When Will It Stop? Will it Stop? White Insurance Agency Gets a Huge Deal From Trump
In an effort to get its insurance premiums to skyrocket, a major insurer in Kansas will get $1.2 billion in taxpayer-backed loans from the Trump administration.
The federal government is funding the loan through the federal government’s Community Reinvestment Act program, known as the “skinny budget.”
The loan was announced on Thursday, and it is expected to be repaid by the end of the year.
The Federal Housing Finance Agency (FHFA) is financing the loan at a rate of roughly 6.3 percent.
In return for the government support, the White Insurance Department of Kansas will be able to continue its expansion of health insurance for the uninsured.
“In the last six months, we’ve seen the number of uninsured increase by more than 100,000,” said Kansas Secretary of State Kris Kobach.
“We’re excited about getting the federal support to expand coverage.”
Kansas has been a major player in the Trump health care push.
It has been one of only four states that have expanded Medicaid coverage for low-income residents, and the federal subsidy that helps cover the cost of the insurance has helped fuel the state’s recovery.
The Affordable Care Act has helped Kansas cover its uninsured populations in a major way.
But the ACA also allowed insurers to sell plans across state lines, which resulted in higher premiums for the residents of neighboring states.
“The ACA also created an incentive for states to get together and get more of the population insured,” said Kobach, who has been the architect of the Obamacare expansion.
“And when that opportunity was passed to states, the state legislatures across the country took advantage of that.”
The Obama administration has been critical of Kansas for not expanding Medicaid coverage.
Kobach and the Trump team have pointed to the federal subsidies as a major reason why Kansas was not able to expand its insurance coverage.
“That was the big reason why we didn’t expand Medicaid,” Kobach said.
“But we did have federal money, and we had a state legislature that did not want to give us that money.”
Kobach also said that the federal stimulus was a major factor in Kansas’ decision not to expand Medicaid coverage under the ACA.
“I think it was a big factor in our decision not go to expand it,” he said.
The $1 billion loan from the FHFA will allow the White, Kansas Health Insurance Company to expand insurance coverage in Kansas for the people who do not have health insurance in Kansas.
“For our most vulnerable people, there is no other option,” Kobak said.
He also said the loan will allow Kansas to hire people to help administer the insurance expansion program, which will be paid for by the federal budget.
“What we are doing here is helping our state in a way that it was never intended,” Kobah said.
According to the Kansas Department of Finance, the $1 million loan will pay for the purchase of a new facility for the White Health Insurance Agency to provide health insurance coverage for the Kansas population.
The state will pay $100 million for the facility, with the remaining $250 million going to cover the administration of the program.
The White Insurance company will be paying the state $1 per eligible Kansas resident, which is about $9.60 per year.
In 2017, the average insurance premium in Kansas was $2,878, according to the latest figures from the Kaiser Family Foundation.