The state’s reinsurance program will continue under a new law that reauthorizes the Minnesota Premium Security Plan for five years and funds it at $890 million for three years.
Reinsurance is designed to stabilize premiums in the individual health insurance market, which covers more than 165,000 people. The state pays a portion of very high medical bills, offering insurers in the individual market a backstop.
The legislation also requires insurers to cover postnatal visits and offer an option to spread out a person’s drug co-pay throughout the year.
Sponsored by Rep. Zack Stephenson (DFL-Coon Rapids) and Sen. Gary Dahms (R-Redwood Falls), the legislation met an April 1 deadline to reauthorize the program needed for a Centers for Medicare and Medicaid Services waiver. The law various effective dates.