Michigan Department of Insurance and Financial Services Announces Contract for Health Insurance Market Study
FOR IMMEDIATE RELEASE: December 4, 2018
(LANSING) Today, the Michigan Department of Insurance and Financial Services (DIFS) announced the selection of NovaRest Inc. of Sahuarita, AZ, to perform a study regarding options to stabilize the health insurance market and lower health insurance costs for Michigan residents. A component of Michigan’s 2019 budget was a one-time appropriation for DIFS to complete this study.
“The DIFS Joint Evaluation Committee spent many hours reviewing the submitted responses and we feel very confident we’ve selected a contractor with the actuarial, economic and policy expertise needed for the project,” said DIFS Director Patrick McPharlin. “We have requested this study in order to have a full understanding of all options available to help reduce health insurance premiums for Michigan consumers.”
The study will help inform Michigan’s decision regarding pursuit of a Section 1332 State Innovation Waiver under the Affordable Care Act and will be conducted in phases. Phase One requires completion of a health insurance market analysis with future projections and a presentation of potential policy solutions. At the end of Phase One, DIFS will chose a policy option. Phase Two entails an actuarial and economic analysis of DIFS’ chosen option. Phase Three of the contract will only be performed if enabling legislation is enacted with an adequate appropriation.
The recommendation letter can be viewed through the Vendor Self Service Portal by searching for “1332 Waiver”.