Minnesota: Preliminary avg. unsubsidized 2025 #ACA rate change: +8.7%

via the Minnesota Commerce Dept:

Individual Market PROPOSED Average Rate Changes

The summary table below provides an overview of proposed average rate changes for plan year 2025 in the individual health insurance market as reported by the insurers. 

It is important to note that while these are initial rates as proposed and filed, rates are subject to review by the Departments of Commerce and Health. Final approved rates may vary from these proposed rates for many reasons. 

Proposed rates do not reflect the impact of federal premium tax credits that are available to eligible Minnesotans who purchase their coverage through MNsure. 

Additionally, the change in actual premium a consumer will pay in 2025 can vary from the proposed average change due to factors such as the specific plan selected, geographic rating area and age.

Small Group Market Proposed Average Rate Changes for Plan Year 2025

The summary table below provides an overview of the proposed average rate changes for plan year 2025 in the small group health insurance market, as reported by the insurers.  

It is important to note these are the initial rates proposed by the insurers and filed with the Departments. Rates are subject to review and approval by the Departments and the final approved rates may vary from these proposed rates for many reasons. 

Additionally, the actual rate change a consumer will experience in 2025 can vary from the average – with factors such as specific plan, geographic rating area, age, and renewal date playing a major role. 

Unfortunately, as usual, Minnesota's SERFF rate filing database doesn't seem to include any actual enrollment information, so I can't run a proper weighted average rate change for the small group market at all (the unweighted average increase is +9.4%). For the individual market, I'm basing the weighted 8.7% average increase on on-exchange enrollment only as of June 2024. I'm operating on the assumption that perhaps 90% of Minnesota's QHP enrollment is on-exchange these days, and that the other 10% (perhaps 15,000 people?) breaks out in a roughly similar ratio.