LANSING, Mich. (WLUC) – Thursday, Governor Gretchen Whitmer sent a letter directing the Michigan Department of Insurance and Financial Services (DIFS) to require Michigan medical health insurance corporations to cut back their previously filed medical health insurance rates for 2023.
Governor Whitmer said this is feasible due to an extension of premium subsidies under the Inflation Reduction Act.
“Michiganders need high-quality, reasonably priced health care greater than ever,” said Governor Whitmer. “That’s why I used to be proud to face with my fellow governors to request an extension of those critical subsidies that save tons of of hundreds of Michiganders a median of $800 a 12 months, and why I used to be pleased to see the price savings signed into law as a part of the Inflation Reduction Act. I’ll work with anyone to lower costs for families on health care, prescribed drugs, and other kitchen-table essentials.”
The bipartisan Inflation Reduction Act of 2022, signed by President Biden, is meant to lower the price of health care, prescribed drugs, and energy. One key provision is the extension of subsidies for consumers who purchase coverage on the Health Insurance Marketplace. Established under the Reasonably priced Care Act and later expanded by the American Rescue Plan, these subsidies have enabled enrolled Americans to seek out health coverage on HealthCare.gov. Up to now in 2022, greater than 260,000 Michiganders took advantage of prolonged tax subsidies.
DIFS Director Anita Fox said the department is working on providing further guidance to insurers.
“Pursuant to the Governor’s directive, DIFS is issuing guidance requiring insurers to file medical health insurance rate revisions, reflecting appropriate actuarially-justified reductions,” said DIFS Director Anita Fox. “Extending the American Rescue Plan subsidies until 2025 means more people, including middle income families, will have the ability to afford medical health insurance.”
Open enrollment for 2023 medical health insurance is currently scheduled to start on November 1, 2022. Michiganders can obtain coverage by visiting the Health Insurance Marketplace or by calling 800-318-2596.
To view the complete letter, click here.
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