Lowering the Cost of Health Care: 2019 Individual Health Insurance Rates to Drop by an Average 4.2 Percent Thanks to Governor Walker’s Health Care Stability Plan
Individual premiums expected to drop $992.28 on average compared to without Gov. Walker’s actions
MADISON, WI— Governor Scott Walker today announced his Health Care Stability Plan (WHCSP) will lower 2019 premium rates in Wisconsin’s individual health insurance market on a weighted average by 4.2 percent from 2018 rates and by 10 percent as compared to without WHCSP, based on rate filings received by the Wisconsin Office of the Commissioner of Insurance (OCI) and a report completed by Wakely. This is a significant change from the 44 percent rate increase the average Wisconsin consumer saw last year.
“This year, many Wisconsinites will see their health insurance premiums drop,” said Governor Walker. “In fact, the Health Care Stability Plan will decrease individual premiums by an average 4.2 percent. That’s a significant swing from the 44 percent average increase people saw in the individual market last year. In Wisconsin, individuals have suffered far too long from an unsustainable health insurance market. Thanks to the support of the Wisconsin Legislature and flexibility granted by the federal government, our Health Care Stability Plan is a Wisconsin-based solution helping to stabilize the market and lower costs.”
Over the past several years, insurers in the Wisconsin individual health insurance market have left the market, reduced service areas, and increased rates. Insurers have experienced over $500 million in losses since 2014. Consumers are consistently faced with fewer coverage options and double digit premium increases. The Wisconsin Health Care Stability Plan is a federally approved 1332 Waiver under the Affordable Care Act (ACA), which permits Wisconsin to pursue an innovative strategy to ensure residents have access to affordable health insurance options.
The Wisconsin Health Care Stability Plan lowers 2019 total individual premium by $992.28 on average compared to without WHCSP.
“Thanks to Governor Walker’s leadership on the Wisconsin Health Care Stability Plan, we are pleased to assure all Wisconsin counties not only have coverage but on average, will see a decrease in their premiums,” said Commissioner Nickel. “Fortunately, some areas may see additional carriers available compared to years past. As open enrollment nears, it’s helpful to seek out insurance professionals to actively explore coverage options.”
Wisconsin Health Care Stability Plan
On April 19, 2018, Governor Walker, through OCI, submitted the Wisconsin Health care Stability Plan, also known as the 1332 Waiver for State Innovation Application under the ACA, for federal approval. 2017 Wisconsin Act 138 allows Wisconsin to leverage federal funding for the operation of a state-based reinsurance plan; the Health Care Stability Plan. The U.S. Department of Health and Human Services and the U.S. Department of the Treasury approved Wisconsin’s 1332 Waiver application on July 29, 2018. The waiver will be effective on January 1, 2019.
Governor Walker’s Health Care Stability Plan Fact Sheet is attached.
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