This bill establishes a premium subsidy program administered by MNsure, aimed at assisting eligible individuals with health insurance coverage in the individual market, effective January 1, 2026. It introduces new definitions related to the program, including "eligible individual," "gross premium," "net premium," and "premium subsidy." The program will provide a subsidy equal to 20% of the monthly gross premium for eligible individuals purchasing individual health plans. Additionally, the bill mandates that MNsure's board of directors make payments to health carriers on behalf of these individuals and allows for retroactive payments for those who must repay an advanced premium tax credit due to income changes.

The bill also repeals several sections related to the Minnesota premium security plan, which is set to sunset, and modifies the administration of the reinsurance program, specifying that reinsurance payments will be disbursed for claims costs incurred by eligible health carriers through December 31, 2025. It appropriates funds for the premium assistance program and outlines data sharing provisions to facilitate the subsidy program's administration while ensuring individual data privacy. Furthermore, the bill establishes the premium security plan account within the state treasury, requiring detailed accounting and regular reporting to the commissioner and legislative committees, along with audits to ensure compliance and address deficiencies.

Statutes affected:
Introduction: 62E.23