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 works, plain and simple,” said Senator Bill Ingebrigtsen (R-Alexandra). “In Minnesota, the program has stabilized the market and started an amazing turnaround. Due to our efforts, individual health insurance rates have held or dropped over the past few years, with that trend expected to continue this year. That provides huge savings for countless Minnesota families and allows them to find affordable health insurance coverage without making the difficult choice of cutting basic living expenses or affording their care.”

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.