The Department of Commerce today announced its approval of 2023 rates for Minnesotans who buy insurance individually, underscoring the breadth of choices available to consumers and the stability of the state’s insurance market. The rate approvals are part of Commerce’s continued focus on reducing health insurance costs. 

“Our good-news announcement about 2023 rates, along with the recent extensions of federal premium tax credits and Minnesota’s reinsurance program, reflect the impact of our work to lower the cost of buying health insurance in 2023,” Commerce Commissioner Grace Arnold said. “Our goal now is to continue making coverage more affordable and to reduce the overall cost of health care.”

Approved health insurance rates for 2023

• Individual: ranging from a decrease of 2.3 percent to an increase of 2.6 percent for the four largest carriers, covering 164,000 of the 169,000 Minnesotans who buy individual health plans
• Small group: increases ranging from 2.0 to 5.3 percent for the three largest carriers, covering 182,000 of the 225,000 Minnesotans covered by small group plans
• Details of approved health insurance rates

Cost-saving measures

• More than 70,000 Minnesotans were eligible for federal tax credits in 2022. Those tax credits, available to those who buy insurance through MNsure, were extended in August under the Inflation Reduction Act and will save consumers an average of $6,700 annually on their premiums next year.
• Governor Tim Walz signed bipartisan legislation in April to protect consumers and extend Minnesota’s Premium Security Plan, also known as reinsurance. This action lowers the cost of premiums by an average of 20 percent from what they would be without reinsurance. 
• Additional tax credits are available to consumers under the Affordable Care Act through MNsure. Even if rates increase, it is important for consumers to shop around to understand their out-of-pocket monthly costs. 

“We encourage Minnesotans who buy individual insurance to use MNsure to shop and compare plans,” Commissioner Arnold said. “The plans offered on MNsure all offer essential benefits that Minnesotans want, like preventive care, emergency services and outpatient care.”

In 2023, as in 2022, every Minnesota county will have at least two insurance carriers offering individual market plans, with most counties having three or more. Every county also will have at least 24 plan options for individual buyers.

Get updates and news from the Minnesota Department of Commerce by following Commerce on Facebook and Twitter or by subscribing to our news email list. 

Media contact: 
Brett Benson
brett.benson@state.mn.us