Pennsylvania Governor Tom Wolf has signed legislation that creates a state-based health insurance exchange.
Wolf’s Administration asserts this will allow for lower premiums and increased access.
While the state previously shared oversight of its health insurance exchange with the federal government, Wolf says this new arrangement would be more affordable and effective.
“Pennsylvania has been charged nearly $100 million in yearly fees to operate the health insurance marketplace but the state will be able to purchase a platform to operate their own equivalent for about $30 million,” Gov. Wolf said.
This savings would result in lower premiums for those in the individual insurance market by 5 to 10 percent, according to officials.
Pennsylvania’s health insurance marketplace will be administered by the state’s Department of Insurance.
Over 400,000 Pennsylvania residents currently have health care coverage through plans purchased through the federal health insurance marketplace. The state marketplace could be operational as early as Jan. 1, 2021.
