The Republican legislature’s signature health insurance reform locked in premium savings of up to 20% for 2018, according to final health insurance rates released by the Minnesota Department of Commerce today.
The reinsurance program’s aim to lower projected costs and increase access to doctors and hospitals proved 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.
Sen. Gary Dahms (R-Redwood Falls), Chair of the Senate Commerce Committee and chief author of the reinsurance reform bill, said, “In 2018, Minnesota families will finally have more affordable health insurance choices after several years of crippling double-digit increases that put health care out of reach for many. I’m proud of the legislation Republicans passed to hold down insurance rates and make it possible for insurers to cover more Minnesotans, especially those living in rural areas.
“Reinsurance was an important first step to rebuild the collapsing individual market. It will take many more reforms to comprehensively fix health care in Minnesota, but Republicans are committed to working until all Minnesotans have access to affordable health insurance options.”
Senate Majority Leader Paul Gazelka (R-Nisswa) commented, “After years of double-digit premium increases that brought the individual insurance market to the brink of collapse, Minnesotans trusted Republicans to take on health care. In one year, we stabilized the market using an innovative program called reinsurance – one of only two states currently doing so. It should not have taken this long to explore alternatives to the failing system that’s been in place for years.”