People who buy their own health insurance would pay an average of 6.2% more for coverage next year, according to recent insurance company rate filings with state regulators.
Proposed price adjustments for policies that renew on January 1, 2023 range from a 12.9% increase by Lansing Physician Health Plan at Michigan Blue Shield Blue Cross2.8%, according to the Michigan Department of Insurance and Financial Services. Physicians Health Plan has more than 7,000 individual policies while Michigan’s Blue Cross Blue Shield insures nearly 53,000 people in the individual health insurance market.
Blue Cross Blue Shield’s HMO subsidiary, Blue Care Network, has nearly 118,000 individual enrollees and has proposed an 8.6% rate increase for 2023.
Blue Cross Blue Shield in 2023 plans to offer 48 different plans in the individual insurance market that include an option for virtual primary care and genetic testing for eligible HMO members.
“We recognize that individuals and families are looking for more ways to personalize their health care coverage, so they have more access to the services they really need,” said Rick Notter, vice president of individual affairs for Blue Cross Blue Shield of Michigan, in a statement. “This year’s additions not only provide members with several additional plan options to meet their health care needs and budget, but they also provide more value, convenience and access through new partnerships and expanded capabilities that we are very excited to offer as part of our portfolio for the next open enrollment.
Based in Grand Rapids Health prioritywith more than 132,000 enrolled in individual policies, seeks to raise rates by an average of 7.9% statewide for 2023.
In releasing the summary of rates for individual plans, the Department of Insurance and Financial Services noted that the average statewide premium increase for individual and small group coverage will vary based on factors such as than age and location.
In the small group health insurance market for employers with 50 or fewer employees, proposed premium increases for 2023 average 5.8% statewide, according to the state’s rate summary. .
The proposed increases range from UnitedHealthcare Insurance Co.the slight reduction in the rate of 0.1% for more than 19,000 small groups registered, for Humana Insurance Co.the proposed increase of 12.5 percent.
As MiBiz reported last month, Priority Health is proposing to increase premiums by an average of 7.6% statewide in 2023 for its HMO product for small employers. Priority health insurance company. seeks regulatory approval for a 7.3% average increase in PPO and point-of-care health plans for the small group market.
Priority Health covers more than 86,000 people enrolled in various small group health plans.
Michigan’s Blue Cross Blue Shield, the small group market leader with nearly 187,000 enrollees, is looking to raise rates by 5% next year for its PPO plan for small employers. Blue Care Network, a subsidiary of HMO, is offering a 6.9% increase for 2023 for more than 110,000 policyholders.
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