MNsure Health Insurance Premiums to Rise Sharply in 2027
St. Paul MN (KROC-AM News) - State officials are reporting that Minnesotans who purchase health insurance coverage through MNsure should expect significant premium increases next year.
Minnesota Health Insurance Rates for 2027
The Minnesota Department of Commerce today released finalized 2027 rates for the individual and small-group markets for coverage beginning January 1.
How Much MNsure Premiums Are Increasing
The report indicates that average premium increases range from 9.9% to more than 21% in the individual market. According to the Commerce Department, approximately 203,000 Minnesotans purchase their health coverage through the marketplace.
In the small-group market, average premium increases range from 10.6% to 21.4%. Those increases will impact approximately 184,000 Minnesotans.
A news release states that the final rates include savings generated through Minnesota's Premium Security Plan, which is also referred to as reinsurance. The state adopted the program in 2017 to help stabilize health insurance premiums for coverage sold in the individual insurance market.
Impact of Minnesota's Reinsurance Program
The Commerce Department says the statewide average premium rate change for next year is 17.4%. Without the reinsurance program, the state agency says the average increase would be nearly 58%.
The Commerce Department statement also notes that the actual cost for consumers will vary due to their plan selection, geographic rating area, age, renewal date and eligibility for subsidies.
Southeastern Minnesota Rates Highest in State
Southeastern Minnesota, in general, will continue to see the highest health insurance premiums for coverage purchased through MNsure next year. The Commerce Department says only two or three plans are being offered to residents in the southeastern corner of the state.
The report shows that the average health insurance premium for a 40-year-old individual purchasing the second-lowest-cost silver plan on MNsure in Olmsted County will rise to nearly $700 per month. The average monthly cost for the same 40-year-old with a child is more than $1,200. By comparison, the same coverage in Hennepin and Ramsey counties is reported to be around $840 per month.
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