An estimated 1.3 million Minnesotans will be affected from legislation signed into law by Governor Mark Dayton, including nearly 300,000 Minnesotans who are currently uninsured.
The bill (HF5/SF1) – which establishes a new marketplace where Minnesotans can choose quality, affordable health coverage – will save Minnesota families and businesses an estimated $1 billion in health care costs by 2016.
After federal tax credits, individual consumers will see an average 34 percent decrease in premiums for insurance purchased through MNsure – Minnesota’s new federally mandated health insurance exchange. The average family will save $500 annually.
Governor Dayton thanked members of the state legislature and Minnesota’s federal partners – Senators Klobuchar and Franken, and others of Minnesota’s congressional delegation – for their hard work and commitment to delivering this cost-saving reform for the people and small businesses of Minnesota.
When the Affordable Care Act was passed by Congress in 2010, states like Minnesota were given the choice to build their own state-based health insurance exchanges; or opt instead to have a one-size-fits-all federal solution imposed on them.
Minnesota chose to build its own exchange. Governor Dayton and the state legislature worked together to establish a health insurance marketplace tailored to the unique needs and characteristics of Minnesota’s families, economy, and nation-leading health care system.
Ultimately, one in five Minnesotans will use MNsure to access health coverage – and the subsidies and tax credits that come with it. This new, consumer-focused marketplace will require insurance companies to compete for your business, presenting consumers with clear and simple choices about coverage. It will empower middle-class families, small businesses, and low-income Minnesotans to choose the quality health coverage they need at a price they can afford.
MNsure will offer an easy-to-use website where Minnesotans can search for and compare health plans based on cost, quality, and consumer satisfaction. It will also provide a toll-free hotline and in-person assistance where Minnesotans can get help with questions and choose the coverage that best fits their needs. Financial assistance for middle-class families and small businesses will be available for those who purchase coverage through MNsure, making health insurance more affordable for over 1 million Minnesotans.
Minnesotans can begin reviewing their insurance options through MNsure when open enrollment begins on October 1, 2013. Coverage purchased through MNsure will begin on January 1, 2014. Until then, the State of Minnesota has developed a public information website, tailored for consumers and small employers, to learn more about MNsure and how it will impact your family and business.