The Minnesota Department of Commerce and MNsure has released information on 2022 health plan rates and options in advance of the open enrollment period, which begins Nov. 1.
On average, Minnesota families will save $684 per year and will be able to access more health plan choices than previous years. More Minnesotans than ever before are eligible to receive tax credits to lower monthly premium costs through federal funding provided in the American Rescue Plan.
Individual and small group health plans will continue to offer choices for consumers. Every county in Minnesota will have at least two insurers offering individual market plans with the majority (all but seven counties) having three or more insurers. Additionally, every county will have at least 22 separate health insurance plan options available in the individual market.
The individual health plan market is for people who are not insured through employer-based coverage and are not eligible for Medicare or Medicaid. Currently, about 3% of Minnesotans (163,000 people) have individual health insurance plans, including 107,000 Minnesotans who are covered by health plans offered through MNsure. Income-eligible Minnesotans will be able to find a plan only through MNsure with monthly premiums that cost no more than 8.5% of their household income. To give Minnesotans additional time to shop and compare health plans, MNsure’s open enrollment will be extended three weeks, running from Nov. 1 to Jan. 15.
For small group health insurance plans, which serve employers with fewer than 50 full-time employees and cover about 4.1% of Minnesotans (235,000 people), the final average rate changes for 2022 range from 0.6% to 6.8%. For the individual health insurance plans, the final average rate changes for 2022 range from 4.3% to 11.3%.
The actual price a consumer will pay for health insurance can vary depending on factors such as where they live, what plan they choose and their age. When consumers purchase plans through MNsure, they may qualify for tax credits to help lower the cost of their insurance, with more Minnesotans qualifying than ever before.
The state does not regulate self-insured health plans, which cover almost 40% of the state’s population. The largest percentage of Minnesotans get their coverage through their employers’ self-insured group coverage. Medicare covers almost 19% of Minnesotans and Medical Assistance also covers almost 19% of Minnesotans. About 4% of Minnesotans are uninsured.
For more information, visit www.mnsure.org.
— Submitted by MNsure and the Minnesota Department of Commerce