2/18/2014 10:14:43 AM
FOR IMMEDIATE RELEASE
CONTACT: Jenni Bowring-McDonough
Media Relations Coordinator
ST. PAUL, Minn. - Minnesotans purchasing health insurance on MNsure are finding some of the cheapest plans in the nation.
Kaiser Health News, in collaboration with National Public Radio, recently named Minnesota as one of The 10 Least Expensive Health Insurance Markets In The U.S. In fact, the lowest monthly silver premium in the country is sold in the Minneapolis/St. Paul metro. The same level plan in Wisconsin costs nearly three times as much.
"Nearly 95,000 Minnesotans have applied for coverage through MNsure, and many are paying less than they ever have for coverage," said MNsure's interim Chief Executive Officer Scott Leitz. "Because our premiums are low, more than 40% of individual MNsure applicants have purchased generous gold or platinum plans, a trend that's opposite the rest of the nation."
Kaiser credits Minnesota's low premiums to robust competition between hospitals and doctors, allowing insurers to negotiate low rates. Minnesota's history of insurance regulation, including state review of annual insurance rates, also plays a factor.
In addition to the lowest rates in the nation, many Minnesotans are eligible for additional financial assistance through new tax credits. Individuals earning up to $45,960/year and a family of four earning up to $94,200/year can qualify. Minnesotans have until March 31, 2014, to take advantage of these low rates and tax credits through MNsure.
The 10 least expensive regions were determined by the lowest-cost silver premium for a 40-year-old person, based on rates listed in federal and state insurance marketplaces.