The state’s Department of Commerce released this statement just ahead of the open enrollment period.
Minnesota health insurance rates will be “stable” in plans sold for 2020, said the state Department of Commerce.
The department released a report this week revealing the proposed rate changes made by insurers.
The report showed the proposed changes to Minnesota health insurance rates for 2020 for individual plans. The report showed that the proposed changes would range from a considerable decrease of 20 percent up to a possible 0.18 percent increase. The range for rate changes for small groups range from a decrease as big as 9.43 percent to an increase of 8.87 percent.
The Department of Commerce released the report revealing the proposed rate changes ahead of the open enrollment period for plans on the health insurance exchange. That window opens on November 1, for buying health plans for 2020. That said, the rate changes outlined in the report don’t affect public programs or the plans for large employers.
This data suggests that Minnesota health insurance rates won’t be very different next year.
“Rates for health insurance plans in the individual and small group markets for 2020 indicate that Minnesota has stable health insurance markets. However, many Minnesotans still struggle to afford health insurance, due in part to the combination of expensive premiums and out-of-pocket costs,” read a statement by Steve Kelley, the Minnesota Commerce Commissioner.
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DFL lawmakers in the state have released their own comments on the report, underscoring that even though the stability of the health insurance rates is promising, there remains the issue of affordability.
“The rates announced today are an improvement, but the fact remains that health care remains far too expensive for Minnesotans, and they deserve solutions to make it more affordable,” explained Representative Tina Liebling (DFL- Rochester), who is also the chair of the House Health and Human Services Finance Division in a CBS Local article.
Liebling went on to discuss the Minnesota insurance rates, saying: “Access to affordable health care is a basic pillar for economic security, but with high premiums, high deductibles, and high prices for prescription drugs, this is anything but a certainty for many people.”