2/3/2015 10:14:43 AM
FOR IMMEDIATE RELEASE
CONTACT: Jenni Bowring-McDonough
Media Relations Coordinator
ST. PAUL, Minn.-Today, MNsure announced Minnesotans enrolled in qualified health plans through the state marketplace saved $30,958,984.87 in health insurance premiums in 2014. The savings comes from federal advanced premium tax credits (APTC), available only through MNsure.
"MNsure is the only place you can go to get financial help for your health insurance premium cost," said CEO Scott Leitz. "We've been saying that for months, but today we're really able to show just how much money Minnesotans are saving. I think the figure really speaks for itself."
On average, about 40 percent of people who enrolled in a qualified health plan through MNsure in 2014 received an APTC. The average tax credit received was $185.48 per person, which comes to an annual savings of $2,225 per person. Households with multiple people insured through MNsure saw even greater savings.
An individual earning up to $46,680/year, or a family of four earning up to $95,400/year would likely qualify for some form of financial help, available only through MNsure.
"If your income or your family's income falls within that threshold, and you don't get health insurance through an employer, you are literally leaving money on the table if you purchase health insurance anywhere else," said Leitz. "There is still time to see if you qualify for financial help. Open enrollment ends February 15."
2014 APTC information is based off effectuated data reported to MNsure by each of the five health insurance carriers that offered health insurance plans in 2014: Blue Cross and Blue Shield of Minnesota, HealthPartners, PreferredOne, UCare and Medica.
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.