You can add health insurance prices to the growing list of things that are getting more expensive. \u00a0<\/p>\n
Experts believe it will be the highest increase in 15 years.<\/p>\n
\u201cIt is hard when health insurance costs go up,\u201d said Julia Dreier, deputy commissioner of insurance at the Minnesota Department of Commerce.<\/p>\n
Dreier says in the individual market, you\u2019ll face an average rate increase of about 21%. For small group plans, it\u2019s about 14%.<\/p>\n
\u201cThe biggest reason is really medical costs, it\u2019s more expensive to provide the care,\u201d Dreier said.<\/p>\n
Plus, it\u2019s because federal tax credits are set to expire at the end of the year.<\/p>\n
\u201cA large number of Minnesotans who buy insurance on their own will not have access to some of the financial help that they are used to having,\u201d Dreier said.<\/p>\n
Dreier recommends exploring MNsure, with open enrollment starting on Nov. 1.<\/p>\n
\u201cSometimes switching plans or products can make a difference on what people are paying on a monthly basis,\u201d Dreier said.<\/p>\n
The Minnesota Hospital Association is also weighing in, saying the actions by Congress could absolutely impact your next trip to the hospital.<\/p>\n
\u201cWe really haven\u2019t seen this type of impact in recent years,\u201d said Joe Schindler, VP of finance and policy with the Minnesota Hospital Association, which represents all the hospitals and systems across the state.<\/p>\n
\u201cIt\u2019s going to impact communities,\u201d Schindler said.<\/p>\n
He says when it comes to the Affordable Care Act individual market, an estimated 60,000 Minnesota enrollees could drop coverage. They believe without continued resolution by Congress to extend premium tax credits, it will absolutely impact your next trip to the hospital.<\/p>\n
\u201cHospitals will see more people that are uninsured coming into the emergency room and that\u2019s going to cause higher costs in the form of charity care,\u201d Schindler said.<\/p>\n
Ultimately, Schindler believes that could cost emergency rooms 60 million dollars statewide and hit rural communities especially hard.<\/p>\n
\u201cAbout 77% of our rural hospitals had negative margins. So what does that mean? That means they\u2019re going to have to take a hard look at \u2018What services do we provide?\u2019 and \u2018What services are we going to have to drop?’\u201d Schindler said.<\/p>\n
Below is a statement from Lucas Nesse, president and CEO of the Minnesota Council of Health Plans:<\/p>\n
\u201cMinnesota\u2019s nonprofit health plans work every day to support broad access to high-quality care at the lowest cost. Insurance premiums are increasing because the prices to receive medical care continue to rise. These increases reflect the growing financial pressures across the health care system.\u201d<\/p>\n