HARRISBURG — Pennsylvania is poised to roll out its own online health insurance exchange to take the place of the one run by the federal government for the state’s residents since 2014, saying it can save money for hundreds of thousands of policy-buyers.

The Republican-controlled Legislature gave final approval Friday to legislation authorizing the move, after Gov. Tom Wolf had pressed for the bill’s passage this month in the hope that its savings measures can take partial effect in 2020 and full effect in 2021.

Wolf plans to sign the bill Tuesday, his office said.

Wolf, a Democrat, said too many people are paying too much and getting too little out of their insurance, and his administration can reduce premiums for the 400,000 people who purchase health insurance through Healthcare.gov.

House Majority Leader Bryan Cutler, R-Lancaster, who helped shepherd the bill through the Legislature, said he expects the bill to curb the state’s rising Medicaid bills, as well as save money for the state’s health insurance buyers.

Cutler said having a state-run exchange gives the state more control over it.

Currently, Pennsylvanians can buy Affordable Care Act-compliant policies on the Healthcare.gov website operated by the federal government.

But Wolf’s administration says the state can operate the exchange for less money than the federal government. Currently, the federal government takes 3.5% of the premium paid on plans sold through the exchange, or an estimated $94 million this year.

The state can operate the exchange for $30 million to $35 million and use the savings to qualify for extra federal reinsurance funds to reimburse insurers for certain high-cost claims, Wolf’s administration says.