Minnesota Department of Commerce

The Minnesota Department of Commerce is one of the state agencies that regulates health insurance in Minnesota. The department offers consumer resources on a variety of health insurance topics, including a general overview of how private market insurance works, a list of individual health plans and a glossary of health insurance terms.commerce-logo

One job of the department is to approve products health plans want to sell in Minnesota. This includes detailed review and approval of any change in how much a health plan wants to charge for coverage. As spending on health care increases, so does the cost of health insurance. About eight months before health insurance takes effect, health plans send the commerce department specifics on premium rates. Commerce staff carefully review rates to ensure that they are neither too little nor too high to meet expenses.

While health plans work to keep their premiums down so Minnesotans want to buy their plan in the competitive marketplace, they also have to charge enough to cover expected costs. The job of the Department of Commerce to make sure health plans strike this balance.