On Tuesday, the Minnesota Department of Commerce released final rates for the 2019 individual insurance market. For the second consecutive year, Republican-led reforms have proven to help reduce or hold flat individual market health insurance rates after years of double-digit increases following the implementation of Obamacare in Minnesota.
All five of the carriers on the individual market are lowering premiums for 2019, with average rates dropping between 7.4 percent and 27.7 percent. For example, a family of four could save $6,348, and a 61-year-old could save $4,296 next year compared to two years ago. The individual market serves Minnesotans who buy health insurance on their own, not through an employer or the government.
“Over the past several years Minnesotans had been experiencing a disturbing and unstable trend of double-digit premium increases that once brought Minnesota’s individual insurance market to the brink of collapse and forced thousands of Minnesota families into tough financial situations,” said Sen. Mary Kiffmeyer (R-Big Lake). “I’m proud to see that after two years, Senate Republicans have continued to deliver on our promise to stabilize health care rates. Through new and innovative reforms we’ve turned Minnesota’s health care climate around, saving residents thousands and ensuring that providers stay in our state and that other new providers join.”
From 2014-2017, average rates increased significantly including spikes up to 67 percent for 2017. The Minnesota Department of Commerce confirmed last year and this year that without Republican reforms, rates would have risen by 20 percent or more.
“We also pushed for and successfully passed other key reforms to increase the number of health care options for Minnesotans by expanding agriculture co-op plans, and allowing more insurers into the market, a move that is already paying dividends for seniors on Medicare and employees,” Sen. Kiffmeyer continued.
“While there is more to do, I look forward to working hard on more improvements. “
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