The Minnesota Department of Commerce released final rates for the state’s 2018 individual health insurance market, revealing that recent legislative reforms will result in premium savings of 20% on average.  Due to the reinsurance program supported by Senator Mark Koran, Minnesotans will not only experience lower rates on the individual market, but also be able to purchase plans in every county statewide with no enrollment caps. This stands in stark contrast to last year when customers faced rate increases of 50-67%, with some individuals finding no options at all in their respective counties. 

“Under Obamacare and MNsure, most Minnesotans have seen their health insurance premiums skyrocket,” said Sen. Koran. “However, my legislative colleagues and I have reversed that trend and lowered premiums for most individuals. That being said, stabilizing the market is only the start. I will continue to work and support reforms that lower the cost of health insurance for all, while maintaining our high quality of care in Minnesota.”

The legislature’s reinsurance plan received a waiver from the federal government in order to modify the Affordable Care Act (Obamacare). Currently, Minnesota is one of only two states implementing reinsurance. Without reform, the Minnesota Department of Commerce had predicted that premium rates would have continued to grow, increasing by as much as 30 percent over the coming year.