Minnesota health insurers seek premium hikes for individuals up to 12.75%
The proposals, which the
"While these are initial rates as proposed and filed, rates are subject to review by the Departments of Commerce and Health," state officials said in a statement. "Final approved rates may vary from these proposed rates for many reasons."
In 2023, about 163,000 state residents had coverage through individual market policies, most sold through the MNsure health insurance exchange. The proposed rates don't reflect the significant savings many buying on MNsure receive via federal tax credits.
More than 209,000 Minnesotans have coverage through small group policies in 2023.
Data the
In the market where small employers buy coverage, the three largest carriers are proposing hikes ranging from nearly 4% to nearly 16%. While comparable proposed rates for previous years weren't immediately available, these carriers in the small group market have generally received approval for increases ranging from 2% to 7% in recent years.
Small employer groups typically employ fewer than 50 workers.
In the individual market, the HMO division at
Last year,
This is a developing story. Check back for updates.
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