12/3/2014 10:14:43 AM
FOR IMMEDIATE RELEASE
CONTACT: Jenni Bowring-McDonough
Media Relations Coordinator
ST. PAUL, Minn.-Continuing with the budgeting and planning work begun earlier this year, MNsure's Finance Work Group today presented a balanced, preliminary three-year financial plan to the full MNsure Board of Directors. The full MNsure Board of Directors voted unanimously to approve the 2015 fiscal year budget. The structurally sound financial plans, for fiscal years 2016 and 2017, are based on both new revenue and spending estimates. The fiscal year 2016 and 2017 plans will be voted on at an upcoming January Board meeting following public comment.
The MNsure Board was also briefed on enrollment activities through the first two weeks of the second Open Enrollment Period. Enrollment numbers through the first two weeks of the enrollment period this year are more than 17 times stronger than they were through the same time period in 2013.
"After one year of enrollment, we now have real-life experience and hard data to work from in determining trends and needs as we move forward with revenue projections," said MNsure CEO Scott Leitz. "The proposed budget we present today is fully balanced, and reflects that ongoing revenue will match ongoing expenses. In other words, we are proceeding as any business would and making changes as necessary. We are confident that the plan presented today paints the most complete picture possible of MNsure's financial future."
A key change in MNsure's fiscal year 2015 budget is the adjustment of future revenue generation from enrollment into commercial coverage, and the subsequent adjustment to forecasted revenue as a result. The 2015 budget has been revised based on actual spending through mid-November and funds additional anticipated MNsure IT system, Project Management Office and Contact Center spending needs.
The preliminary plan for fiscal year 2016, reviewed by the Board earlier this year, also has been updated to reflect new revenue projections and spending needs. Today's presentation is the first time the Board has reviewed a fiscal year 2017 plan.
The Board today also heard an update on the ongoing open enrollment period, which is in its third week. The report included:
Enrollment is Strong
Contact Center Meeting Consumer Needs
MNsure in the Community
Free, in-person assistance is available for Minnesotans who have questions about MNsure or who need help with enrollment. Certified navigators and brokers are available throughout the state and can be found on /help/find-assister/index.jspMNsure's online assister directory.
Open enrollment for 2015 coverage began November 15, 2014, and ends February 15, 2015. Minnesotans eligible for Medical Assistance or MinnesotaCare can enroll year round. As of May 2014, 95 percent of Minnesotans have health coverage - the highest percentage in state history.