State's reinsurance plan approved; aims to lower premiums
The federal government on Friday approved the state's plan to implement a reinsurance program.
The Centers for Medicare and Medicaid Services signed off on the state's waiver, the governor's and auditor's office announced Friday.
In the most recent state legislative session, lawmakers approved a reinsurance program that let the state pursue the waiver. Reinsurance creates a pool of money, through a levy on insurance premiums paid by insurance companies and federal funds, to be used to pay extremely high claims. The bill was carried by Rep. Steve Fitzpatrick, R-Great Falls.
About $10 million will come from those fees and $34 million from the federal government each year, according to a legislative estimate.
Read more: https://missoulian.com/news/state-and-regional/govt-and-politics/state-s-reinsurance-plan-approved-aims-to-lower-premiums/article_b39cfc84-b218-56b5-a42e-8fcc716dc8a5.html
