Minnesotans can now see proposed 2018 rate information submitted by
All insurers that currently offer health plans in
The insurers' rate proposals, which are preliminary and must be reviewed by the
Final 2018 rates will be announced by
The individual market rate proposals apply only to Minnesotans who directly purchase their own health insurance policies. Most Minnesotans receive coverage from employer-based insurance or public programs such as Medicare, Medical Assistance (Medicaid) and MinnesotaCare.
As of April this year, about 166,000 Minnesotans have coverage through the individual market.
This year, for the first time, insurers were required to submit two sets of proposed rates: One set with, and one set without, a new state reinsurance program.
Earlier this year,
Implementation of the reinsurance program is contingent on federal approval, which is pending. The state's application for what is known as a 1332 waiver application was submitted by the
"To date, we have received positive feedback from federal officials to get their approval for the reinsurance program," said Commerce Commissioner
Despite uncertainties about potential Congressional action on health reform, the
On behalf of
Rates must be justified both by the benefits that consumers receive for their premiums and by the insurance company's ability to pay expected medical claims costs based on premium revenue.
Insurers must also comply with state and federal laws that protect consumers, including coverage for pre-existing conditions and free preventive care, the adequacy of the provider network and the procedures an individual must follow to enroll or have a claim paid.
As part of the rate review process, the