2018 Small Group Premiums Announced
This week we’ve received the actual January 2018 small employer age based premium rates from HealthPartners, Blue Cross Blue Shield of Minnesota, and Medica. We expect that PreferredOne rates should be available next week.
Premiums will vary based on the specific policy selected, and with some plans there are changes in deductibles, out of pocket maximums and so forth. In general:
High-deductible HSA compliant type plans are increasing:
13% – 15% HealthPartners
12% – 14% Blue Cross Blue Shield of Minnesota
9% – 11% Medica
Traditional “Co Pay” style plans are increasing
12% – 14% HealthPartners
9% – 11% Blue Cross Blue Shield of Minnesota
6% – 8% Medica
In 2017 HealthPartners has generally been a lower priced option for small groups, so with these new rates we expect that the carriers will be even more closely priced. SevenHills will continue to assist our small employer clients with comparative pricing from each of the insurance companies as you prepare for renewals.
Name in the News!
Our own Daniel Schneeman was interviewed in the Minneapolis StarTribune October 5th . Click here to read the article: Small business premiums on the rise.
Dan mentions “self-funding” in the article. We are happy to visit with you should like to discuss the merits of this approach and if it may be an option for your plan. Please contact your Agent or Account Manager.
All of us here at SevenHills appreciate our clients, Thank you!