Medicaid expansion can save states millions in taxpayer dollars – and a recent report from the Florida Policy Institute shows that Florida is no exception.
The report shows that the state could find nearly $200 million in budget and revenue savings if it expanded its Medicaid program. Medicaid expansion makes the program available to adults with household income up to 138% of the federal poverty level. This means more Floridians could access reliable, affordable care services – and Florida taxpayers could save hundreds of millions of dollars.
If Florida chooses to expand its Medicare program, estimated savings would materialize in 2022. That’s when Florida would receive a 90% federal match rate –$9 from the federal government for every $1 the state invests in expansion. Florida Policy Institute health policy analyst and attorney Anne Swerlick mentioned that the additional funding “really provides… an unprecedented opportunity for budget savings and revenue gains that are going to offset the cost of expansion.”
36 states have already chosen to expand their Medicaid programs. Since then, each has experienced a variety of benefits and savings, which include:
- Increased access to affordable care
- Improvements in financial and health security for beneficiaries
- Higher quality medical care
- Less debt from medical care
- Reduced health insurance premiums
- Positive impacts on local and state economies
Medicaid expansion is an ongoing conversation in states across the country. For those who chose to expand, reports continue to show net savings for state budgets as well as reduced spending on programs for people with mental health or behavioral health needs. And now, it appears as though Florida would see similar positive outcomes.