This report looks at how creating a state claims-based reinsurance program could save Montanans 10%-20% percent on individual health insurance premiums. State-based reinsurance programs, created by waivers under section 1332 of the Affordable Care Act, are designed to stabilize the individual market and control insurance premiums. This report examines how a potential reinsurance program would impact premiums in 2020, what the potential pass-through might be if the state pursues a reinsurance-based 1332 waiver and potential reinsurance payment parameters for select funding scenarios. The analysis was commissioned by MHCF, conducted by Wakely Consulting Group, LLC., and released in Sep 2018.