RALEIGH – Republican State Treasurer Dale Folwell has been on a winning streak ever since taking office in January 2017, resulting in millions of dollars in savings for taxpayers. Last week the Office of Treasurer announced yet another victory of fiscal conservatism – $55 million in savings by renegotiating the Medicare Advantage rates for nearly 150,000 state retirees.
The negotiations with United Healthcare were focused on offering Medicare-eligible retirees with Group Medicare Advantage Plans for 2019. Treasurer Folwell plans to use part of the savings to freeze and possibly lower family health care premiums for teachers, state employees and other public workers.
Just another example of how Republican policies and leadership benefit the very groups that the Left likes to hold out as examples of the Republican’s malice.
“I sincerely appreciate our partnership with UnitedHealthcare that helped achieve this fantastic result,” said Folwell. “Executive Director Dee Jones and the State Health Plan team were tenacious negotiators on behalf of retirees and the taxpayers of North Carolina. With these savings, we can possibly lower family premiums for those who teach our children, protect us from crime and pave our roads.”
Part of the reason that such favorable rates were negotiated was a reinstatement for 2019 of a moratorium on the health insurance tax that was part of the 2010 Affordable Care Act (ACA). The ACA imposed a fee on each covered entity engaged in the business of providing health insurance in the United States. The Plan’s Medicare Advantage Plans are subject to the tax. Congress passed a moratorium on the tax for 2017 but reinstated it for 2018. However, as part of a short-term spending bill signed by President Donald Trump in January 2018, the tax was once again suspended for 2019.
Folwell added that the tax needs to be permanently suspended.
“I’ve reached out to the North Carolina congressional delegation as well as the White House,” said Folwell. “This ‘on again off again’ approach is frustrating and time consuming. Congress and the President need to permanently get rid of this burdensome tax that cost the North Carolina State Health Plan over $40 million this year.”
So far, under the leadership of Folwell, the State Treasurer’s office has implemented policies that are cutting costs by hundreds of millions of dollars. And it keeps growing.
Mark the date, because, if the trend continues, it won’t be long until the Republican Treasurer delivers even more good news for the citizens and taxpayers of North Carolina.