Health plans say losses grew last year in the portion of the insurance market that's undergoing sweeping changes with the federal health law.
The losses drove a negative operating margin overall for Minnesota's nonprofit insurers, according to figures released Friday, as health plans also saw an 8 percent increase in medical bills.
Views differed Friday about whether the 2015 results suggest another round of big premium increases are on the horizon in the individual market, where about 6 percent of state residents buy coverage.
Either way, the general trend likely continues of insurers selling more health plans with larger deductibles and limited choices in doctors and hospitals, said Roger Feldman, a professor of health policy and management at the University of Minnesota.
"Everything that's going on is reducing the value of the product that you're getting for your premium dollars," Feldman said. "That contributes to the declining enrollment of the healthier and younger people."
About 300,000 Minnesotans buy coverage in what's known as the "individual market," where people get health insurance outside of employer groups and government programs.
Nonprofit health insurers lost $351.8 million in the individual market last year on revenue of about $1.1 billion, according to numbers released Friday by the Minnesota Council of Health Plans, a trade group for health insurers. In 2014, health insurers lost $228.5 million in the individual market.
The council's numbers reflect financial performance for seven health insurers: Blue Cross and Blue Shield of Minnesota; HealthPartners, Medica; Metropolitan Health Plan; PreferredOne; Sanford Health Plan of Minnesota; and UCare.