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Public meeting will review progress of Minnesota’s new “reinsurance” program to help Minnesotans who buy their own health insurance

5/25/2018 11:01:18 AM

For Immediate Release

WHAT

The Minnesota Commerce Department is holding a meeting on June 1 to receive public comments about the implementation of the state law enacted last year to stabilize the individual health insurance market and reduce premiums for Minnesotans who buy their own health insurance.

The Minnesota Premium Security Plan is a “reinsurance” program that partially covers high-cost medical claims incurred by health plans in the state’s individual health insurance market. The law authorized up to $271 million per year in 2018 and 2019 for the reinsurance program. The Commerce Department secured a State Innovation Waiver from the federal government that allows Minnesota to use federal funds to cover a significant portion of the annual reinsurance costs.

This year’s premiums for Minnesotans in the individual health insurance market are about 20 percent lower on average than what they otherwise would have been without the reinsurance program. About four percent of Minnesotans currently get their coverage through the individual health insurance market.

The public meeting will include a presentation about the federal waiver and the implementation of the reinsurance program, followed by time for questions and comments.

WHEN

2:00 – 4:00 p.m.
Friday, June 1, 2018

WHERE

Multipurpose Room
Rondo Community Outreach Library
461 Dale Street North, Saint Paul

CONTACT

Ross Corson, 651-539-1463
ross.corson@state.mn.us

Commerce is here to help

Media Contact
Ross Corson
Director of Communications
Minnesota Department of Commerce
p: 651-539-1463 | c: 651-368-5050 | ross.corson@state.mn.us

Insurance

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