Minnesota: Enrolling Through MNsure Offers Great Savings on 2024 Health Insurance Plans

Via MNsure:

Enrolling Through MNsure Offers Great Savings on 2024 Health Insurance Plans

ST. PAUL, MN — Starting November 1, Minnesotans who need health insurance can sign up for 2024 coverage through MNsure, Minnesota’s official health insurance marketplace, where they can easily find, choose and purchase health insurance. MNsure’s open enrollment period begins November 1, 2023, and will run through January 15, 2024. Open enrollment is the annual opportunity to enroll in health coverage, change plans, and renew coverage.

MNsure estimates that Minnesotans who are eligible for tax credits will save $6,750 in 2024 and spend 5% less on private health plan premiums than they did this year, on average.

These significant savings are thanks to advanced premium tax credits, which act like an instant discount to lower the cost of monthly premiums – but are only available when you enroll in health insurance through MNsure. For example:

• A 30-year-old in Detroit Lakes earning $31,000 per year can find a bronze plan for less than $100 per month, after tax credits.
• A couple in their 40s in Grand Rapids with an annual income of $64,000 can choose a silver plan and save over $5,000 on 2024 premiums with tax credits.

• A couple in their 60s in Minneapolis with an annual income of $80,000 can enroll in a gold plan and apply tax credits to cut their monthly premium nearly in half, saving almost $9,000 per year.

• A family of three in Mankato with an annual income of $97,000 can enroll in a silver plan and access tax credits that will lower their premiums by 46%, saving them over $6,500 per year.

More examples of available savings across the state can be found in the MNsure scenario packet (PDF).

"Shopping for health insurance through MNsure offers a unique set of benefits that aren’t available anywhere else," said MNsure CEO Libby Caulum. "In addition to exclusive access to tax credit savings, MNsure offers side-by-side comparison of plans from different insurance companies and free application and enrollment help from local, trusted experts. We have a wide variety of medical and dental plans to choose from, and you can be confident you’re purchasing comprehensive coverage since all plans are guaranteed to cover essential benefits."

Most Minnesotans qualify for savings when they enroll through MNsure. At least three in four uninsured Minnesotans are eligible for savings that would lower the cost of buying health insurance: either tax credits for a private health plan purchased through MNsure, or low- or no-cost coverage through Medical Assistance or MinnesotaCare, which are public health care programs administered by the Minnesota Department of Human Services. Minnesotans buying private health plans through MNsure also benefit from Minnesota's reinsurance program, which lowers premium costs by an average of 20% from what they would otherwise be.