The Minnesota Department of Commerce released final rates for the state’s 2018 individual health insurance market, revealing that recent legislative reforms supported by Senator Andrew Mathews (R-Milaca) will result in premium savings of 20% on average.  Due to the legislature’s reinsurance program, Minnesotans will not only experience lower rates on the individual market, but also be able to purchase plans in every county statewide with no enrollment caps. This stands in stark contrast to last year when customers faced rate increases of 50-67%, with some individuals finding no options at all in their respective counties. 

“After hard work and bipartisan solutions, we at the legislature delivered on our promise to stabilize individual health insurance premiums and increase access to doctors and hospitals,” said Sen. Mathews. “Reinsurance is an important first step in rebuilding our health insurance system, but not the end. We will continue to work on more reforms aimed at not only lowering the cost of healthcare, but increasing the quality of care for all Minnesotans.”

The legislature’s reinsurance plan received a waiver from the federal government in order to modify the Affordable Care Act (Obamacare). Currently, Minnesota is one of only two states implementing reinsurance. Without reform, the Minnesota Department of Commerce had predicted that premium rates would have continued to grow, increasing by as much as 30 percent over the coming year.