The trade group for Minnesota health insurers released a report Tuesday detailing a decrease in the state's individual and group private health insurance enrollments between December and March, according to the StarTribune.
Here are five key findings about Minnesota's shrinking insurance market:
1. In 2013, a consultant to the state projected 530,000 people would be covered through Minnesota's individual market in 2016. In March, only 270,000 people bought coverage through the state's individual market.
2. Only 22 percent of Minnesota's spring individual market enrollees were between the ages of 18 and 34, according to the report. This is compared to 28 percent nationally. A Kaiser Family Foundation study suggests 40 percent of individual market enrollees should be in this age bracket.
3. It is hypothesized a shortage of young and healthy consumers means older consumers' costs are not offset.
4. Many customers in the individual market are high-risk, so a shrinking market means premiums will likely increase, according to the StarTribune.
5. Minnesota Council of Health Plans President Jim Schowalter told the StarTribune that premium rates are also affected by dwindling federal subsidies, increasing medical expenses and consumers with the highest medical costs purchasing individual plans.