Maryland’s ACA exchange moves forward with plan to lower premiums, stabilize insurance marketplace

The board of trustees of the Maryland Health Benefit Exchange voted Monday to take initial steps toward applying for a federal waiver that would allow the state to experiment with a new way of stabilizing its Obamacare-born individual marketplace.

The vote comes on the heels of legislation passed by the Maryland General Assembly, and signed into law by Gov. Larry Hogan, which calls for the state’s health exchange to apply for an “innovation waiver” under Section 1332 of the Affordable Care Act, through the Centers for Medicare and Medicaid Services (CMS). These waivers allow states authorize states to forego certain Affordable Care Act rules and experiment with different health care strategies, to try and stabilize volatile markets.

In Maryland’s case, regulators are seeking to implement a reinsurance program. Reinsurance is essentially insurance that is bought by insurance carriers that helps them mitigate their risk. The hope is that the program will help curtail some of the…

Read the full story from the Washington Business Journal.

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