Washington Gov. Jay Inslee (D) Signed Legislation on Monday that will Offer Residents a Public Health Care Option.
Beginning in 2021, “all carriers will be required to offer at least one state-defined ‘standard plan’ on the Washington Health Benefit Exchange,” according to a Release Outlining the Plan.
“A standard plan will limit out-of-pocket costs, provide transparent and predictable cost sharing, and increase the value of federal subsidies. These plans will also cost less because they will cap reimbursement rates at Medicare rates.” he said.
By 2025, only Standard Plans will be Offered in the Health Benefit Exchange.
The Plan is Designed to Help Stabilize the Individual Health-Insurance Market and keep Deductibles from Rising, while working toward offering Coverage for All State Residents, Regardless of their Income.
“This is the step that we can take to make sure we are offering our citizens a plan that looks like Medicare,” State Rep. Eileen Cody (D-34th District) said earlier this year.
The State will Decide the Terms of the Public Option Plans but Hire Private Insurance Companies to Administer them.
This will allow Insurance Companies to still Maintain a Role in the Insurance Industry while also Reducing their Control by placing a Cap on Payments to Doctors, Hospitals, and other Health Care Providers.
Consumers using the State’s Plan should Spend No more than 10% of their Income on Premiums, Inslee’s Office has said.
“What’s important about this plan is that the government is coming in and taking a more aggressive role in regulating the cost drivers of health care,” State Sen. David Frockt (D-46th District), who Sponsored the Bill said.
States looking at a Public Option: Colorado, Maine, Minnesota, New Mexico, and Rhode Island.
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