October 1, 2015
A Word from the CEO
Earlier today, the Department of Commerce announced the rates for 2016 plans across the individual market.
Despite inaccurate statements made since the announcement, the fact of the matter is that today's news would be the same regardless of whether Minnesotans use MNsure or HealthCare.gov to purchase their insurance. The Department of Commerce's rate review process is an independent review and is not impacted by MNsure.
Across the market, plan premiums increased by a range of 14 to 49 percent over last year’s rates—a hefty hit to any Minnesotan’s wallet, I know. However, by shopping through MNsure, individuals will be able to receive tax credits that will significantly lower that price tag. In fact, there are cases where some consumer’s rates went up, but thanks to the tax credits available through MNsure, they’ll be able to find similar plans that are less expensive than they were last year.
You read that right: despite large increases, tax credits will make some plans more affordable in 2016 than they were in 2015. In case after case, tax credits will help keep these major price increases in check, and even be available to consumers who were never eligible for them before.
It’s important for consumers to know that MNsure is the only place they can go for these tax credits that lower the cost of insurance. We hope you’ll shop with us this year to save money and get the best deal on a plan that’s right for you.
Allison O’Toole, MNsure Interim CEO
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