MEDFORD, Ore.- Measure 101's unofficial passage means that proposed tax on some hospitals and insurance companies will go ahead as planned. According to the unofficial results, Measure 101 passed 61% to 39%. That means your medicaid coverage is expected to continue, but many voters asked NewsWatch12 how this tax will impact them.
Here are the changes you could expect:
- The tax on hospitals and insurers is expected to go ahead as planned. The yes vote means there are no changes to the temporary medicaid funding that the state legislature put into place in the summer of 2017. This new way to fund medicaid is locked into place until 2019.
- Most insurance rates are likely not going up in 2018 because this years' rates are already approved. That means if you're an individual earning $16,100 a year or a family of four earning $32,900 a year, you and the other 1 million Oregonians on medicaid will continue with your coverage.
- Hospitals and insurers are going to pay an additional .7% tax on top of the 5.3% they're already paying to the federal government.
The 5.3% is matched by the government and re-distributed back to hospitals in Oregon. But this new .7% tax is non-refundable.
That money gets put into a state fund for healthcare.
- If you get insurance through a business with 50 employees or less, your rates should stay the same for 2018. But you could see an increase next year. That's because insurers in the small group market will pay the 1.5% tax on gross premiums.
- If you get insurance through a big business with more than 50 employees, your insurance costs won't change in 2018 either. Some large employers buy plans from insurers who will pay the 1.5% tax.
- If your company is self- insured, employers don't have to pay the state tax on premiums listed in measure 101.
If you buy your own insurance, you'll pay $300 dollars less a year according to the yes on 101 campaign. That's because this new tax funds a program called "reinsurance" that'll hold down rate increases for premiums.
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