Yesterday, the Minnesota Department of Commerce released the final health insurance rates for 2018, locking in savings of up to 20% for those Minnesotans who purchase health insurance on the individual market. After the release, Sen. Scott Newman (R-Hutchinson) issued the following statement:

“Our top priority this session was making sure Minnesotans had access to affordable health insurance, and today’s rate announcement reflects that commitment,” said Sen. Newman. “After several years of double-digit premium increases, individuals and families across the state will see lower rates. This is thanks, in large part, to the efforts of the Republican-led legislature, which enacted a unique program designed to stabilize a market that would otherwise be at the verge of collapse.”

The program, called reinsurance, aims to lower projected costs and increase access to doctors and hospitals – and has been proven to be successful. Instead of the 50-67% premium increases customers experienced this year, rates will fluctuate from a 38% decrease to a less than 3% increase in 2018. Additionally, every person who wants to buy insurance on the individual market will have that option, with insurers offering plans in every county and no caps on enrollment, unlike 2017.

“Our efforts this session were the first of many important reforms needed to rescue the market,” Sen. Newman continued. “I pledge to continue working hard to make sure Minnesotans and their families continue to have access to world class health insurance and care.”

Sen. Newman is in his third term representing Senate District 18, which includes communities in McLeod, Meeker, Sibley, and Wright counties. He also serves as chair of the Senate Transportation Finance and Policy Committee.