Final 2018 Health Insurance Rate Information Released for Minnesota
Minnesota Commerce Commissioner
After two years of large rate increases in the individual market, a new state reinsurance program will help stabilize rates for Minnesotans who buy their own coverage in 2018.
"While recent state actions helped to stabilize the individual market, too many Minnesotans are still paying too much for the coverage they need," said Rothman. "The individual market survived a near-fatal crisis last year, but its recovery is still very tentative. Federal and state policymakers must address health care costs to ensure that Minnesotans have access to affordable, comprehensive health coverage."
The individual market rates apply to health insurance plans that Minnesotans purchase for themselves and their families through MNsure, insurance agents or the insurance companies directly. The rates do not affect most Minnesotans, who are covered by employer-based insurance or public programs like Medicare, Medicaid and MinnesotaCare.
Less than four percent of Minnesotans (approximately 166,000) currently get their coverage from individual policies, while five percent (approximately 263,000) get coverage from small group policies, which are for employers with fewer than 50 full-time workers.
For insurers in the individual market, the average statewide rate changes for 2018 range from a 38 percent decrease to a less than three percent increase - compared to rate increases of 50 percent and more that occurred in 2017.
For insurers in the small group market, the average 2018 rates range from essentially no change to a 23 percent increase, with increases from 7.8 percent to 12.2 percent for the three largest small group insurers.
The
Reinsurance helps stabilize rates
Earlier this year,
The
The new program recently received federal approval, which will allow
Open enrollment starts
Today's rate announcement comes in advance of the annual open enrollment period, which begins on
Minnesotans are encouraged to make their insurance selection during open enrollment, shopping and comparing plans to find one that offers the best value for their health needs and budget. For the continuity of their own health care, consumers should carefully review a plan's provider network to see what doctors, clinics and hospitals are included.
Consumers should contact MNsure (mnsure.org) to see if they are eligible for federal tax credits that automatically reduce monthly premiums and that are available only through MNsure. The tax credits are available to households with incomes up to 400 percent of the federal poverty level, which in 2018 is
"Many Minnesotans and their families are leaving money on the table," said MNsure CEO
Rate review protects
Each year, the
The
Insurers must provide coverage for a comprehensive set of essential health benefits, including free preventive care, and they are not allowed to deny coverage or charge higher premiums to consumers based on pre-existing health conditions.
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