ST. PAUL, MN – After a lengthy floor debate that lasted into Monday evening, the Minnesota House of Representatives passed HF 5, a bill that establishes a state-based health insurance exchange.
“This Minnesota exchange allows Minnesotans to have an exchange which fits with our values rather than relying on a Federal cookie cutter approach,” said Rep. Bly. “This is an important step towards moving forward on the Affordable Care Act.”
Under the Affordable Care Act, states face a March 31 deadline to approve state-based exchanges. The federal government will step in and implement a one-size-fits-all exchange for states that fail to meet that deadline.
“Minnesota is well known as a national leader in providing quality health care,” added Rep. Bly. “This state-based health insurance exchange allows us to account for Minnesota’s unique needs and existing health care delivery systems.”
Minnesota’s exchange is estimated to expand health coverage to over 300,000 individuals who previously could not afford or qualify for insurance and save Minnesota families an average of roughly $500 on health care costs.
The exchange will also make it easier for small businesses to purchase affordable coverage for their employees. Right now, small businesses on average pay higher premium rates than larger employers. Tax credits will be made available to qualifying businesses with less than 25 employees to help level the playing field.
The full Minnesota Senate will take up their own health exchange bill this Thursday. Before final legislation heads to Governor Dayton’s desk, each chamber must reconcile any differences between their respective legislation.