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 is making health care more affordable for families, individuals, and small business owners across the state,” said Senator Mary Kiffmeyer (R-Big Lake). “After a trend of double-digit premium increases, Reinsurance has stabilized Minnesota’s market through a cost-effective reform that has allowed residents to enjoy premium decrease for the first time in years.”

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 the be all end all,” continued Senator Kiffmeyer. “The legislature still has work to do and must develop additional reforms that aim to lower costs and increase care options for the residents of this state.”