Insurance companies submit new Obamacare policies to state regulators Monday
The next round of Obamacare health insurance policies and rates must be submitted to Michigan regulators by tomorrow.
272,000 Michiganders signed up for Affordable Care Act health care policies this year. 14 companies offered plans in Michigan.
Caleb Buhs is a spokesman for the Michigan Department of Insurance and Financial Services. He says state regulators don’t know what to expect from companies filing new health plans and rates for next year.
“Because last year was the first year and there were a number of changes, a number of unknowns in the insurance market, there may be some adjustments, upwards or downwards this year, after they’ve had some data to analyze,” says Buhs.
Michigan rate payers may want to look south for an indication of what to expect.
State regulators in Ohio say the plans submitted to them contain rate increases of 7% to 13%.
Buhs expects the new ACA polices and rates will be made public early this fall.
The one month signup period runs from mid-November through mid-February.