Medical insurance is essential component of the financial planning pyramid. In the event of unforeseen circumstances,
suitable health coverage can save you from unexpected medical bills springing from sickness or injury. Shopping for a
policy can be quite tedious. However, you should evaluate your family's medical needs and your financial standing, before
selecting a policy. If you are a Minnesota citizen, you can choose from wide range of product alternatives. The Insurance
Division of Minnesota Department of Commerce controls the regulations under which the Minnesota health insurers can sell
private medical insurance to individuals and families.
Minnesota does not require its individual insurance policies to be guaranteed issue, which means that the insurance carrier may medically underwrite any application for and decline the application for pre-existing medical conditions or past health history. Because individual plans in Minnesota are not standardized, all health plans will vary in what benefits they offer to the consumer. As a result of being medically underwritten, the insurance carrier may choose to deny coverage based upon the information provided in the application regarding health history; offer to provide coverage as specified in the health plan, but apply certain limitations to the health plan, placing limitations or exclusionary periods on pre-existing conditions; or offer full and complete coverage as outlined in the requested health plan. Minnesota does permit a 6 month look back and 12-month exclusionary period on pre-existing condition wherein the applicant does not have prior creditable coverage. For those individuals with prior creditable coverage, the state does not allow for the 6 months look back / 12-month exclusionary period. Elimination riders or amendments to the policy which would allow the carrier to exclude coverage for a specific condition are not permitted under Minnesota State law. Individual medical insurance premium rates may be based upon health status, age, occupation or geographic locations. Rates may not be determined by the gender of the applicant.
Search for plans and the costs associated with them using the search box above. We provide individual, family, Medicare supplemental, group and student health plan quotes for you to compare on all states and zip codes. Remember that having coverage leads to a healthier lifestyle as you are able to get regular doctor checkups and therefore a low-cost premium.
In Minnesota, a small employer group is defined as any company with 2 to 50 employees. Small group medical insurance in Minnesota is issued on a guarantee issue basis, which provides that no group can be turned away or declined coverage based on their past or current health history. Guidelines to join the employer-sponsored health plan may require all employees to participate in a waiting period before becoming eligible to join the group health plan. Once the waiting period has been fulfilled and you are eligible to join the health plan, you may not be denied coverage. There is, however, the right of the insurance carrier to exercise a 6 month look back/12-month exclusionary period on all applicants who may be lacking prior creditable coverage. This provision allows the carrier an opportunity to ascertain information on pre-existing conditions and to impose a 12-month exclusionary period for which treatment of the pre-existing conditions will not be covered under the health plan. The maximum exclusionary period, under these circumstances, would be no more than 12 months. Minnesota provides for group health coverage rates to be medically underwritten with a rate adjustment factor of 25%.
The Minnesota state mini-COBRA laws require business of 2-19 employees to provide the same COBRA options as employers with 20 or more employees under federal COBRA regulations. COBRA continuation coverage becomes available upon the happening of a qualifying event which causes you to lose your benefits under the group plan. COBRA and the state continuation laws allow you to remain on your previous employer's group health plan and receive the same level of coverage for a period of 18 months. In the event of a qualifying event such death of the employee, the dependents of the deceased stand to receive health coverage from federal COBRA and mini-COBRA for 36 months. You will be responsible for paying the premium amounts previously paid by your employer, plus a 2% administration fee. Individual conversion plans are available for persons that have exhausted their COBRA option. The state's high-risk pool provides coverage to all persons that are HIPAA eligible, regardless of their health status.