The Minnesota Senate voted today to extend Minnesota’s successful Reinsurance program for three more years. The Republican reform, which was first implemented in 2017, has been so successful that both local media and national news outlets have lauded the program, and other states have implemented similar models.

“Reinsurance has been a tremendous success for two years,” said Sen. Mike Goggin (R-Red Wing). “It has reversed skyrocketing premium increases and stabilized the individual health insurance market. It is not the only answer, but it has been indisputably important while we work on other patient-centered reforms that lower costs and improve choice and transparency.”

The new Reinsurance bill would not directly cost the state any additional money. Funding comes from a combination of money that was appropriated in 2017 and federal funds.

Source: http://mn.gov/commerce-stat/pdfs/fact-sheet-individual-rates.pdf