In Minnesota, rainy-day fund may help cover insurance hikes

(AP) — Minnesota would use state money to offset the health premium hikes for more than 100,000 residents under a measure legislators were considering Thursday, a novel approach as states across the country grapple with the rising costs and uncertain future of the Affordable Care Act.

Even as President-elect Donald Trump plots a repeal of the law after taking office Friday, Minnesota officials from both parties agree they need to step in and help by tapping roughly $300 million in rainy day funds.

Alaska's answered instability in its individual market by creating a reinsurance program last year to help insurance companies cover unexpected losses.

Dayton has called to route the money through insurance companies to reduce premiums directly, saying Republicans' proposal requiring income testing and checks from the state would result in months of delays.