Hayden Responds to Insurance Company Revenue: Nearly $200 million in revenue calls reinsurance policies into question

SAINT PAUL, Minn. — Minnesota health plans today announced they had $197 million in revenue from the individual market. In addition to this revenue, the health plans also saw revenue of $109 million from Minnesota’s public programs. Reinsurance is projected to cost $138.9 million for 2018. Assistant Senate DFL Leader Jeff Hayden, DFL-Minneapolis, released the following statement:

Republicans here at the Capitol seem to be bending over backward to help out health insurance companies who say they’re losing too much money to provide affordable coverage. Well, now it’s clear they’re doing just fine. Today’s announcement shows the money we gave the health plans in reinsurance is going to straight to their pockets. In fact, they’re getting $140 million to turn a profit of $197 million.

“Republicans are content saying they have ‘hopes’ of holding rates steady by sending reinsurance money to insurance companies. Minnesotans need more than hopes. Minnesotans need, and deserve, health care.

Senator Jeff Hayden
Jeff Hayden represents District 62, which includes portions of south Minneapolis in Hennepin County in the Twin Cities metropolitan area.

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