18 insurance companies are seeking entry into the state’s insurance exchange this year
Michigan residents may have more options when it comes to purchasing health insurance coverage through the state’s insurance exchange this year. The Michigan Department of Insurance and Financial Services has announced that it has received policy proposals from 18 of the state’s insurance companies that are interested in participating in the exchange. All but two of these companies have filed proposals for individual policies, with 11 offering small group policies designed specifically for businesses.
Regulators are currently reviewing newly submitted policy proposals
The plans are now under review by the state’s insurance regulators. The Department of Insurance and Financial Services is meant to determine whether or not the policies coming from the state’s insurance providers comply with federal regulations. These policies must also comply with Michigan’s own insurance regulations before they can be sold through the state’s insurance policies. The state agency has until August 8 to review the policies submitted by insurance companies before they are recommended for approval from the Department of Health and Human Services.
Growing number of insurance companies see promise in Michigan’s exchange marketplace
Many of the insurance companies looking to participate in Michigan’s insurance exchange this year did not do so last year. These companies are beginning to see significant promise in the online marketplace and are keen to take advantage the trends they are seeing emerge among consumers. Insurers had initially been leery of the state’s exchange because of its technical difficulties and uncertainty in whether or not consumers would actually use the digital marketplace or not.
More policy options mean that consumers can find the coverage that suits their needs the best
While the state’s insurance exchange has encountered serious problems, it has managed to make health insurance coverage more accessible to a wider range of consumers. With more insurers looking to participate in the exchange, Michigan residents are likely to have more options available to them in terms of insurance coverage. This will may make it easier for people to find the exact policies that suit their needs.
