Inflation Reduction Act Extends Savings On MinnesotaCare Premiums Through 2025

The Inflation Reduction Act, which was signed into law by President Joe Biden, will allow almost 90,000 MinnesotaCare participants to continue forgoing premium payments or paying cheaper rates until 2025, according to a press release from the Department of Human Services on Tuesday.

Minnesotans who earn too much to be eligible for Medicaid but not enough to afford alternative health insurance may sign up for MinnesotaCare, which offers health, dental, vision, and behavioral health care. The program is supported through enrollee premiums, cost sharing, and a state levy on hospitals and healthcare organizations. By July 2021, it had a little bit more than 100,000 Minnesotan clients.

Higher premium tax credits were offered in 2021 and 2022 thanks to 19 relief funds supplied by the American Rescue Plan Act, which decreased MinnesotaCare rates. Prior to Biden’s signing of the Inflation Reduction Act this month, the cheaper rates were supposed to terminate in January 2023.

According to DHS, MinnesotaCare participants with earnings below 160% of the federal poverty line will not be required to pay premiums until January 2026. Reduced premiums will apply to those whose earnings are between 160% and 200% of the federal poverty line.

Human Services Commissioner Jodi Harpstead said in a statement that “MinnesotaCare premium reduction makes a substantial impact for many families. Continued savings through 2025 will make health insurance more accessible to Minnesotans who are struggling financially.

The Inflation Reduction Act allocates funds to strengthen the Internal Revenue Service, caps insulin copays for Medicare patients at $35 per month, and provides unprecedented government assistance to battle climate change.

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