The Minnesota Senate today voted 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.

“The evidence is absolutely clear: reinsurance works,” said Sen. Roger Chamberlain (R-Lino Lakes). “Before reinsurance, Minnesota’s health insurance market was on the brink of collapse. After reinsurance, premium prices fell, the market stabilized, and states around the country looked to Minnesota for leadership. Health insurance is still too expensive, but we are moving in the right direction and reinsurance is a big reason why.”

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