DIFS Releases Individual Premiums for Health Insurance Marketplace

FOR IMMEDIATE RELEASE
October 1, 2013
Media Contact: Caleb Buhs at 517-373-2380
Consumer Hotline: 877-999-6442
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Premium estimator available to calculate average monthly costs

LANSING - The Michigan Department of Insurance and Financial Services (DIFS) today released premium information for insurance plans being offered to Michigan residents on the Health Insurance Marketplace.  Each of the 73 individual plans was approved by both DIFS and the U.S. Department of Health and Human Services (HHS) as compliant with state and federal regulations.

The average cost for a bronze level plan, which generally has the lowest premiums but requires the highest out-of-pocket costs, is $275 per month. The Marketplace offers four different plans, bronze, silver, gold, and platinum, which offer varying levels of out-of-pocket costs for consumers. Premiums vary based on the plan, age, region of residence, household size, and tobacco use. Federal income tax credits for an individual making less than $44,000/year or a family of four earning less than $92,000/year are available to help offset the cost of the monthly premium.  Each of the qualified health plans to be offered on the Marketplace contains 10 essential health benefits, mandated by the Affordable Care Act (ACA).

“Newly required coverages, mandated by the ACA, make it impossible to make a direct comparison between policies purchased on the Marketplace and those purchased previously,” said DIFS Director Kevin Clinton. “Consumers should look at all available options in this new health insurance landscape to determine which policy best fits their needs and works within their budget.”

The DIFS website features an easy-to-use premium estimator that gives Michigan residents the opportunity to view estimated premiums and available tax credits.  The estimator allows consumers to preview the costs and options available to them before purchasing health insurance through the federal Marketplace. To get an actual premium quote consumers must complete an application on the Marketplace website, www.healthcare.gov.

“Michigan residents will benefit from the ability to choose from 13 different companies that are competing for their business on the Marketplace,” said Clinton. “The information on our website, including the estimator, will be helpful to consumers who are confused about their choices in the new health care environment.”

The DIFS Health Insurance Consumer Assistance Program’s (HICAP) website, www.michigan.gov/hicap, contains helpful information on the Marketplace and the Affordable Care Act. HICAP also has a toll-free number, 877-999-6442, for those who wish to speak to someone about their questions.