Minnesota: APPROVED avg. 2021 #ACA premiums: +2.0% indy, +2.8% sm. group
Tue, 10/06/2020 - 11:58am
2021 Minnesota health insurance rates continue to show stability for another year; expanded consumer choice across the state
ST. PAUL, Minn.—The Minnesota Department of Commerce announced final 2021 Minnesota health insurance rates today, which will remain stable across the state. For the 2021 plan year, 80 counties have three or more health insurance companies offering plans on the exchange, compared to just 31 counties with three or more in 2020. Ninety-seven percent of Minnesotans buying health insurance through MNsure will have an average of 30 different qualified health plans and three or more carriers to choose from.
Five health insurance companies are partnering with MNsure for the 2021 plan year: BluePlus, HealthPartners, Medica, UCare, and newly added Quartz, a Madison-based insurer offering plans in some southeastern Minnesota counties. Quartz will be offering 14 qualified health plans on the exchange. Additionally, dental plans will be available from Delta Dental and Dentegra.
"The global COVID-19 pandemic has made it clear that access to comprehensive health coverage has never been more important," said MNsure CEO Nate Clark. “This year, we are able to offer even more options for Minnesotans to find the health insurance they need, along with access to financial benefits to help lower the cost of coverage. We are excited to have five health insurance companies and two dental insurance companies offering more than 163 health and dental plan options through MNsure. Minnesotans across the state who buy coverage through MNsure can have a little more peace of mind during this uncertain time knowing they have quality, comprehensive health insurance."
Sure enough, here's the final rates:
The weighted preliminary average increase for 2021 was 3.9% for the individual market & 6.2% for the small group market. The approved average increases are just 2.0% and 2.8% respectively.
MNsure's open enrollment period begins November 1, 2020, and runs through December 22, 2020.
Worth noting: Like most other state-based ACA exchanges, MNsure will bump out their deadline past the official 12/15 federal one, but only by a week.
Tax credits are available to those who qualify
Advanced premium tax credits act like instant discounts, reducing the monthly out-of-pocket costs for eligible Minnesotans. An individual earning up to $51,040 a year, or a family of four earning up to $104,800 a year, could qualify. To help illustrate how tax credits can help save Minnesotans money, MNsure has developed a set of scenarios for areas around the state. Income guidelines for financial help are available on the MNsure website.
"Minnesotans can view available 2021 plans through MNsure starting October 12," said Clark. “We encourage everyone to compare plans, even those who have been renewed into their MNsure coverage, to make sure you’re getting the right plan at the right price. You can always change your plan during open enrollment."
MNsure is Minnesota's health insurance marketplace where individuals and families can shop, compare and choose health insurance coverage that meets their needs. MNsure is the only place you can apply for financial help to lower the cost of your monthly insurance premium and out-of-pocket costs. Most Minnesotans who enroll through MNsure qualify for financial help.
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