Advertisement

Walker: Wis. Private Market Insurance Rates to Drop 4.2 Percent

Private health insurance rates in Wisconsin are falling an average of about 4 percent. Private health insurance rates in Wisconsin are falling an average of about 4 percent. | 

Created: October 11, 2018 10:34 AM

MADISON, Wis. (AP) - Gov. Scott Walker says health insurance rates for plans sold in the private market under the Affordable Care Act will drop next year by more than 4 percent.

Advertisement – Content Continues Below

The reduction is attributed to a new reinsurance program Walker signed into law this year that takes effect in 2019. It's a $200 million program that's part of Walker's plan to lower health insurance costs in Wisconsin.

Walker on Thursday said the 4.2 percent reduction estimate was based on based on rate filings received by the Wisconsin Office of the Commissioner of Insurance and a report completed by Wakely Consulting Group.

Under the program, the government will provide money to health insurance providers to pay about 50 percent of medical claims costing between $50,000 and $200,000 starting next year.

Copyright 2018 The Associated Press. All rights reserved.

Advertisement
Advertisement
Relay Media Amp

Local Teens Recognized for Kindness Efforts Through 4th Annual Kindness Campaign

Coal Train Derailment Near Cloquet Under Investigation; MPCA Responds to Clean Up

Fort Frances, Ontario Man Dies in Crash on Cook Area Snowmobile Trail

White House Indicates Trump to Veto Disapproval of Emergency

Duluthians Brave Ice Cold Water for Annual Polar Plunge

UMD Hosts Computer Science Conference for Female Students

Advertisement