Final 2020 individual and small group market health insurance rates to be announced

The Minnesota Department of Commerce will publish the final individual and small group health insurance rates for next year on Tuesday.

The insurance companies selling health plans for next year proposed average price changes ranging from a 10 percent decrease to a nearly 5 percent increase over this year’s rate.

The 2019 rates were down significantly from those of 2018. MNsure CEO Nate Clark said the finalized 2020 rates will soon be available for comparison shopping.

"We'll take those rates and we'll load them into our window-shopping tool on the 15th of October so Minnesotans will be able to come in and have a look at the plans that are available next year,” he said.

The open enrollment period begins November 1. This year it will be shorter than previous years, running through December 23 for coverage beginning January 1.

Clark said federal tax credits that reduce the cost of insurance are available for people whose income qualifies.

"The key thing that we always like to underscore is that MNsure is the only place where consumers can come to get access to tax credits,” he said.

Nearly six in ten Minnesota households that signed up for 2019 coverage through MNsure got tax credits averaging $5,500.

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