CMS approved a waiver proposal from New Jersey officials to institute a reinsurance program that will be funded partially through the state's new individual insurance mandate, according to The Hill.
The program will create a fund to help insurance companies pay for extremely sick patients. Similar plans have been approved in states such as Wisconsin and Alaska.
"[Congratulations] to New Jerseyans, who will see their premiums in the individual market [go down] by about 15 percent from the expected premiums because @NJGov took action to address the failures of Obamacare," CMS Administrator Seema Verma wrote in a tweet.