How To Find the Best Health Insurance in Minnesota

Minnesota residents have access to some of the lowest average health insurance premiums in the country, though it can still be helpful to compare rates from more than one health insurance company due to the variations that exist in insurers’ underwriting methods, which can lead to significant differences in insurance quotes.

Read below to find out everything you need to know about Minnesota health insurance from the average cost of coverage to the carriers that tend to offer the most affordable health insurance.

On This Page

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  Is Health Insurance Required in Minnesota?

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  Minnesota Health Insurance Rankings

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  How Much Does Health Insurance Cost in Minnesota?

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  What Is the Average Cost of Health Insurance in Minnesota by City?

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  Which Health Insurance Companies Are the Most Affordable in Minnesota?

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  When Is Open Enrollment for Health Insurance in Minnesota?

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  What Types of Health Insurance Are Available in Minnesota?

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  How To Get Health Insurance in Minnesota

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  FAQs

Is Health Insurance Required in Minnesota?

Federal law officially requires everyone in the United States to have health insurance, although uninsured people are no longer required to pay penalties when they submit their federal tax returns.^[1] Similarly, there is no tax penalty applied at the state level to individuals without health care coverage in Minnesota.

Minnesota Health Insurance Rankings

Minnesota has an outstanding health care system, ranking 11th out of 51 in an analysis of every state and Washington, D.C., by the Commonwealth Fund. The North Star State ranked in the top 10 for three of the seven primary metrics considered in the study and ranked in the top half of the country for all but one of these metrics. See below for a specific breakdown of Minnesota’s standing for each metric.^[2]

How Much Does Health Insurance Cost in Minnesota?

Minnesotans pay a monthly average of $343 for Marketplace benchmark health insurance, compared to the $477 that Americans pay overall. As a result, Minnesota boasts the second-lowest average rates in the country for benchmark coverage. Other average monthly costs in Minnesota that should be noted include $283 for the lowest-cost plan in the bronze tier, $337 for the lowest-cost plan in the silver tier and $394 for the lowest-cost plan in the gold tier.^[3]

Cheapest Health Insurance Options in Minnesota

Depending on your health care needs, you may be able to save money by enrolling in a bronze health plan. Bronze plans have low monthly premiums but require you to pay more in deductibles, copays and coinsurance when you receive care. For this reason, they may not be as cost-effective as higher-tiered gold or platinum plans if you expect to need medical treatments often.^[4]

A health maintenance organization (HMO) plan may also be appealing if you’re looking to cut costs when it comes to both premiums and out-of-pocket costs. However, you will forfeit certain benefits that would be covered by a preferred provider organization (PPO) plan such as routine care from out-of-network providers and any care from a specialist you haven’t received a referral for.^[5]

What Is the Average Cost of Health Insurance in Minnesota by City?

The following table presents median health insurance costs for 30-year-olds earning $40,000 per year in multiple large cities in Minnesota. You should note that these rates do not consider the impact of premium tax credits, which means average prices in these cities could be lower than the quotes listed below in practice.^[6]

Which Health Insurance Companies Are the Most Affordable in Minnesota?

UCare provides the lowest starting rates for silver health plans for 40-year-old Minnesotans. Below is a list that includes other health insurance companies in Minnesota that can insure this demographic for less than $600 per month.^[7]

When Is Open Enrollment for Health Insurance in Minnesota?

You can shop for individual and family health plans on Minnesota’s health insurance marketplace, MNsure, during open enrollment from November 1 to January 15 each year.^[8] If you miss open enrollment, you can still sign up during a special enrollment period. These can be triggered by various qualifying life events such as becoming a United States citizen, being released from jail, experiencing an error in the enrollment process during open enrollment and more.^[9]

What Types of Health Insurance Are Available in Minnesota?

Residents of Minnesota may have access to numerous types of health insurance including those listed below:

• Marketplace health insurance
• Private coverage purchased directly from an insurance company such as short-term health insurance
• Employer-sponsored group health insurance
• Consolidated Omnibus Budget Reconciliation Act (COBRA) continuation coverage
• Medicare
• Medicaid, also known as Medical Assistance in Minnesota
• Children’s Health Insurance Program (CHIP)
• Department of Veterans Affairs (VA) health benefits
• Student health plans

How To Get Health Insurance in Minnesota

As a general rule, you should compare health insurance quotes from three to five health insurers before you decide which plan to join. The bad news is that this process can take a while if you contact insurance companies individually to provide them with information like your address, birthday and income.

But, the good news is that SmartFinancial can substantially speed up the process by handling the comparison shopping for you. Once you let us know about the type of coverage you’re looking for, we’ll get you in touch with agents who can give you guidance on purchasing the right plan for your circumstances. Click here to start a questionnaire and compare health insurance quotes free of charge.