As the annual shopping season begins for Medicare health plans, seniors in Minnesota are finding more health plan options for 2018 plus premiums that in many cases are either stable or declining.
Open enrollment started Oct. 15, and all five insurance companies that currently sell Medicare health plans in the state will have new offerings for next year.
The annual shopping period ends Dec. 7, and in some ways looks to be the calm before the storm. Most of the popular Medicare Cost plans currently used by more than 350,000 Minnesotans are scheduled to go away in 2019 but will remain through the end of the current open enrollment period.
"Changes actually are going to be pretty minimal for 2018," said Kari Benson, executive director of the Minnesota Board on Aging. "By and large, choices that were available this year are going to be available next year."
About 956,000 Minnesotans receive benefits from Medicare, the massive federal health insurance program for people age 65 and over plus certain special populations. More than half of all beneficiaries in Minnesota are enrolled in Medicare health plans sold by private insurance companies.
A Star Tribune review shows that premiums in Hennepin County will be flat or declining for 17 of 34 Medicare health plans currently on the market. Another 11 plans have percent changes that can be measured in single digits.
In many cases, premiums in Hennepin County match those being charged elsewhere in the state. Overall, premium trends are pretty moderate, said Tom Peterson, an insurance agent with Twin City Underwriters.
"The rate changes for 2018, we're really happy with them," Peterson said. "Clients are not balking at the price points."