Last-minute financing maneuver could boost Medicaid funding
BATON ROUGE - Lawmakers think they have found a way to tap into more money for Louisiana's Medicaid program, without more taxes.
A little-noticed financing maneuver added to legislation Monday night by senators is estimated to bring in at least $250 million more annually for Medicaid.
The maneuver, sponsored by Republican Sen. Fred Mills, would allow insurance companies that manage medical care for thousands of Medicaid patients to pool more of their money and draw down additional federal Medicaid dollars to compensate them for caring for the poor.
Mills says the financing plan, which won final passage Tuesday from the House, needs approval from federal Medicaid officials.
Gov. John Bel Edwards supports the plan to help balance next year's budget. Lawmakers hope dollars could arrive in the financial year that begins July 1.
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