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Insurance Commissioner Godfread (PHOTO CREDIT: N.D. INSURANCE DEPT.): N.D. Insurance Department Commissioner Jon Godfread said the agency has several programs that can assist seniors in sorting through the issues they may face regarding prescription drugs and Medicare. 

Legislation signed by North Dakota Gov. Doug Burgum will help lower health insurance costs, Insurance Commissioner Jon Godfread said Monday.

House Bill 1106 proposes to create a process in which enrollees remain in the individual market with their current plan and carrier, while a portion of their claims are reimbursed by a "reinsurance pool," according to a news release. The pool would be funded by federal funds and assessments imposed on insurance companies on the state's market.

A study the department conducted last year showed such a proposal would reduce premiums and "provide a low-cost alternative for healthier individuals," Godfread's office said. That would result in more people with health insurance and stabilize the individual market.

The department will finalize a waiver under the Affordable Care Act and seek approval from the federal government to implement the reinsurance program.

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