The Wisconsin Assembly voted Tuesday to approve Gov. Scott Walker's plan to bring down insurance premiums for about 200,000 people who receive insurance through the individual marketplace.
The bill would would allow the state to seek a federal waiver to offer a reinsurance program, covering 80 percent of medical claims costing between $50,000 and $250,000.
Lawmakers voted 79-16 to approve the bill, with 19 Democrats joining Republicans to support it.
Rep. Todd Novak, R-Dodgeville, said the plan is expected to decrease premiums by 2 percent by 2020.
The plan is expected to cost $200 million, $50 million of which the state would cover through a lapse from its Medical Assistance budget appropriation.
The state Senate also approved the bill on Tuesday. With the Assembly's approval, it will go to the governor's desk.