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.
“In just two short years, Reinsurance has gained national recognition for bringing stability to a health insurance market that was in complete turmoil, and it has lowered costs for hundreds of families,” said Sen. John Jasinski (R-Faribault). “We still have a lot of work left to do to lower health care costs for all families, and reinsurance has given everyone a bit of a cushion while we work on those reforms.”
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.