2018 Proposed Health Insurance Rate Increases

This year, for the first time, insurers were required to submit two sets of proposed rates: proposed rates that assume implementation of a new state reinsurance program in 2018, and proposed rates that assume no reinsurance program in 2018.

In 2017, Minnesota enacted a law that creates the Minnesota Premium Security Plan – a reinsurance program for 2018 and beyond that is designed to stabilize premiums in the state’s individual market by providing insurers with some financial protection against especially high-cost claims. Implementation of the reinsurance program requires federal approval, which is pending. 

The actual rate change a consumer will experience in 2018 can vary from the average – with factors such as specific plan, geographic rating area and age playing a major role.

Insurers’ proposed 2018 rates for Minnesota’s individual and small group health insurance plans are publicly available on July 31, 2017, as required by Minnesota law. These rates are preliminary and are subject to rate review by the Commerce Department. Final, approved 2018 rates with more detailed plan information, including provider networks, will be publicly available no later than October 2, 2017.