The Michigan Dept. of Financial Services hasn't issued any press release yet, but nearly all 2024 preliminary rate filings for the MI individual and small group markets are available via the SERFF database.
The only one missing as of today is UnitedHealthcare Community Plan, Inc.; they have most of their 2024 forms on record but there's no Actuarial Memo or URRT form included for the individual market, so I can't seem to find their actual requested rate changes or their enrollment as of March 2023.
In any event, I'm not seeing anything too odd here. Unlike other states with preliminary filings so far this year, Michigan carriers are seeking a fairly reasonable 5.6% average rate hike on the individual market and 7.0% for the small group market.
It's worth noting that two of the three indy market carriers asking for double-digit rate hikes (Alliance and HAP) both only offer off-exchange policies. The third, MacLaren, is also pulling out of the small group market entirely. It's also possible that Humana is dropping out of the small group market, although I'm not sure about that one.
Ouch. Via the New York Dept. of Financial Services, the preliminary, weighted average rate increases being requested for individual market health insurance policies for 2024 are looking pretty ugly indeed: 20.9% overall according to DIFS. I get a slightly lower weighted average of 20.7%, but it still ain't pretty.
Two of the highest increases are for carriers which are only offering policies off-exchange next year and which have fewer than 100 enrollees each anyway; I assume they're both winding down their operations in the state. There are also two carriers which appear to be leaving the NY individual market entirely this year.
As for the rest, they range from requested average increases of "only" 13.3% for MVP to a stunning 52.7% rate hike by Emblem (HIP). The justification summaries are below the table.
It's important to remember that these are not final rate increases--New York in particular has a tendency to slash the requested rate hikes down significantly before approving them:
Friday Health Plans, Inc., the parent company of Friday Health Plan of Colorado, ,Inc. (HMO), has announced that it will begin to wind down its business activities throughout the country, working in close conjunction with state regulators, including the Colorado Division of Insurance.
In recent months, it became apparent that the parent company would need to raise substantial capital to continue. Friday was ultimately unable to raise that capital and on June 1, Friday Health Plans, Inc. (Parent) stated publicly that they would begin to wind down.
This post has a long intro, but please bear with me...
Back in 2018, after the then-Republican controlled Congress zeroed out the ACA's federal "individual mandate penalty" (officially the "shared responsibility penalty"), I posted both a video and slideshow explainer about what this penalty was and why it was included in the ACA in the first place.
...Well, just one day after the Bright Healthcare bombshell news broke, Texas-based health insurance broker Jenny Chumbley Hogue sounded the alarm on another large carrier bailing on Texas next year:
And its confirmed. Email received from Friday. Buckle up folks! Individual OEP in Texas is going to be a bumpy ride! https://t.co/AMNJ4rPyr3
SACRAMENTO, Calif. — Covered California launched a virtual media tour on Wednesday to spread the word about the upcoming Medi-Cal to Covered California Enrollment Program and how it will help keep Californians covered.
...Well, just one day after the Bright Healthcare bombshell news broke, Texas-based health insurance broker Jenny Chumbley Hogue sounded the alarm on another large carrier bailing on Texas next year:
OLYMPIA, Wash. — Fourteen health insurers filed an average requested rate increase of 9.11% for Washington's individual health insurance market. The proposed plans and their rates are currently under review and final decisions will be made this fall.
"Nearly 250,000 people in Washington state get their health coverage through our individual market,” said Insurance Commissioner Mike Kreidler. “I'm pleased that so many insurers are filing plans again and to see such healthy competition. Now, we'll spend the next few months closely reviewing the companies' requests and the assumptions they’re making to be sure any rate change is justified.”
Back in February, I wrote about a bill introduced into the Illinois State Senate by Sen. Laura Fine (SD-09) which made my heart sing:
Amends the Department of Insurance Law.
Provides that the Department of Insurance shall establish the Office of the Healthcare Advocate.
Provides that the Office shall be administered by the Chief Health Care Advocate, who shall report to the Director of Insurance.
Amends the Illinois Insurance Code and the Health Maintenance Organization Act.
Provides that all individual and small group accident and health policies written subject to certain federal standards must file rates with the Department for approval.
Provides that unreasonable rate increases or inadequate rates shall be modified or disapproved.
Provides that when an insurer files a schedule or table of premium rates for individual or small group health benefit plans, the insurer shall post notice of the premium rate filings and a filing summary in plain language on the insurer's website.
Provides that the Department shall post all insurers' rate filings and summaries on the Department's website.
Provides that the Department shall open a 30-day public comment period on the date that a rate filing is posted on the website.
...With the recent trend of more & more states (most recently including Georgia) splitting off from the Federally Facilitated Marketplace (FFM) hosted via HealthCare.Gov, it's hardly surprising...but it's still a pretty big deal, especially given that Illinois is the 6th largest U.S. state by population. Via Amy Lotven of Inside Health Policy:
Illinois’ Department of Insurance would be authorized to operate a state-based exchange, starting in plan year 2026, under legislation introduced late Thursday by the Illinois Democratic House Majority Leader Robyn Gabel. Sources earlier this week told IHP they had heard state officials were working with lawmakers on exchange legislation and the bill could be unveiled by this week.
