Iowa requests waiver to stabilize individual insurance market

The Iowa Department of Insurance this week asked the U.S. Departments of Treasury and Health and Human Services to approve a Section 1332 waiver for a stopgap measure to help stabilize the state’s individual health insurance market in 2018. The state proposes to redistribute the estimated advanced premium tax credit funding allocated to the state in 2018 between a reinsurance program and per-member per-month premium tax credits adjusted based on age and income. “In doing so, Iowa will be able to provide an accessible, affordable and comprehensive health insurance program that is budget neutral to the federal government and will improve market stability,” the proposal states. States can apply for a Section 1332 waiver of certain Affordable Care Act requirements but must demonstrate that the proposed waiver would provide access to quality health care that is at least as comprehensive and affordable as without the waiver, and provide coverage to at least a comparable number of residents.