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Average Tax Credit Amounts Going to MNsure Customers are Three Times Higher than Last Year

11/28/2016 10:30:00 AM

FOR IMMEDIATE RELEASE

CONTACT: Marie Harmon
marie.harmon@state.mn.us
651-539-1961

ST. PAUL, Minn.— With more than four weeks of open enrollment in the books, more than 57 percent of Minnesotans enrolling in a private health insurance plan through MNsure are qualifying for financial help available only through the state-based health insurance marketplace. The average tax credit amount going to MNsure customers will be more than three times higher in 2017 than it was in 2016.

Since the start of open enrollment, 29,783 Minnesotans have enrolled in health insurance coverage through MNsure, 5,885 in MinnesotaCare and 17,660 in Medical Assistance. In addition, 7,786 Minnesotans have enrolled in a qualified dental plan through MNsure.

Of the 57 percent of qualified health plan enrollees who are eligible for tax credits, the average monthly tax credit is approximately $637, a $427 increase over 2016. These tax credits act as immediate discounts on health insurance premiums, allowing Minnesotans to see an instant reduction in their monthly health insurance premium.

"Premiums are higher, but so are tax credits available through MNsure, so Minnesotans need to shop to see if they can find affordable health coverage," MNsure CEO Allison O'Toole said. "For many of our customers, we're seeing that the amount of their tax credit is significantly or completely offsetting the amount of their premium increase. MNsure urges all Minnesotans interested in purchasing health insurance through the state exchange to visit MNsure.org to explore available and tax credits and plans."

Tax credits, which are available to individuals earning up to $47,520 per year and families of four earning up to $97,200 per year, are only available when enrolling through MNsure.

"Last year about 100,000 Minnesotans eligible for tax credits didn't take advantage of them, leaving millions of dollars on the table," O'Toole said. "Our /shop-compare/index.jspshopping comparison tool can quickly help Minnesotans learn if they're eligible for help, and our army of about 1,500 assisters are ready to help anyone with enrollment questions."

Open enrollment continues through January 31, 2017. Minnesotans looking for coverage to start on January 1, 2017, need to enroll by December 15, 2016. While that deadline is still a little more than two weeks away, MNsure is urging Minnesotans not to wait to enroll.  

The 2017 open enrollment period began on November 1, 2016, and ends on January 31, 2017. Minnesotans eligible for Medical Assistance or MinnesotaCare can enroll year-round.

As of February 2016, 96 percent of Minnesotans have health coverage—the highest percentage in state history.

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