ALBANY, N.Y. -- New York'sHealth Department has selected a health care plan offered by Oxford as the benchmark for the state's health insurance exchange, which is intended to help extend coverage to the uninsured and reduce costs for individuals, small businesses and local governments.

The New York Health Benefit Exchange Gov. Andrew Cuomo established by executive order is a federally required and subsidized marketplace scheduled to start in 2014.

The department says the benchmark plan selected is the largest small group plan in the state, Oxford EPO, and an outside analysis showing it provides comprehensive coverage while minimizing costs to individuals and small groups.

Other insurers that participate in the exchange will have to match coverage. Premiums and deductibles haven't been set yet.

There are an estimated 2.7 million uninsured New Yorkers.