(Reuters) - The U.S. Centers for Medicare & Medicaid Services (CMS) said on Tuesday it had approved Alaska’s proposal to stabilize its state health insurance exchange by creating a program to cover claims by people with certain high cost conditions.
CMS said the new program was projected to reduce premiums in the individual market by 20 percent, adding more consumers may have coverage.
Alaska will receive around $48 million from the federal government and will put around $11 million of its own money for the reinsurance in 2018, CMS said.
The program is the first so-called state innovation waiver approved by the agency.
Reporting by Michael Erman in New Yorkj; Editing by Sandra Maler