Health insurers across Michigan have proposed small average rate adjustments for 2021 policy renewals for both small employers and individuals.
Statewide, proposed 2021 rate adjustments by the 16 health insurers that write policies for small employers averaged a collective 1.5 percent increase, according to a rate summary issued this week by the Michigan Department of Insurance and Financial Services.
The small group market across Michigan in 2020 covers nearly 425,000 people.
In the individual health insurance market that covers nearly 323,000 people, 11 participating insurers proposed rate adjustments with a combined average increase of 1.4 percent statewide.
IFS Director Anita Fox said in a statement that the number of health insurers and rate plans for 2021 assures Michigan continues “having one of the most robust” public exchanges in the country that sells individual health plans that comply with the federal Affordable Care Act.
“It is crucial that Michigan families are able to get the affordable health care coverage they need as we continue to feel the impacts of the COVID-19 pandemic,” Fox said. “For the third year in a row, Michigan rate changes are below anticipated levels, and consumers will have a growing list of plans to choose from when shopping for health insurance coverage on the Marketplace.”
Among carriers, Grand Rapids-based Priority Health proposed to trim individual policy rates by a slight statewide average of 0.1 percent.
Blue Cross Blue Shield, with about 47,000 individual policyholders, proposed a 1.7-percent average increase. HMO subsidiary Blue Care Network filed — with more than 135,000 individual members statewide — a rate increase of 2.5 percent for individual policies, according to the state’s summary.
In the small employer group market, proposed rate adjustment for Jan. 1, 2021, policy renewals largely continued the rate moderation of the last several years.
Priority Health, with nearly 57,000 people enrolled in small group policies, proposed an average 2.6 percent increase.
Blue Cross Blue Shield of Michigan, which has more than 193,000 people covered on the small group market, proposed an average rate increase of 0.9 percent, and HMO subsidiary Blue Care Network proposed a 1.9-percent increase.
Detroit-based Health Alliance Plan, which intends to soon introduce small and large group commercial health policies in West Michigan for 2021, filed proposed rates at an average 0.1-percent decrease in small group policy premiums.