The 2021 legislative session is scheduled to adjourn on Monday, May 17th and decisions that will affect NAIFA members are about to be made. House and Senate conference committees will begin meeting this week to reconcile differences in how the two bodies dealt with taxes, spending and hundreds of policy issues.
At the top of the list of issues of concern to NAIFA is reinsurance, which is scheduled to expire December 31, 2021 unless it is extended. Reinsurance subsidies reduce premiums in the individual health insurance market by about 25%. Failure to extend reinsurance will mean a big premium jump for the 150,000 Minnesotans who buy insurance in the individual market. The big premium increase may force many of these to be priced out of the market.
The Senate omnibus commerce policy and finance bill extends reinsurance through December 31, 2022, while the House bill does not.
NAIFA members will be receiving an "Action Alert" later this week asking them to contact their legislators to encourage them to support extending reinsurance.