State records show that 507,618 people have enrolled in the Healthy Michigan Plan
More than half a million residents of Michigan have acquired health insurance coverage through the state’s exchange, called the Healthy Michigan Plan. According to state records, 507,618 have enrolled in the exchange during the first month of the latest open enrollment period. These people have found coverage that they favor through the exchange and it is estimated that the majority of enrollees are receiving subsidies for this coverage from the federal government.
Exchange’s technical faults seem to have been resolved over the past year
Michigan’s insurance exchange is performing significantly better than it did last year. During the last open enrollment period, approximately 272,000 people were able to find coverage through the exchange. Many were unable to enroll because of glitches in the exchange’s software, which would erase consumer information or make the exchange completely unusable for a period of time. The state has been working to resolve these issues over the past year in order to make insurance coverage more available to those that want it.
Majority of those receiving coverage through the exchange are receiving subsidies
According to the Department of Health and Human Services, the majority of those enrolling in the state’s exchange are new customers. These are people that had previously been uninsured or did not have coverage through the exchange. Approximately 20% of those enrolling in the exchange are between the ages of 19 and 24. This may be good news for the health insurance market, as insurers had expressed concerns that the marketplace would be populated by older consumers with costly medical conditions.
Young consumers could reduce the financial strain on the insurance market
Young people are finding affordable coverage through the state’s exchange and these consumers are less likely to use their coverage, but will still be paying premiums. Though the majority of those that have acquired insurance coverage are receiving subsidies from the federal government, this still means that money is flowing into the insurance market. As more young consumers acquire coverage, the financial strain of those with expensive medical issues will be lessened.