Financial help available only through MNsure for individuals earning up to $47,520; family of four earning up to $97,200
FOR IMMEDIATE RELEASE
CONTACT: Shane Delaney
Director of Communications and Marketing
ST. PAUL, Minn.—As final 2017 individual market health insurance rates are released by the Minnesota Department of Commerce, MNsure is encouraging Minnesotans to learn about important cost-saving opportunities available only through the state’s online health insurance marketplace.
The cost savings comes in the form of an advanced premium tax credit. These federal tax credits act like instant discounts, reducing the monthly out-of-pocket cost a Minnesotan pays for their health insurance coverage. An individual earning up to $47,520 a year or a family of four earning up to $97,200 a year could qualify. Additional income thresholds are available on the MNsure website.
“There are about 100,000 Minnesotans right now who qualify for money-saving tax credits, but are not getting them because they did not enroll through MNsure,” MNsure CEO Allison O’Toole said. “Minnesotans and their families are leaving money on the table. In a year with significant premium increases, all Minnesotans should take a few minutes to visit mnsure.org and find out what their options are to save money. For Minnesotans that qualify for these tax credits, it can make big difference in their monthly budget.”
Currently, two out of three MNsure enrollees qualify for an advanced premium tax credit, saving on average $210 every month, or $2,520 a year. However, as premiums increase, so does the amount of tax credits available to Minnesotans, meaning that in many cases, tax credits can lessen or completely eliminate large premium increases.
Open enrollment begins November 1, and MNsure is urging Minnesotans to take action early in order to make sure their health insurance coverage is set starting January 1, 2017.
“Given this premium information, we are expecting to have a busy open enrollment,” said O’Toole. “That means Minnesotans should not wait to enroll. MNsure has more than 1,000 certified brokers and navigators ready to offer free, in-person enrollment assistance, and our Contact Center will be ready for a wave of activity. Start planning now. Make an appointment with a broker or navigator, or plan to enroll yourself as early as possible so that you’re not left with a possible delay in coverage.”
Four health insurance companies, BluePlus, HealthPartners, Medica and UCare, will offer 90 different health insurance plans through MNsure for the 2017 coverage year. Multiple health care plans through MNsure are available in every county across the state. All premium rate information will be available on the Minnesota Department of Commerce website beginning today. Both premium and tax credit information will be available on MNsure.org in mid-October.
The 2017 open enrollment period begins November 1, 2016, and ends on January 31, 2017. Small group employers and Minnesotans eligible for Medical Assistance or MinnesotaCare can enroll year-round. As of February 2016, 96 percent of Minnesotans have health coverage—the highest percentage in state history.