State Approves Rates for Individual Health Insurance Plans – Hometown Focus

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STATEWIDE – The Department of Commerce on September 30 announced its approval of 2023 rates for Minnesotans who purchase insurance individually, highlighting the breadth of choices available to consumers and the stability of the insurance market. state insurance. The rate approvals are part of Commerce’s ongoing focus on reducing health insurance costs.

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

Health insurance agreed rates for 2023

• Individual: ranging from a decrease of 2.3% to an increase of 2.6% for the four largest carriers, covering 164,000

of the 169,000 Minnesotans who purchase individual health plans

• Small group: increases ranging from 2.0 to
5.3% for the three
largest carriers, covering
182,000 of 225,000
Minnesotans covered by
small group packages
• Approval details
health insurance prices
are available at mn.gov/
trade (Consumers >
Your Insurance > Health
Insurance > Tariffs).

Economy measures

• More than 70,000 Minnesotans were eligible

for federal tax credits in
2022. These tax credits,
available to those who
take out insurance through
MNsure, have been extended in
August below inflation
Law of reduction and will
consumers save an average of $6,700 per year on
their bonuses next year.
• Governor Tim Walz
signed bipartisan legislation in April to protect
consumers and expand
Minnesota’s Premium Security Plan, also known as
reinsurance. This action

Reduces bounty costs by an average of 20%
percent of what they
would be without reinsurance. • Additional tax credits
are available to consumers under the Affordable Program
Care Act through MNsure.
Even if the rates increase, it is
important to consumers
shop around to understand their disbursements
monthly fee.

“We encourage Minnesotans buying individual insurance to use MNsure to shop around and compare plans,” Commissioner Arnold said. “The plans offered on MNsure provide all the essential benefits Minnesotans want, such as preventative care, emergency services, and outpatient care.”

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