(Bloomberg) -- Facing what it called a “collapse” of itsObamacare market next year, Iowa is asking theTrump administration to let it reallocate millions of dollars andcreate a stopgap program that would provide health insuranceoptions for 72,000 Iowans covered by the Affordable Care Act.

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Under the proposal made public on Monday, the state would use$352 million in federal money to provide backup funding forinsurers and overhaul Obamacare’s subsidies for consumers nextyear.

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The state would also create a single standardized plan thatinsurers would offer.

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“The proposed Stopgap Measure is the only proposal ensuring thathealth insurance will be sold to those utilizing Iowa’s individualmarket in all of Iowa’s 99 counties in 2018,” InsuranceCommissioner Doug Ommen said in a statement Monday. Ommen wasappointed by the state’s former governor, Republican TerryBranstad. “Iowa’s individual health market has collapsed as resultof the Affordable Care Act,” Ommen said.

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Across the U.S., many health insurers are quitting the state-based markets created by the ACA amiduncertainty over the law’s future, leaving consumers in some stateswith limited options -- or in some cases, no options at all. AetnaInc. and Wellmark Inc. said they wouldn’t sell Obamacare plans inIowa for 2018, leaving just the insurer Medica in most of the stateand sparking the crisis.

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The subsidies Iowa is proposing are similar in structure to aRepublican plan that passed the House of Representatives. Theyprovide a fixed level of financial assistance based on age andincome. That’s in comparison to Obamacare’s subsidies that are tiedto the cost of health insurance plans.

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Iowa plan

Under Iowa’s plan, a 40-year-old making about $42,000 a yearwould pay an estimated $384 a month out of pocket next year to buycoverage, compared to $291 under Obamacare. In general, younger andwealthier people would fare better under the Iowa proposal, whileolder and poorer people would face higher costs.

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The program doesn’t include Obamacare’s cost-sharing reductions,which help poorer people afford to use their insurance plans byreducing their deductibles and out-of-pocket costs.

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About 72,000 people in Iowa are covered by Obamacare plans thisyear, according to the Iowa Insurance Division. Wellmark saidMonday it would offer the special plans created under the “stopgap”proposal next year statewide, presuming the program is approved bythe Trump administration.

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Obamacare waiver

The measure proposed by Iowa is known as a Section 1332 waiver,and requires approval from the federal government. The waivers werecreated by the ACA to let states try different approaches toachieving the health law’s goal of helping people gain insurancecoverage.

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Iowa’s proposal has three main pieces:

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It would create a standard plan, pegged to Obamacare’s mid-levelsilver offering. Insurers and consumers who want the extra helpwould need to buy that plan. The state would use about $220 millionof funding to provide the new subsidies. And the state would createa reinsurance program, funded with an estimated $80 million, tohelp insurers deal with high-cost claims.

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