The federal money would also expand the economy, the economists said.
"New federal dollars will flow into Montana as the federal government supports each state's Medicaid expansion. These dollars otherwise wouldn't exist, and as such, new dollars create jobs, labor income, and potential new tax revenues for state governments," the report said.
The bureau estimated more than 5,000 jobs would be created in 2014, with an average wage of $42,000, as a result of the influx of federal money. The state taxes on the new labor income would result in roughly $55 million more in state revenue in 2014, far more than the required state expenditure for expanding the program.