Laine hails new law establishing new Health Insurance Marketplace
Governor Dayton signs legislation creating ‘MNsure’ – Minnesota’s new health insurance exchange
ST. PAUL, MN – Governor Mark Dayton signed into law a bill today establishing a new marketplace where Minnesotans can choose quality, affordable health coverage, saving families and businesses an estimated $1 billion in health care costs by 2016.
An estimated 1.3 million Minnesotans will benefit from the legislation, including nearly 300,000 Minnesotans who are currently uninsured. 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.
“I am pleased we have our own Minnesota-created exchange; once again, we are a leader in health care access,” said Rep. Carolyn Laine (DFL-Columbia Heights), who was a co-author on the House version of the bill creating the exchange. “With this voluntary purchasing tool, premiums for many will be lower, comparisons between policies will be easier, and no one will need to submit their medical history.”
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 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.
“I believe more people in my district will have health care coverage,” Rep Laine said. “This has been the overriding goal of these changes.”
1.3 million Minnesotans to benefit
One-in-five Minnesotans are expected to use MNsure to access affordable health coverage, including individuals, families, and low-income Minnesotans. An estimated 300,000 previously uninsured Minnesotans will gain coverage through MNsure by 2016 – a 60 percent decrease. MNsure will also modernize enrollment in public programs, helping 700,000 Minnesotans more easily enroll in Medical Assistance. MNsure will also help small businesses provide affordable health choices for their employees. By using MNsure, an estimated 155,000 small business employees will be able to access more affordable coverage – allowing small businesses to save money while attracting and retaining skilled workers.
More information about MNsure
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.