How Much Will MNsure Cost? Reality Check
MINNEAPOLIS (WCCO) – On Friday, MNsure — Minnesota’s new online health insurance exchange — will reveal how much consumers will pay for insurance premiums under the program, which is part of the new federal health care law.
The top question at the MNsure call center has been, “How much will I pay for insurance?”
In other states like Minnesota, two studies report generally lower premiums for most — but not all.
Seventeen states and the District of Columbia already have health care exchanges.
There’s four levels of coverage: bronze, silver, gold and platinum.
A 40-year-old making $29,000 will pay about $330 a month for mid-range silver coverage. New federal tax credits will drop that to $193 a month.
And 25-year-olds can expect monthly premiums averaging about $270. Then, after tax credits, it’ll be $158 to $193 a month.
If Minnesota’s health exchange is similar to other states, you’ll be able to apply your tax credits to buy higher levels of coverage. Or you can lower your monthly premiums and pay more for deductibles and co-pays.
Nearly a quarter of all Minnesotans are expected to sign up for the new health care law.
The Minnesota Council of Health Plans says 76 percent will see little, or no change in their health care coverage.