Minnesota Individual Health Insurance Outlook for 2024
Market remains competitive and premiums remain low due to reinsurance
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The annual enrollment period is now underway to purchase 2024 health insurance coverage on the individual market. Based on data from health insurer rate filings, premiums are increasing by 4.32 percent, on average, for renewing consumers in Minnesota. Considering inflation, this is a modest increase which will keep Minnesota premiums among the lowest in the country.
Minnesota’s lower premiums categorically show the success of the state’s nation-leading reinsurance program. The program uses state funding to leverage federal funding to pay a portion of the claims for high-cost enrollees which keeps premiums down for everyone. Despite this success, Democrats in the Minnesota legislature and Gov. Walz just enacted…