Minnesota's commerce commissioner released 2017 health insurance premium rate approvals for individual and small group plans, calling the changes "unsustainable."
Seven insurers will offer on exchange individual plans through the state's Affordable Care Act exchange — MNsure — next year. The insurers were approved rates ranging from Bloomington, Minn.-based HealthPartners' 50 percent to Minneapolis-based UCare's 67 percent.
In response to the approvals, Minnesota Commerce Commissioner Mike Rothman said the state's individual market is in "an emergency situation," according to KARE 11. Mr. Rothman said the individual market is on the verge of collapse. Eagan-based Blue Cross and Blue Shield of Minnesota's June decision to cut its individual market footprint is projected to affect 103,000 policyholders.
In the small group market, 2017 rate changes range from a 1 percent decrease to an 18 percent increase.
Most Minnesota residents receive health coverage through employers, Medicare and Medicaid and will not be affected by the rate hikes, according to the report.
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