Nationally Recognized MN Premium Security Plan Reverses Double-Digit Premium Hikes
Edina, MN— On Tuesday, the Minnesota Department of Commerce released final rates for the 2019 individual insurance market. For the second consecutive year, a number of reforms championed by Rep. Dario Anselmo, R-Edina, have proven to help reduce or hold flat individual market health insurance rates after years of double-digit increases.
All five of the carriers on the individual market are lowering premiums for 2019, with average rates dropping between 7.4 percent and 27.7 percent. For example, in Edina a family of four could save $1,980 and a 61-year-old could save $4,296 next year as a result of these reforms compared to two years ago. The individual market serves Minnesotans who buy health insurance on their own, not through an employer or the government.
“The rising cost of health care was a significant concern for many families and residents in Edina who purchase their own insurance on the individual market. That’s why I supported a number of meaningful reforms to make health care more affordable and accessible for people in our community and across the state,” said Rep. Anselmo. “Simply put, our reforms are delivering for the people of Minnesota, and I will continue to advocate for health care measures that put patients and families first.”
From 2014-2017, average rates increased by double digits every year, including up to 67 percent for 2017. Thanks to reforms enacted in 2017, individual market rates for 2018 remained flat or were reduced for most Minnesotans on the individual market. The Minnesota Department of Commerce confirmed last year and this year that without these reforms, rates would have risen by 20 percent or more.