The Minnesota Senate voted today to extend Minnesota’s successful Reinsurance program for three more years. The reform, which was first implemented in 2017, will ensure that rates in the individual market remain stable without any additional cost to taxpayers.

“Reinsurance has been a major win for Minnesota,” Senator Justin Eichorn (R-Grand Rapids). “The unique and innovative program has stabilized our dismal insurance market that would have otherwise been on the verge of a total collapse. After several years of double-digit premium increases, individuals and families across the state will continue to see lower rates and greater options delivering on one the biggest promises I made when I was elected.”

The original $542 million for operations was offset by federal funding and the federal dollars will continue through 2022 with this extension. Reinsurance has been proven so effective that local media and national news outlets have lauded the program, with many other states implementing similar models.

“Reinsurance cannot be our only solution,” continued Senator Eichorn. “I pledge to continue working hard to make sure Minnesotans and their families continue to have access to world-class health insurance and care.”