Insurers have submitted policies and rate proposals for products sold through state’s exchange
Michigan’s insurance companies have submitted their new policies and rate proposals to the state’s health insurance exchange. These policies are to be sold during the exchange’s next open enrollment period, which is expected to occur in November of this year. Last year, some 272,000 people throughout Michigan enrolled for coverage through the state’s insurance exchange. These people received their policies from the 14 insurance companies that are participating in the exchange.
Regulators will review policies and their proposed rates before open enrollment period this year
State regulators are currently reviewing the policies and rate proposals coming from insurance companies participating in the exchange. Rates for health insurance policies are expected to increase in the coming year, but by how much is uncertain. Some consumers have expressed concerns that rates will increase by a significant margin. Some insurers have suggested that this will be the case, but there has not yet been any evidence that insurance premiums will see any dramatic spike.
Rates are not expected to see any significant increase over what they were last year
In other states, regulators have reported average rate increases between 7% and 13%. Determining exactly how much rates will increase is difficult due to the limited information that insurance companies and regulators have at their disposal. Last year was the first time insurers were required to comply with new regulations coming from the federal government. How these regulations will affect the insurance industry as a whole is not yet known or fully understood. By this time next year, insurers will likely have a better understanding of how new regulations will affect the price of the products they are offering.
Open enrollment period for exchange will run from November through December
This year, the open enrollment period for state-based health insurance exchanges will last from November to December. Last year, the open enrollment period was several months long in order to ensure that consumers had ample time to sign up for coverage. Now that people are more comfortable with insurance exchanges, the open enrollment period does not need to be so long.