Cost Of Health Care Premiums Could Increase Dramatically
MINNEAPOLIS (WCCO) – Health care premiums in Minnesota could skyrocket next year, if providers get their way.
Eight Minnesota health insurers have proposed premium increases ranging from 11 to 74 percent.
One of the largest providers, Blue Cross and Blue Shield, wants to raise prices on some of its plans by 50 percent.
Insurers said higher-than-expected care costs from customers they gained under the Affordable Health Care Law and the rising cost of prescription drugs are reasons for the proposed increases.
"The proposed rate increases from Minnesota's health insurers are outrageous, given that our state's health care costs have been increasing by only three percent," Gov. Mark Dayton said in a recent statement.
Right now the rate increases are only proposals and must be approved by state regulators.
This has to happen before October 1.
To see the list of Minnesota rate review submissions, click here first. After that, click the button marked "Search ACA-Compliant Products." Select Minnesota as the state, and insert January 1, 2016 through January 1, 2017 for the effective date range.