Don't miss out on federal funds

Under President Barack Obama's health care changes, New York can get perhaps $100 million in federal funding for establishing a health-insurance exchange to make it easier for people to buy coverage starting in 2014.

The catch is, the state has to enact the necessary legislation by June 30 -- and the current legislative session expires in a matter of days. Fortunately, there are signs the governor and lawmakers are getting down to business.

State Sens. Kemp Hannon (R-Garden City) and James L. Seward (R-Oneonta) have proposed a limited bill mainly aimed at meeting the deadline for federal money. It would set up a public authority run by 11 appointees apportioned among the governor and various lawmakers.

Gov. Andrew M. Cuomo proposed a more comprehensive plan Monday that contains a lot to like. It would create a public benefit corporation with the power to regulate health insurance and contract for coverage. And it would be run by gubernatorial appointees, making for clear accountability.

Both sides are right to take up the job; creating a New York exchange (rather than using the default federal model) will mean a marketplace tailored to New York programs (such as Child Health Plus) and insurance-policy requirements. A well-crafted exchange could help contain sky-high premiums by promoting competition and comparison-shopping.

But time is running short for the federal funding. We shouldn't risk losing it.