If you buy health insurance on the individual market, without help from an employer, you may want to know what Minnesota is doing to protect you from unfair and unnecessary premium rate increases.  Here’s a summary of the Minnesota laws that govern rate increases.

  • Minnesota does not have prior approval for individual health insurance or HMO rates.
  • Insurers and HMO’s must file rates with the Insurance Commissioner, but the rate may be used on or after filing.  Minn. Stat. § 62A.02
  • The Insurance Commissioner can disapprove the rate “if the benefits provided are not reasonable in relation to the premium charged.”  Minn. Stat. § 62A.02.
  • Rates that are not approved or disapproved within 60 days are deemed approved. Minn. Stat. § 62A.02.