Several health insurers in Michigan are seeking double-digit rate hikes for plans they sell to individuals, as industry representatives cite pricey drugs and pent-up demand for health care among the newly insured.
Insurance giant Blue Cross Blue Shield of Michigan is requesting permission for an average 11.3% jump in rates and 9.7 % jump in its Blue Care Network plans. Those plans cover 310,000 individuals in the state.
Last year, the state approved a 9.7% hike, on average, for Blue Cross marketplace plansThe requests are for plans sold on and off the state exchange, also known as the Michigan Health Insurance Marketplace. None of the planned price changes would be in effect until January 2016, and that’s only after consumers have another opportunity to shop around and change plans starting Nov. 1.
HealthPlus of Michigan, which sells individual plans outside the exchange, requested a 35.8% price boost, on average, according to the numbers released today by the state. Those plans cover about 5,000 individuals, according to the state.
Consumers Mutual of Michigan and United Healthcare Life Insurance Company also are asking for double-digit rate requests from the state insurance department – 20.5% and 15.2%.
