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Walker: Private market insurance rates to drop 4.2 percent

MADISON, Wis. (AP) — Gov. Scott Walker says health-insurance rates for plans sold in the private market under the Affordable Care Act will drop by more than 4 percent next year.

The reduction is being attributed to a new reinsurance program that Walker signed into law this year and that takes effect in 2019. It’s a $200 million program that’s part of Walker’s plan to lower health-insurance costs in Wisconsin.

Walker said on Thursday the 4.2 percent reduction estimate takes into account rate filings received by the Wisconsin Office of the Commissioner of Insurance and a report completed by Wakely Consulting Group.

Under the program, the government will, stating next year, provide money to health-insurance providers to pay about 50 percent of medical claims costing between $50,000 and $200,000.

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