Premiums In Michigan’s Individual Market May Rise 28%

From the Associated Press — People buying their own health insurance on Michigan’s individual market could see the sticker price of premiums rise by nearly 28% on average next year if President Donald Trump follows through on his threat to cut billions of dollars in payments to insurers. Companies’ sky-high rate requests – which assume the cost-sharing reductions will occur – were made public by the state Friday. Department of Insurance and Financial Services Director Patrick McPharlin says he’s hopeful insurers will be allowed to change to a lower set of rates if the state receives a commitment that the cost-sharing payments will be made. The average 28% premium increase across ten insurers doesn’t factor in federal tax credits that about 80% of customers receive to offset the cost.