The Minnesota Department of Commerce on Tuesday announced proposed individual market premiums for 2020. Final, approved rates will be officially announced on October 2, 2019. Next year’s rate changes range from a decrease of 1.4% to an increase of 4.8%.
Sen. Michelle Benson, chair of the Senate Health and Human Services Committee, released the following statement in response.
“It’s easy to forget that just a few short years ago the individual market was on the brink of collapse thanks to the Affordable Care Act. The success of our reinsurance program has been extraordinary. Not only did it immediately avert a historic crisis, but it actually reversed the Affordable Care Act’s damage to the point where a lot of people have experienced premium reductions. The proposed rates for 2020 confirm that the market is continuing to stabilize after years of turmoil. Now it’s time to dig into sweeping reforms that permanently lower costs for everyone.”