The U.S Department of Health & Human Services and the U.S. Department of the Treasury approved this week Idaho’s application for a Section 1332 State Innovation waiver. The state submitted the application to increase affordability of individual health insurance in Idaho.
The waiver approval is effective January 1, 2023, through December 31, 2027, and is expected to reduce individual market health insurance premiums by 12-percent in the first year compared to premiums without the waiver.
The waiver will be implemented primarily by the Idaho Individual High Risk Reinsurance Pool, a state reinsurance program that helps reduce some of the insurance costs of certain serious medical conditions, thereby reducing the premiums charged to Idahoans. Governor Little recommended and the Legislature this year approved a one-time $25 million General Fund transfer to the Idaho High Risk Individual Pool Fund to lower health insurance premiums throughout the state. The pool was created in 2000. From its inception, it has successfully paid more than $164.6 million in claims from more than 13,000 Idahoans with serious medical conditions.
