2019 individual and small group health insurance rates announced
The Minnesota Department of Commerce recently announced final 2019 individual and small group health insurance rates. The rates, which determine how much consumers will pay for their health insurance across plans, mark the second year of stable or decreasing premiums in the individual market.
According to the report released by state regulators, Blue Plus and Medica will offer plans in every county in the 7th District with the exception of Meeker, Kittson, Roseau, and Lake of the Woods Counties, where only Medica plans will be available. The average Blue Plus premium will decrease by 27.7% and the average Medica premium will decrease by 12.4%. The Minnesota Department of Commerce also adds that rates in 2019 are 20% lower than they would be without Minnesota’s reinsurance program, which Congressman Peterson organized federal support for in 2017.
In the small group market, average premium changes range from a 2.37% decrease to an 11.93% increase across plans. The small group market has grown to 303,000 enrollees, which is 5.5% of all Minnesotans.
“Although more needs to be done to lower the cost of health insurance, I am encouraged to see that most premiums will generally remain the same or go down in 2019,” said Peterson. “I am also happy that Minnesota’s reinsurance program, which I helped to approve, is helping to stabilize the individual market as it was designed to do.”
As open enrollment approaches, enrollees can explore their options and learn about available tax credits on MNsure.org. This year, individuals earning up to $48,560 per year and families of four earning up to $100,400 per year may be eligible to save on their premiums.
The 2019 open enrollment period begins on November 1, 2018 and ends on January 13, 2019.