The Minnesota Department of Commerce

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Health care reform is here: Know the terms for new insurance

As Minnesota consumers start planning for their insurance needs in time for Open Enrollment and the opening of Minnesota’s health insurance marketplace, MNsure, on October 1, 2013, the Minnesota Department of Commerce urges consumers to take a look at the options to make the best decision for themselves and their households. Understanding the difference between the terms will help consumers find health insurance that fits their financial and health needs. As a refresher, often the terms “rate” and “premium” are used interchangeably when discussing insurance, which makes comparing prices confusing to the average company. To simplify the process, the Commerce Department reminds consumers that:

• A rate is the average amount an insurance company charges for a defined package of health insurance plans. For example, the rate for your insurance might be $300 per person, per month. Continue Reading →

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