How Much Is Health Insurance Per Month in Minnesota?
Understand the variables influencing health insurance costs in Minnesota and how to find your personalized monthly premium and potential savings.
Health insurance costs in Minnesota vary significantly based on individual circumstances. This guide also outlines factors influencing premiums, average cost ranges, and options to make health insurance more affordable for residents.
Key Factors Influencing Monthly Premiums
Several variables directly impact monthly health insurance premiums for individuals and families in Minnesota. Insurers use these factors to determine coverage risk and set premiums.
Age is a significant determinant, as premiums generally increase with a person’s age. For instance, in 2024, the average Bronze plan premium for a 21-year-old was about $277, while for a 60-year-old, it rose to approximately $753. Premiums typically increase more rapidly for older age groups.
Location within Minnesota also affects premiums due to differences in local healthcare costs and market competition. For example, a 30-year-old’s Bronze plan premium in 2024 could range from around $280 in Hennepin County to $438 in counties like Goodhue, Houston, or Wabasha. Tobacco use can lead to a surcharge, increasing the monthly premium. The type of health plan and its metal tier (Bronze, Silver, Gold, Platinum) influence the premium; higher tiers typically have higher premiums but cover more medical costs. Adding dependents, such as a spouse or children, increases the total premium for a family plan.
Average Monthly Premium Ranges in Minnesota
Minnesota’s health insurance premiums are among the lowest in the country, partly due to its reinsurance program which helps stabilize rates. In 2024, the average monthly premium for a benchmark health plan in Minnesota was around $343, which was the second-lowest average benchmark premium nationally. The Minnesota Department of Commerce approved average rate increases for individual market plans in 2024 ranging from 1.9% to 5.5%.
For individual plans in 2024, the average Bronze tier premium was about $315 per month. Silver plans typically cost around 17% more than Bronze plans, while Gold plans were approximately 39% more expensive than Bronze plans at each age band. This means a 30-year-old might pay about $315 for a Bronze plan, $368 for a Silver plan, and $438 for a Gold plan. As individuals age, these premiums increase; for example, a 50-year-old’s average Bronze plan premium was about $495, a Silver plan $580, and a Gold plan $690.
National trends indicate the average annual premium for a family of four in 2023 was approximately $23,968. Actual costs vary based on factors like household size and the chosen plan’s metal tier.
Understanding Financial Assistance Options
Several financial assistance options are available in Minnesota to reduce health insurance premiums, especially for those purchasing coverage through MNsure, the state’s health insurance marketplace.
Premium Tax Credits, also known as subsidies, reduce the monthly premium for eligible individuals and families purchasing private health plans through MNsure. Eligibility is based on household income relative to the Federal Poverty Level (FPL). For 2025, households with incomes above 200% of the FPL may qualify, with no income upper limit, ensuring premium costs do not exceed 8.5% of household income. The credit amount depends on household size, income, and the cost of the second-lowest-cost Silver plan in the applicant’s area.
Cost-Sharing Reductions (CSRs) lower out-of-pocket costs like deductibles, copayments, and coinsurance. To benefit from CSRs, individuals must enroll in a Silver-level plan through MNsure. Eligibility typically applies to individuals and households with incomes between 201% and 250% of the FPL. For example, at these income levels, an eligible person or household may qualify for a 73% Cost Sharing Reduction.
Minnesota also offers public programs like Medical Assistance (the state’s Medicaid program) and MinnesotaCare. Medical Assistance provides very low-cost or free coverage for eligible low-income individuals and families with incomes at or below 138% of the FPL, with no monthly premium. MinnesotaCare serves individuals with incomes greater than 138% but not exceeding 200% of the FPL, requiring a small monthly premium based on income.
Steps to Obtain Personalized Quotes
Obtaining a personalized health insurance quote in Minnesota is straightforward, primarily through MNsure, the state’s official marketplace. This platform allows individuals and families to compare plans and determine financial assistance eligibility.
Begin by visiting the MNsure website. You will need to provide personal and financial information to generate an accurate quote and assess subsidy eligibility. This includes:
Your household income
The number of people in your household
Their ages
Your zip code
Tobacco use status
Once this information is entered, the MNsure system will display available health plans in your area and provide an estimate of any potential premium tax credits or cost-sharing reductions you may qualify for. You can then compare plans side-by-side, considering factors such as monthly premiums, deductibles, and provider networks.
For those who prefer in-person assistance or have complex situations, licensed health insurance brokers or MNsure-certified navigators are available throughout Minnesota to help with the application and plan selection process, often at no additional cost to the consumer.