Michigan Department of Insurance and Financial Services Release 2018 Health Plan Rates and Tools for Shopping the Marketplace
FOR IMMEDIATE RELEASE: October 30, 2018
(LANSING) Today, the Michigan Department of Insurance and Financial Services (DIFS) released final Health Plan Rates for the 2019 open enrollment period, which begins November 1, 2018 and ends December 15, 2018.
“Michigan consumers have 11 health insurance companies offering 123 plans,” said DIFS Director Patrick McPharlin. “We are pleased to see one new company on the Marketplace this year making a total of nine companies offering plans on the Marketplace and two offering plans off the Marketplace. This allows Michigan consumers an advantage when shopping for the right coverage for themselves and their families.”
An additional insurance company has joined the Marketplace for the 2019 plan year. With nine companies Michigan consumers will have a strong Marketplace from which to choose a plan that works best for their family. All counties again this year will have at least two insurers to choose from.
The current list of insurers offering plans on the Marketplace are:
- Blue Care Network of Michigan
- Blue Cross Blue Shield of Michigan
- McLaren Health Plan Community
- Meridian Health Plan of Michigan
- Molina Healthcare of Michigan
- Oscar Insurance Company
- Physicians Health Plan
- Priority Health
- Total Health Care USA
DIFS completed the review of health insurance rate change requests for the individual and small group markets and approved the requested rate increases which affect just over 343,000 Michiganders. The average increase is 1.7% in the individual market and -0.6% in the small group market. Rate increases have moderated in 2019, primarily due to experience improvement and reductions in various federal and state taxes.
DIFS has updated its Rate Change Request Charts to include the final approved rate changes for each company. When reviewing the charts, it is important to note the rate change shown is the annualized change. Each person’s individual rate change will vary based on plan selection, geographic area, and tobacco status.
Consumers shopping for coverage through the Marketplace can apply online at www.healthcare.gov, by mail, over the phone at 800-318-2596 or in person with the help of a local assister. Consumers shopping for coverage outside of the Marketplace can do so by contacting insurance companies directly or by utilizing the assistance of a licensed insurance agent. A list of companies that sell major medical coverage can be found through the DIFS website.
Enrollment in a health insurance plan must be completed by December 15, 2018.
Key Dates for Open Enrollment
- November 1, 2018: Start of Open Enrollment - first day you can enroll in a 2019 insurance plan.
- December 15, 2018: Open Enrollment ends.
- December 31, 2018: Coverage ends for 2018 Marketplace plans.
- January 1, 2019: Coverage can begin for 2019 Marketplace plans.
If you purchased health insurance through the Marketplace last year, you will be auto-enrolled in the same plan unless you select a different plan by December 15. If your insurer is discontinuing your current plan, you will be auto-enrolled into a similar plan. If your current health insurer is not offering coverage through the Marketplace for 2019, you need to select a plan from a different insurer by December 15, 2018. If you fail to select another plan, you will be automatically enrolled into a health plan with a different insurer unless you opt out of the coverage.
“Health insurance protects you from expensive medical bills when emergencies arise. It is important to have health coverage before the unexpected happens. Start shopping now so that you and your family are covered,” added McPharlin.
DIFS offers tools, guides, and resources on their website which is available for use 24 hours a day, seven days a week on the DIFS Health Insurance Consumer Assistance Program’s (HICAP) website, www.michigan.gov/hicap. This site contains information on the Marketplace and the Affordable Care Act. HICAP also has a toll-free number, 877-999-6442, for consumers who wish to speak to someone about their questions or concerns.