Minnesota’s health insurance rates are dropping for 2019
Published 8:38 pm Tuesday, October 2, 2018
ST. PAUL — Premiums are going down next year for Minnesotans who buy health insurance on their own.
State regulators announced final rates for the individual health care market on Tuesday. All five of the carriers on the individual market are lowering premiums, with average decreases between health care plans ranging from a 7.4 percent drop to a 27.7 percent decrease.
The dropping prices were expected after insurance companies indicated they would drop rates in preliminary filings this spring. But it’s still welcome news in Minnesota after several years of double-digit premium increases.
It’s the second year of stable or dropping health care premiums after Minnesota lawmakers created a $549 million reinsurance fund to help control costs.
“I’m happy to see we’re making progress toward our goal of affordable health insurance in our state,” said District 27A Rep. Peggy Bennett, R-Albert Lea, in a news release. “I know that health care is still such an important issue — especially in our area — and I hope to continue making these positive strides when session resumes in January. It’s essential that we continue working toward affordable health care, and ensuring our residents have access to the care they need.”
Minnesota Commerce Commissioner Jessica Looman said state officials will need to put up more money or come up with an alternate plan next year to keep rates stable.