Michigan: Approved avg. 2022 #ACA premium rate changes: +4.7% indy market; +7.1% sm. group
Fri, 10/22/2021 - 3:57pm
I wrote up an analysis of Michigan's preliminary 2022 rate filings for the individual & small group markets back in August.
A week or so ago the Michigan Dept. of Insurance & Financial Services issued their final decisions on approved rate filings.
Not too many changes were made in either market. I get a weighted average increase of 4.6% for individual market plans (MI DIFS puts it at 4.7%), while I get exactly +7.0% for small group plans (MI DIFS puts it at +7.1%).
As I noted in August, the other noteworthy changes are:
- Total Health Care has been bought out by Priority Health
- UnitedHealthcare is entering Michigan's individual market
- US Health & Life Insurance is as well
- Three carriers appear to be dropping out of the state's small group market (All Savers, National Health Insurance and, interestingly...US Health & Life Insurance, which I guess is just shifting from small biz plans to the indy market this year.
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