Small business clients of Blue Cross Blue Shield of Michigan that renew their health policies in the second half of the year will see small rate increases of less than 2 percent.
The rate adjustments for third and fourth quarter policy renewals are similar to what Blue Cross Blue Shield and HMO subsidiary Blue Care Network implemented for small employers that renewed policies that were effective Jan. 1 or April 1.
Rate adjustments for the third or fourth quarter renewals will average 0.9 percent statewide for the Blue Cross Blue Shield PPO health plans and 1.9 percent for HMO policies.
“The last thing small businesses need right now is more surprises, especially when it comes to health care coverage for themselves and their employees,” Sandra Fester, vice president of middle and small group business at Blue Cross Blue Shield of Michigan, said today in an announcement. “We know this is a critical time for employers and every dollar counts, so we’re committed to doing our part to ensure maintaining health care coverage is not another concern, but a value-add for their business as they focus on the future.”
Blue Cross Blue Shield of Michigan said premium rate increases with annual policy renewals by small businesses have averaged 1.2 percent since 2015. The insurer statewide has more than 290,000 members enrolled in small business group policies.