- Evaluating Potential Impact Public Option State Costs Insurance Coverage Minnesota
Evaluating the Potential Impact of a Public Option on State Costs and Insurance Coverage in Minnesota
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5月 16, 2024
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During the 2023 legislative session, Minnesota policymakers passed legislation (SF 2995) requiring the Commissioner of the state Department of Human Services (“DHS”) to contract a third-party to conduct an actuarial and economic analysis of different public option models. As a first step towards implementation of the Public Option, the Minnesota Department of Commerce and the DHS were directed to complete the analysis on an expanded version of the state’s Basic Health Program (MinnesotaCare) as a public option. The resulting report by Milliman was released in January 2024 and evaluated the budgetary impacts to the state and the number of estimated enrollees in a new public option. In March 2024, state lawmakers introduced new legislation for a public option (SF 4778) that closely aligns with “Option 1” examined by Milliman, where the Public Option is offered through the same program structure as MinnesotaCare.
To understand the implications of the proposed MinnesotaCare buy-in (“Public Option”), economists at FTI Consulting modeled its effects on insurance coverage and costs. Specifically, we modeled the “Option 1” scenario, taking into account what was prescribed in the Minnesota public option bill, and reviewed the assumptions made in the Milliman report. We found that the Public Option would result in limited coverage gains for Minnesotans and disruptions to the exchange market, while representing a significant financial undertaking for the state. Additionally, we assessed the underlying factors and assumptions that may be driving the variation in results between our findings and Milliman’s projections.
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- FTI Consulting's Center for Healthcare Economics & Strategic Communications Brochure Read Brochure
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5月 16, 2024
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