Health plan enrollment decline eases in Minnesota - InsuranceNewsNet

InsuranceNewsNet

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading newswires
Topics
  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property & Casualty
  • Advisor News
  • Washington Wire
  • Fiduciary Rule
  • INN Exclusives
  • Newswires
  • INNsider
  • INN Exclusives
  • NewsWires
  • Magazine
Sign in or register to be an INNsider.
  • INN Exclusives
  • NewsWires
  • ★ Regulation News
  • Podcast
  • Magazine
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Susbcribe

Get Social

  • Facebook
  • Twitter
  • LinkedIn
  • Google+
Insider
newswires
newswires RSS Get our newsletter
Order Prints Share
April 26, 2018 newswires No comments Views: 4

Health plan enrollment decline eases in Minnesota

Star Tribune (Minneapolis, MN)

April 26--A year ago, the trade group for Minnesota's nonprofit health insurers sounded the alarm over a 30 percent decline in the number of people buying health insurance policies for themselves.

This year, the tally is down once again, but not by nearly such a large margin, according to new figures from the Minnesota Council of Health Plans. What's more, the number of people buying individual health plans at the end of March was up compared with the previous December -- the first increase between the fourth and first quarters in three years.

There are still troubles in the individual market, insurers said, but the enrollment figures contribute to an emerging picture of relative stability that builds on recent financial results.

"There are some signs of improvement," said Jim Schowalter, chief executive of the Minnesota Council of Health Plans, in an interview. "But the signals are mixed."

The improvement comes in a small market that primarily serves people under age 65 who are self-employed or don't get coverage from their employer. The market has seen big premium jumps under the federal Affordable Care Act, which brought sweeping changes beginning in 2014.

Whereas about 270,000 people were buying coverage in the market in March 2016, it fell by 80,000 people, or roughly 30 percent, to 190,000 at this time last year, according to the Minnesota Council of Health Plans.

As of March 2018, the tally was down about 28,000, or about 15 percent from the previous year, to 161,798, the trade group said. The Minnesota Council of Health Plans said there were 151,364 people buying individual policies in December 2017.

The federal health law prevents health plans from denying coverage to people based on pre-existing health problems. Insurers in Minnesota amassed so much red ink under the law that regulators feared the market might collapse going into 2017, with health plans threatening to pull out.

Ultimately, insurers stayed with the market and wound up posting a large profit on the business last year -- so large that one insurer expects to pay $30 million in consumer rebates.

The state's individual market still isn't out of the woods, said Eileen Smith, a spokeswoman for the Minnesota Council of Health Plans.

The market is smaller than it was at this time last year, Smith noted, adding that survey data suggest the share of Minnesotans lacking health insurance increased in 2017. Changes being considered at the federal level to promote alternate forms of coverage for individuals could pull healthy consumers who typically use less care from the individual market, Smith added.

Finally, many consumers in Minnesota's individual market are struggling with the high cost of coverage.

"The medical bills for people who buy insurance on their own are similar to those who get employer coverage," Schowalter said. "The big difference is that they see the entire premium and don't have an employer covering the majority of those costs."

___

(c)2018 the Star Tribune (Minneapolis)

Visit the Star Tribune (Minneapolis) at www.startribune.com

Distributed by Tribune Content Agency, LLC.

Older

Lawsuit filed against Sun Prairie assisted living facility in resident’s death

Newer

HopeWay to Honor Blue Cross and Blue Shield of North Carolina In-Network Insurance Coverage

Advisor News

  • MDRT Study Finds Consumers Want Technology To Complement, Not Replace Human Advisors
  • If Your Clients Are Waiting For A Big Tax Refund, They Aren’t Doing It Right
  • Going Broke Remains Top Concern In Retirement: CPA Survey
  • More Than 1 In 4 Americans Would Consider Divorce Over A Financial Secret
  • Financial Advisors Can Do Some ‘Life Coaching’
More Advisor News

Annuity News

  • P/C Broker Gallagher Widens Retirement Practice Into IMO Space
  • What Should Your Clients Look For In A Retirement Plan?
  • Understanding Annuities Lessons Risk
  • Securian Financial Posts Solid 2018
  • SEC Extends Comment Period For Proposed Rules On VA And Variable Life Disclosures
More Annuity News

Health/Employee Benefits

  • Bill Expanding ‘Insure Oklahoma’ Program Passes Senate Committee
  • How A Missing Form Prevented A Widow From Claiming Her Husband’s Pension
  • Florida Lawmakers Considering Health Care Changes
  • Insurance Networks, Doctor Referrals Don’t Always Offer Full Picture
  • What Medicare For All Might Look Like If It Really Happened
More Health/Employee Benefits

Life Insurance

  • P/C Broker Gallagher Widens Retirement Practice Into IMO Space
  • MDRT Study Finds Consumers Want Technology To Complement, Not Replace Human Advisors
  • Accountant Allegedly Stole $2M From Firefighters’ Life Insurance Fund
  • Securian Financial Posts Solid 2018
  • Understanding The Benefits Of Whole Life Insurance
Sponsor
More Life Insurance

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.
select Newsletter Options

Most Popular

  • Understanding The Benefits Of Whole Life Insurance
  • NAIC Group Puts IUL Illustration ‘Multipliers’ Under Microscope
  • What If The Market Goes Up? Why An FIA Is Better Than Stocks
  • Brighthouse Launches First Life Product Since MetLife Spinoff
  • Why A Down Market Is The Perfect Time To Recommend An FIA

Featured Offers

Text Ads

Press ReleasesAll press releases

  • Great American’s Annuity Customers Share Their Secrets to a Great Retirement
  • Securian Financial Introduces Affordable, Protection-Focused IUL with No-Lapse Guarantee
  • TD Ameritrade Institutional Integrates with iPipeline to Automate New Account Opening
  • RFP R2019-78
  • Bunker Launches Live Certificates of Insurance, A Modern Solution to Insurance Fraud and Non-Compliance
Add your Press Release >

Topics

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty News
  • Advisor News
  • Washington Wire
  • Regulation

Top Sections

  • INN Exclusives
  • INN Insider

Our Company

  • About
  • Editorial Staff
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter Google+
© 2019 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • Sitemap
  • AdvisorNews

Sign in with your INNsider Account

Not registered? Become an INNsider.