State officials today announced the projected rate changes for health insurance on the individual market for 2018. State Commerce Commissioner Mike Rothman says the changes range from a decrease of 38% to an increase of less than 3%. That compares to last year when the average rate increased around 50%. Rothman calls it “positive news for Minnesota, especially when other states across the country are announcing rate increases well into double digits.” But he adds about last year: “if you remember I said the individual market was in an emergency situation, the red lights were flashing and the sirens were sounding. Today, there may be no red lights or sirens, but you could say there’s still a big flashing sign that says “caution.”Rothman says the relative stability of the rates this year is partly due to the state’s new reinsurance program–which is reducing rates by about 20-percent. As of April, around 166,000 Minnesotans had purchased health insurance through the individual market.
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