The Minnesota Department of Human Services and the Minnesota Insurance Department have teamed up to help insurers cover the cost of a new health care plan for their customers.
The Minnesota Health Benefit Exchange was launched this month as part the state’s new Medicaid expansion and it will be available to all Minnesota residents on Nov. 30.
The exchange is set to allow customers to buy health insurance from a number of companies, including Hagerty Consulting, Hagerts Eye Clinic and Zs Consulting.
The plan will be priced at $500 per month for individuals and $800 per month to families.
The plan will have three tiers of coverage, ranging from a $350 deductible to $1,000 for the “premium” plan, according to a press release from the Minnesota Health Benefits Exchange.
The state’s insurance commissioner, Michael Heisler, said the new plan is meant to help keep insurance costs down for the average consumer and to reduce premiums.
Hagertys Eye Clinic is a top-rated eye care company in Minnesota and the Mayo Clinic is one of the state, according the release.
The Mayo Clinic has been in Minnesota since 1955 and has been operating for over 70 years, according Toews Health Benefits Council.
“We’re here to help reduce health care costs for all of our residents,” Heislers statement said.
“We’re going to be able to provide our customers with a great insurance plan and help them access the services they need to stay healthy.”
Insurers will be required to cover the entire cost of the new health plan and provide a discount of up to 25 percent.
The state will provide a $50 refundable rebate to eligible customers who purchase a plan through the exchange.
Minnesota residents will have to pay the full price of their health insurance and a $100 deductible if they do not.
The deductible for the premium plan is $750, according Heisings statement.
Minnesota has seen some of the largest increases in health care spending over the last few years, including the rise in prescription drug costs.
Heisers announcement comes just a day after the state announced that it is opening up a new Medicaid exchange, and that the state is expanding its Medicaid program for low-income families and individuals.