By: Corin Cates-Carney
Next year, premiums for individual health insurance plans in Montana will go down for the first time since the Affordable Care Act took effect. Open enrollment starts Friday.
The roughly 50,000 Montanans who receive health coverage in the Affordable Care Act marketplace could see their premium bills drop by hundreds or thousands of dollars next year.
At the direction of a state law passed earlier this year, the companies are pooling their money together to help cover high ticket claims for health care. The federal government is also adding money to the pool and paying for a majority of the costs.
The result is that insurers don’t have to gamble on paying large and unpredictable health care bills because the new policy builds what amounts to insurance for insurance companies. And this lowers premium costs.
Matt Rosendale, the state auditor and commissioner of securities and insurance, says every insurance plan sold in Montana’s individual marketplace will cost less in the coming year.
“Across the board we’re looking at saving $51 million to the ratepayers here in Montana for the 2020 year,” he says.
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