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CROP INSURANCE GETS A BOOST IN BOTH THE HOUSE'S AND SENATE'S VERSION OF THE FARM BILL
May 10, 2024
Agri-Pulse reports:
There's a big push this year to bolster the farm safety net by raising premium subsidies for high levels of area insurance coverage, and the idea has gotten traction in both the House and Senate.
Senate Ag Committee Chairwoman Debbie Stabenow, D-Mich., has proposed to raise the premium subsidy for the Supplemental Coverage Option to 80% and to increase the coverage level to 88%.
And now, the House Ag Committee bill that Chairman Glenn Thompson, R-Pa., is drafting will match Stabenow's 80% premium subsidy and raise the coverage level to 90%, according to sources familiar with his plan. The increases wouldn't apply to enterprise units.
SCO currently covers 86% of county-level revenue with a 65% federal subsidy
By the way: Minnesota GOP Reps. Brad Finstad and Michelle Fischbach today are introducing the House version of the Senate's FARMER Act, which includes the 80% SCO premium subsidy and 90% coverage level, same as the provisions in the House farm bill. The FARMER Act also would boost premium subsidies at higher coverage levels for enterprise and whole farm units.
Keep in mind: Farmers who buy SCO can also participate in the Price Loss Coverage program, which triggers payments in years when market prices are below PLC reference prices.
Take note: House Ag Committee Republicans confirmed Thursday that Thompson's farm bill also will include a proposal by Reps. Angie Craig, D-Minn., and Randy Feenstra, R-Iowa, to expand the definition of beginning farmer from five years in the business to 10 years. Beginning farmers qualify for various benefits, including higher premium subsidies.
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