This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Major Insurance Overhaul Passes At Minn. Capitol

By PATRICK CONDON

ST. PAUL, Minn. (AP) â¿¿ More than 300,000 uninsured Minnesotans will have a route toward health coverage under a bill the state Senate passed Monday, the final legislative step toward implementing one of the major features of the new federal health care law.

The Senate approved the health insurance exchange bill on a party-line vote of 39-28. They sent the bill to Gov. Mark Dayton, who has vowed to sign it and whose administration has already been working for months on setting up the venture and hiring its employees ahead of a planned Oct. 1 enrollment debate.

The centerpiece of the plan is the health care exchange, a website where individuals and small business owners can compare and purchase private insurance plans. By 2016, according to initial projections, about 1.3 million Minnesota residents will get insurance through the exchange. In addition to the 300,000 who are uninsured â¿¿ who will get federal subsidies to help purchase coverage â¿¿ another million Minnesotans will either transfer to the exchange from existing medical assistance programs, or through their employer.

"We finally get a plan that will hopefully give health insurance access to a lot of Minnesotans at a better price," said Sen. Barb Goodwin, DFL-Columbia Heights.

Republicans, along with business groups and insurance companies, said they fear the new system will increase insurance costs. The $60 million a year needed to fund the operations of the exchange will be covered by a premium tax of up to 3.5 percent on plans sold on the exchange, which critics say will likely to put pressure on insurers to raise premium rates across the board. Some insurance companies also say they don't have enough time to prepare.

"We know our costs are going to go up," said Sen. Michelle Benson, R-Ham Lake. No Republicans voted to approve the final bill.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.91 +93.33 0.53%
S&P 500 2,081.34 +12.58 0.61%
NASDAQ 4,997.4590 +5.5190 0.11%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs