Missouri's high-risk health insurance pool is cutting its rates by 23 percent.
The state Department of Insurance, Financial Institutions and Professional Registration announced the cut in rates Tuesday. The high-risk insurance pool is funded by an $81 million federal grant.
Department spokesman Travis Ford says the decrease is for both new and existing policyholders.
“The federal government recently announced it would allow some rate decreases," Ford said. "The pool submitted a request for a rate reduction in this case, and the feds approved a decrease of 23 percent."
Ford says premiums will range from $137 to $601 per month with the new reduced rates. In addition, Missouri Insurance Director John Huff says the rate cut is designed to make the insurance pool more affordable.
People must be Missouri residents, have pre-existing medical conditions and be uninsured for six months to be eligible for the high-risk insurance pool.