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With more than 5.5 million residents, the state of Minnesota is the 22nd largest in the United States, and its uninsured rates are among the nation’s lowest1,2 In 2015, the state tied for the ninth-lowest uninsured rate with an estimated 6 percent of its population without coverage.3 The state’s ACA exchange, MNsure, reported that 96 percent of Minnesotans had health coverage as of August 1, 2017.4
Minnesotans can choose from a range of insurance products offered by several companies. Coverage may include ACA-compliant options (e.g., individual major medical, Medicare, Medicaid) as well as supplemental, dental and temporary plans that help lower out-of-pocket healthcare spending for MN residents and their families.
Whether you have an Obamacare plan or not, you can find additional health benefits to help with dental and medical expenses—expected and unexpected, large and small—throughout the year. There’s no open enrollment period for these products, which means you can apply any time and not just during ACA open or special enrollment periods.
Have a long-term plan for the unexpected. Hospital, surgical and critical illness benefits.
Subsidy-eligible plans for premium and out-of-pocket relief
Minnesotans can purchase individual and family health insurance plans through MNsure, which is the state’s ACA exchange, and also in the private health insurance market from a health insurance producer or company.
ACA exchange name: MNsure
Average 2017 benchmark planpremium(before tax credit subsidy): $3666
Average 2017 benchmark plan premium (after tax credit subsidy): $159
Average 2017 rate change: 50 to 67 percent7
Unofficial average 2018 rate change: As of July 31, 2017, Minnesota insurers had filed premium requests that ranged from an average15 percent decrease to an average 11 percent increase8
On-and off-marketplace individual health insurance plans
Five carriers filed rates for individual plans in2018. They include the following9:
Health insurance options beyond ACA exchanges
Minnesota residents who do not qualify for Obamacare subsidies or prefer to shop away from the ACA exchanges may do so. The off-exchange marketmayincludeadditional major medical plan options.
Paying for healthcare deductibles and medical bills
Ultimately, the best insurance benefits are those that work with yourhealthcareand budgetary needs. Minnesotans can follow these steps to help keep their monthly plan premiums, annual deductible amount and medical bills as low and manageable as possible.
Do you need major medical coverage, supplemental benefits or both? Are you looking for a temporary plan while in between ACA-compliant coverage?
Do you have preexisting conditions? Do you qualify for income-based premium tax credits from an ACA exchange?
Do you want to keep monthly premiums as low as possible and use additional benefits to manage a high deductible?Are you self-employed? What can you afford to spend?
Once you have an idea of what products interest you and meet your needs, it’s time to find out what coverage will cost you. Compare plan premiums and benefits to find your match.
1United States Census Bureau. “Annual Estimates of the Resident Population for the United States, Regions, States and Puerto Rico: April 1, 2010 to July 1, 2016.” https://www.census.gov/data/tables/2016/demo/popest/state-total.html
2The Henry J. Kaiser Family Foundation. “Health Insurance Coverage of the Total Population. Timeframe: 2015.” http://www.kff.org/state-category/health-coverage-uninsured/
4MNsure. “MNsure to Give Minnesotans More Time to Shop for Health Care Coverage.” Aug. 1, 2017. https://www.mnsure.org/news-room/news/index.jsp?id=305049
5MNsure. “MNsure to Give Minnesotans More Time to Shop for Health Care Coverage.” Aug. 1, 2017. https://www.mnsure.org/news-room/news/index.jsp?id=305049
6Cox, Cynthia, et al. “2017 Premium Changes and Insurer Participation in the Affordable Care Act’s Health Insurance Marketplaces. Table 1: Monthly Silver Premiums and Financial Assistance for a 40 Year Old Non-Smoker Making $30,000/Year.” The Henry J. Kaiser Family Foundation. Last updated Nov. 1, 2016. http://www.kff.org/health-reform/issue-brief/2017-premium-changes-and-insurer-participation-in-the-affordable-care-acts-health-insurance-marketplaces/
7Minnesota Department of Commerce. “Minnesota Department of Commerce Announces Individual Health Insurance Rates for 2017.” Sept. 16, 2017. http://www.kff.org/health-reform/issue-brief/2017-premium-changes-and-insurer-participation-in-the-affordable-care-acts-health-insurance-marketplaces/
8Kessler, Pat. “MN Health Insurance Rates to Stay Close to Same in 2018.” CBS Minnesota. July 31, 2017.http://minnesota.cbslocal.com/2017/07/31/health-insurance-rates-2018/
9Minnesota Department of Commerce. “Minnesota Department of Commerce Announces Individual Health Insurance Rates for 2017.” Sept. 16, 2017.