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2023 Health Insurance Rates

Each year, the Minnesota Commerce Department reviews the proposed individual and small group health plans and rates submitted by insurers. Rates must be approved by the Commerce Department prior to the plans being sold to consumers. As part of the Department’s rate review process, Minnesotans may submit public comments on proposed rates on or before July 18, 2022 by email to HealthInsurance.DivisionRequests@state.mn.us.

Which health plan rates are reviewed by Commerce?

Individual health plans are designed for Minnesotans who purchase their own coverage rather than receiving it through employer-based insurance or public programs such as Medicare, Medical Assistance and MinnesotaCare. Commerce is currently reviewing rates for individual health plans that insurers intend to offer consumers during the annual open enrollment period which begins November 1, 2022 for coverage effective January 1, 2023. Commerce is also reviewing rates for small group health plans which will be effective upon the specific small group’s renewal date in 2023. Small group heath plans are designed for employers with 2-50 workers

What does the rate review process entail?

The Commerce Department does not “set” health insurance rates. Instead, it reviews the information submitted by the insurers to determine whether their proposed rates are justified. Rates must be justified both by the benefits that consumers receive for their premiums and by the insurance company’s ability to pay expected medical claims costs based on premium revenue. Premium rates typically rise each year due to increasing costs and utilization of medical care and prescription drugs.

Rate review also ensures that policies comply with state and federal laws that protect consumers – including coverage of pre-existing conditions and no-cost preventive care, an adequate provider network, and how individuals can enroll or have a claim paid.

In addition, the Affordable Care Act limits the factors that insurers can use to charge higher health insurance rates. Rates can vary based only on an individual’s age, tobacco use, family size and geography.

Commerce may deny proposed rates or require insurers to modify them (down or up) if the Department determines that they are excessive or inadequate in relationship to the benefits offered.

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