Individuals who buy their very own medical insurance would pay a mean of 6.2 percent more for coverage next yr under insurance carriers’ recent rate filings with state regulators.
The proposed rate adjustments for policies that renew Jan. 1, 2023, range from a 12.9-percent increase by Lansing-based Physicians Health Plan to Blue Cross Blue Shield of Michigan’s 2.8-percent reduction, in accordance with the Michigan Department of Insurance and Financial Services. Physicians Health Plan has greater than 7,000 individual policies while Blue Cross Blue Shield of Michigan insures nearly 53,000 people in the person medical insurance market.
Blue Cross Blue Shield’s HMO subsidiary, Blue Care Network, has nearly 118,000 individual enrollees and proposed an 8.6-percent rate increase for 2023.
Blue Cross Blue Shield in 2023 plans to supply 48 different plans in the person insurance market that include an option for virtual primary care and genetic testing for qualifying HMO members.
“We recognize that individuals and families are in search of more ways to customize their health care coverage, in order that they have more access to the services they really want,” Rick Notter, vp of individual business for Blue Cross Blue Shield of Michigan, said in a press release. “This yr’s additions not only provide members with several more plan options to suit their health care needs and budgets, they’re also providing more value, convenience and access through latest partnerships and increased capabilities that we’re very excited to supply as a part of our portfolio for the upcoming open enrollment.”
Grand Rapids-based Priority Health, with greater than 132,000 enrollees in individual policies, seeks to extend rates by a statewide average of seven.9 percent for 2023.
In issuing the speed summary for individual plans, the Department of Insurance and Financial Services noted that the statewide average premium increase for each individual and small group coverage will vary based on aspects that include age and placement.
Within the small group medical insurance marketplace for employers with 50 employees or less, proposed 2023 premium increases average 5.8 percent statewide, in accordance with the state’s rate summary.
Proposed increases range from UnitedHealthcare Insurance Co.’s slight 0.1-percent rate reduction for greater than 19,000 small group enrollees, to Humana Insurance Co.’s proposed 12.5-percent increase.
As MiBiz reported last month, Priority Health proposes to extend premiums by a statewide average of seven.6 percent in 2023 for its HMO product for small employers. Priority Health Insurance Co. seeks regulatory approval for a 7.3-percent average increase for PPO and point-of-service health plans for the small group market.
Priority Health covers greater than 86,000 people who find themselves enrolled in various small group health plans.
Blue Cross Blue Shield of Michigan, the small group market leader with nearly 187,000 enrollees, seeks to extend rates by 5 percent next yr for its PPO plan for small employers. HMO subsidiary Blue Care Network proposes a 6.9-percent increase for 2023 for greater than 110,000 policyholders.
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