Insurers seek lower premiums in Minnesota individual market
MINNEAPOLIS (AP) — Health insurers in Minnesota’s individual market are proposing lower premiums for consumers.
Information from the Minnesota Department of Commerce shows the four largest insurance carriers in the market are seeking average rate decreases ranging from 7 to 12 percent for 2019.
The agency notes the proposed decreases are preliminary and final rates and detailed plans will be made public later this year.
But the Star Tribune reports the rate proposals are a sign of stability in a market that’s seen premium spikes under the federal Affordable Care Act.
They also reflect a newfound profitability for insurers in the market during 2017, as well as the impact of a state-funded reinsurance program that’s helping cover the cost for subscribers with unusually high medical costs.
Information from: Star Tribune, http://www.startribune.com
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