Rebates for individual health insurance!

On Thursday night Governor Dayton signed a bill that will provide a 25% reduction in premium for individuals who do not qualify for assistance via MNsure.  Eligible Minnesotans can expect their April bills to reflect this change.  Here are some key points from the FAQ hosted by MNsure.

PREMIUM REBATES

Any Minnesotan who buys health insurance through MNsure or elsewhere on the individual market and does not currently receive advanced premium tax credits (APTC) will be eligible for a premium rebate. The premium rebate will be in the form of a 25 percent reduction automatically applied to their monthly premium and reflected on the invoice received from their health insurance company. (Premiums shown on MNsure's marketplace and shopping tools will not reflect the 25 percent premium rebate.)

PREMIUM REBATE BASICS

  •  How do premium rebates work?

    If you have not already purchased health insurance, apply online through MNsure and you'll find out whether you qualify for advanced premium tax credits (APTC). If you don't qualify for APTC, MinnesotaCare or Medical Assistance, then you do qualify for a premium rebate.

    If you have purchased coverage through MNsure or elsewhere on the individual market and are not receiving APTC, you’ll see a 25 percent premium rebate reflected on your premium invoice by no later than April 2017. For those who qualify, health insurance companies will apply the 25 percent rebate for previous months on future invoices. You do not need to do anything further.

    If you have purchased and enrolled in a health plan and are receiving APTC, or are enrolled in MinnesotaCare or Medical Assistance, this premium rebate does not apply to you. The premium rebate is only for people enrolled in an individual plan who are not receiving tax credits.

FAQ ABOUT PREMIUM REBATES

  •  Who qualifies for a premium rebate?

    Any Minnesotan who buys health insurance through MNsure or elsewhere on the individual market and does not currently receive advanced premium tax credits (APTC) will qualify for a premium rebate. 

  •  How much will my premium go down?

    Any Minnesotan who buys insurance through MNsure or elsewhere on the individual market and who does not currently receive advanced premium tax credits will see a 25 percent reduction in their monthly premium payment.

  •  When is the premium rebate available?

    It will take health insurance companies about two months to implement insurance relief, meaning Minnesotans will see a 25 percent premium rebate reflected on their premium invoice by April 2017.

  •  How long will I get a premium rebate?

    Eligible Minnesotans will get the rebate through the end of 2017.

  •  If a premium rebate is being offered for the full year of 2017, what about the months I’ve already paid my full premium? Will I see any money back?

    For those who qualify, health insurance companies will apply the 25 percent rebate for previous months on future invoices.

  •  I am enrolled in MinnesotaCare, do I qualify for a premium rebate?

    No, the premium rebate is only available to those who are enrolled in a private plan.

  •  I have insurance through my employer, will my premium go down?

    No. The premium rebate is available for Minnesotans who buy insurance through MNsure or the individual market who do not currently receive advanced premium tax credits. If you have insurance through your employer, you are not in the individual market.

  •  I don’t have health insurance right now but I want to take advantage of a premium rebate. How do get started?

    Create a MNsure account and apply and enroll online. Make sure to enroll by January 31. After January 31, you are only eligible to enroll in a private plan if you have a certain qualifying life event.

  •  I qualify for a special enrollment period (SEP). Will I qualify for a premium rebate if I buy health insurance after the open enrollment deadline?

    Yes. If you qualify for a SEP and buy insurance through MNsure or elsewhere on the individual market after January 31, you would still qualify for a premium rebate as long as you do not receive advanced premium tax credits.

If you are unsure how you will be impacted please give us a call at (320)252-8222.  Open enrollment ends 1/31/2017, do not delay!