State residents who receive health insurance coverage under HIP (Healthy Indiana Plan) will get to use up to $1,000 from their HIP POWER accounts to make insurance-related payments for up to a year when they get back to the workforce.
The U.S. Centers for Medicare and Medicaid Services approved the HIP Workforce Bridge program, which allows the Indiana Family and Social Services Administration to put HIP members into a transitional phase as they gain employer coverage, Inside Indiana Business reported.
Coinsurance, co-payments, deductibles and premiums will be eligible for payments with HIP POWER accounts once residents are earning higher incomes that make them ineligible for HIP.
“Now more than ever, it is critical that we provide stability and peace of mind for Hoosiers, especially when it comes to matters of their health. We anticipate that more Hoosiers may need HIP health coverage during the emergency and we want to make sure that everyone can safely transition as they are able,” Jennifer Sullivan, secretary of the Indiana Family and Social Services Administration, told Inside Indiana Business. “This is one of our first efforts to mitigate the eligibility cliff effect in Indiana, which is a priority across all of our programs now more than ever.”
Participants get $2,500 for HIP POWER accounts to pay for healthcare expenses, similar to health savings accounts.
Gov. Eric Holcomb said state residents will find it easier and more affordable to make the transition from HIP to employer or marketplace insurance coverage, Inside Indiana Business reported.
“The HIP Workforce Bridge program will be especially important during our state’s recovery from the [COVID-19] pandemic and as Indiana's economy evolves,” Holcomb said, Inside Indiana Business reported.
An executive order keeps the Family and Social Services Administration from ending the enrollment of member from any health coverage program. But receiving federal approval for the HIP Workforce Bridge program does let them have it ready once Holcomb’s order expires.