MNsure rates holding steady for 2020, a sign of stability for that market

In the latest sign that the individual health insurance market has begun to stabilize, people who buy health plans directly from health insurance companies or through the MNsure health exchange will experience average premiums that are flat or down slightly for 2020.

The Minnesota Commerce Department said Tuesday that average rate changes for the four largest carriers in the state’s individual market will range from an increase of 0.18% at UCare to declines ranging from negative 1% to negative 1.5% at Blue Cross HMO, HealthPartners and Medica.

For Blue Cross and HealthPartners, the final rates are a downshift from proposed increases in the low- to mid-single digits that carriers filed with regulators in July.

“The actual rate change that a consumer will experience in 2020 can vary depending on factors such as specific plan, geographic rating area and age,” the Commerce department said in background materials posted on the state agency’s website. “The actual premium will also depend on whether a consumer is eligible for a federal premium tax credit” via the MNsure exchange.

As of April, about 155,000 Minnesotans were covered through individual health plans. More than 61,000 individuals in the state are receiving tax credits, which are part of the federal Affordable Care Act (ACA).

In the first few years after ACA changes kicked in during 2014, the individual market saw considerable volatility in Minnesota with premium spikes and shifts in the lineup of carriers selling coverage.

This is a developing story. Check back for updates.

Christopher Snowbeck • 612-673-4744

Twitter: @chrissnowbeck

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