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President Trump and Wisconsin Gov. Scott Walker. Photo: Chip Somodevilla via Getty Images

The Centers for Medicare & Medicaid Services announced yesterday that it has approved Wisconsin's proposal for a reinsurance program — the fourth state to win such a waiver. (The others are Alaska, Minnesota and Oregon.)

The big picture: It's not quite fair to say reinsurance is fully bipartisan or non-controversial — it couldn't get through Congress, after all. But it's about the closest thing to a consensus idea that exists in the world of insurance, and it's continuing to move forward.

The details: Reinsurance is pretty straightforward: The government simply gives insurers money to help offset the costs of their most expensive patients. That lowers premiums overall, which in turn lowers the federal government's costs to subsidize those premiums.

Why it matters: Reinsurance works. Insurers in Minnesota are actually looking to reduce their premiums next year — which almost never happens — and they say the state's reinsurance program is part of the reason.

Go deeper

2 hours ago - Health

Biden says it's "not the time to relax" after touring vaccination site

President Biden speaking after visiting a FEMA Covid-19 vaccination facility in Houston on Feb. 26. Photo: Mandel Ngan/AFP via Getty Images

President Biden said Friday that "it's not the time to relax" coronavirus mitigation efforts and warned that the number of cases and hospitalizations could rise again as new variants of the virus emerge.

Why it matters: Biden, who made the remarks after touring a vaccination site in Houston, echoed CDC director Rochelle Walensky, who said earlier on Friday that while the U.S. has seen a recent drop in cases and hospitalizations, "these declines follow the highest peak we have experienced in the pandemic."

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Most COVID-19 survivors can weather risk of reinfection, study says — "Twindemic" averted as flu reports plummet amid coronavirus crisis
  2. Vaccine: FDA advisory panel endorses J&J COVID vaccine for emergency use — About 20% of U.S. adults have received first vaccine dose, White House says — New data reignites the debate over coronavirus vaccine strategy.
  3. Economy: What's really going on with the labor market.
  4. Local: All adult Minnesotans will likely be eligible for COVID-19 vaccine by summer — Another wealthy Florida community receives special access to COVID-19 vaccine.
  5. Sports: Poll weighs impact of athlete vaccination.

The week markets went wild

Illustration: Lazaro Gamio

The markets just closed out a manic week.

Why it matters: Outsized — and in some cases historic — moves were evident across the board.