to make more informed decisions about their health insurance needs.

Exchanges also provide financial assistance to eligible consumers, helping to lower the cost of premiums and out-of-pocket expenses, which is particularly beneficial for those with lower incomes. This function of acting as a centralized platform for health insurance options is pivotal in expanding access to health care and promoting public health. Other options provided in the question do not align with the primary function of Health Insurance Exchanges.