Rosendale says Reinsurance Makes Health Insurance Rates Lower
Montana’s Commissioner of Insurance Matt Rosendale announced on Monday that open enrollment for all 2020 Obamacare healthcare insurance plans will begin on Friday, and that rates across the board will be lower.
“I’m really pleased to announce that every single health insurance plan sold in Montana’s individual market will be less that it was last year, every single one of them,” said Rosendale. “As a matter of fact, they’re going to average about $1,000 cheaper next year, and that is real money. There are some plans that will save consumers as much as $4,500 over the course of the year.”
Rosendale explained how the savings came about.
“We tried twice in 2017, once during the regular session and once in the special session, but the reinsurance bill was vetoed by Governor Bullock,” he said. “But, in 2019 we had overwhelming support through the legislature for this bill that created a reinsurance program that allows the insurance companies to insure their most expensive bills. So, all of our folks that have preexisting conditions and the expensive procedures that are necessary, we absolutely guarantee coverage for them by allowing the insurance companies to insure their high risk, and it helps keep the high risk down for everyone.”
Rosendale unleashed some big numbers associated with this reinsurance program.
“There’s going to be approximately $51 million in health insurance savings across the state of Montana because of this plan,” he said. “That’s $51 million this year alone, and that is a substantial savings.”
Open enrollment for individuals who buy their health insurance through the federal www.HealthCare.gov website and for small businesses with small group plans will run from November 1, 2019 to December 15, 2019. Visit www.MontanaHealthAnswers.com for details.