Agency releases information about policies that will be sold through the state’s insurance exchange
The Minnesota Commerce Department has released early information concerning health insurance premiums for policies sold through the state’s exchange, called MNsure. Several insurers have submitted rate filings for policies they will be selling through the exchange, and the Commerce Department intends to provide consumers with information concerning these policies so people can make plans about purchasing coverage in the near future. The state’s insurance exchange will begin a new open enrollment period on November 15.
Individual policies may become more expensive in 2015
According to the information from the Commerce Department, many people that bought insurance coverage through MNsure last year may see their rates grow in 2015. Many of the state’s insurers have filed for rate increases for the policies that will go into effect on January 1, 2015. Those with individual insurance plans will likely see their rates grow the most, while those with group coverage could see more modest increases in their insurance rates.
State’s largest and least expensive insurer opts to leave the Minnesota insurance exchange
One of the reasons why rates might be higher has to do with PreferredOne pulling out of MNsure. PreferredOne offered some of the least expensive insurance policies that were available through the state’s exchange. The company is also the largest insurer in Minnesota, accounting for more policies than even Blue Cross and Blue Shield of Minnesota. MNsure will, therefore, be populated by policies offered by other, more expensive, insurance companies. PreferredOne opted to leave the exchange because it does not consider business through MNsure to be sustainable.
Some insurers are still not convinced that the exchange is a viable marketplace
No new insurance companies have announced that they will be selling policies through the state’s exchange. While insurers in general have been showing more interest in exchanges, MNsure has not been seeing such interest from companies working in Minnesota. Several insurers are still not convinced that the exchange is a viable business, which is why they have been slow to show any interest in the marketplace.
