KEYC - Some Rates Drop For 2018 Individual Market Premiums

Some Rates Drop For 2018 Individual Market Premiums

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Minnesotans who buy health coverage on their own should see slight rate increases and even some dropping prices next year.

Those in the individual market could see a decrease from 38 to 3 percent. Those in the small group market could see up to a 23 percent increase.

These new rates come after two years of large increases.

"We approved some immediate premium relief; that was money to help those in the individual market, that's helped keep down these premium increases," State Sen. Nick Frentz (DFL) said.

Also new this year is that anyone who wants to be on the individual market can.

"We wanted to make sure that everybody in every county has an option for an insurer and there's no caps on the individual market," State Sen. Rich Draheim (R) said. 

However, the lower rates this year are not a permanent fix. Rising health care costs means rates will continue to rise.

"We really haven't addressed the problem, it's a band aid," Draheim said. "It's going to be an issue that we're probably going to have to work on for the next 5 or 10 years."

And the rates are not completely settled; after they were announced, Governor Dayton said he would not sign the reinsurance, which helps lower the rates, until the basic health plan is worked out with the federal government.

"Minnesotans can't afford to have a loss, so the governor announced today that he's like to work on that to try to see if we can get the two things separated and our reinsurance plan approved," Frentz said.

Open enrollment for MNsure begins November 1st.