More Iowans able to keep, afford health coverage under insurance commissioner’s plan: Analysis
The independent analysis, completed by
"The analysis clearly finds that the Iowa Stopgap Measure is a better alternative for
He later told The Gazette that he expects final approval for the measure.
In June, Ommen submitted the proposed stopgap measure -- yet to be approved by the federal
Ommen believes the tax credits will bring in more healthy and young individuals to the Affordable Care Act marketplace, which would help better spread out costs. In addition, the use of reinsurance would attract insurers back to the marketplace, he has said.
The analysis found that if things remain as they are -- that is to say, the stopgap is not approved -- it's likely that between 3,000 and 4,000 Iowans will reduce their coverage level in 2018, and another 300 to 400 would follow suit in 2019, to purchase more affordable coverage.
What's more, NovaRest believes between 18,000 and 22,000 people will drop coverage and become uninsured in 2018, while another 28,000 and 30,000 will do so in 2019.
If the stopgap measure is approved, however, NovaRest projects that only between 4,000 and 6,000 people will drop coverage in 2018.
In addition, the analysis found that, for individuals and families living above 400 percent of the federal poverty level -- about 28,000 Iowans -- premiums will become unaffordable if the stopgap is not implemented.
"For an individual adult starting at age 20, their income would have to exceed
"When you look at rates under the ACA with an average 43 percent increase, it would significantly impact Iowans above the 400 percent poverty level," Ommen said Thursday night in
"The problem is, it's a hardship for people, the price has gotten to the point where people will leave the market. You need healthy people to cover the costs."
Ommen said that the Insurance Division now is in the process of putting together the final waiver application for CMS approval, adding the agency is moving forward as if the measure is approved.
"I take to heart what's being written" in the public comment, he said. "What's happening is not acceptable and it really motivates me to find a solution."
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