The Minnesota Senate passed legislation on Monday to extend the state’s successful reinsurance program for another five years. Extending the program ensures insurance rates in the individual market will remain stable for Minnesota families.
Said District 22 Sen. Bill Weber, Republican from Luverne: "In 2016, Minnesota faced the collapse of its individual insurance market, but Senate Republicans managed to save it by implementing reinsurance. The program stabilized costs, which led to a significant decrease in premium rates across the state and ensured Minnesotans would always have options. We helped farmers, small businesses and families when the state was on the brink of losing individual health care coverage. This is a proven program that delivers results, and I will continue to support it to keep Minnesotans' health care costs as low as possible."
According to a press release from Weber’s office, the program faced a cut last year due to opposition from Gov. Tim Walz. The costs picked up by the program were reduced from 80% to 60%, which led to the largest annual increase in premiums since the program's inception. The Senate Republican bill would return the coinsurance level to 80%, which will save the average enrollee $130 per month compared to $100 at the 60% level.