Walker Signs Bill Into Law Designed to Lower Insurance Premiums
Walker Signs State Reinsurance Program, Key Piece of Health Care Stability Plan into Law
MADISON -- Governor Scott Walker signed Senate Bill 770 into law today at Tomah Memorial Hospital and HSHS St. Mary’s Hospital Medical Center. The bill starts the process of utilizing a State Innovation Waiver (1332 Waiver) to stabilize rising health care premium costs on the individual market. The reinsurance program is estimated to lower health care premiums for those in the individual market by 13 percent in 2019 and by 12 percent in 2020.
“Our Health Care Stability Plan is our solution to Washington’s failure; we want to provide health care stability and lower premiums for Wisconsin,” said Governor Walker. “Today’s bill starts the process of stabilizing premiums for Wisconsin families on the individual market. But, we aren’t stopping there. Our plan will also bring peace of mind and stability to our Seniors and those living with preexisting conditions. We look forward to pushing each aspect of our plan forward in order to help our state—these are Wisconsin issues and they are being addressed with bipartisan, Wisconsin-based solutions. I thank Representatives Todd Novak and Kevin Peterson for leading our efforts in the Legislature.”
Senate Bill 770 -- This bill creates the Wisconsin Health Care Stability Plan (WIHSP), a state-based reinsurance program for health insurance providers. Additionally, OCI is authorized to seek a 1332 State Innovation Waiver from the US Department of Health and Human Services to implement this program. Authored by Senate Committee on Organization and Representative Todd Novak (R – Dodgeville), at the request of Governor Scott Walker. The bill passed the Senate on a vote of 23-9 and was concurred in the Assembly on a vote of 79-16. It is Act 138.
Following the bill signing, Governor Walker sent a letter to Senator Orrin Hatch and Congressman Kevin Brady supporting reforms to the 1332 Waiver process, which would promote a more efficient process. A copy of the letter is attached.