Health Insurance Rate Increases Approved for 2016
On Tuesday, August 18, the Michigan Department of Insurance and Financial Services (“DIFS”) announced that it has approved health insurance rate increases that average 6.5 percent for the individual market and 1 percent for the small group market.
Each year, DIFS is responsible for reviewing rate changes proposed by health insurers to determine whether such changes comply with state and federal laws. As part of its review this year, DIFS considered public comments that were submitted after the requested rate changes were posted. DIFS approved all rate changes as requested after determining that such changes were actuarially supported.
According to DIFS Director Patrick McPharlin, the rate increases were modest compared to many other states that reported rate increases in excess of 10 percent.
The rate changes will affect approximately 900,000 Michigan residents who are currently enrolled in coverage through the individual or small group marketplace. A complete list of the approved rate changes can be found on the DIFS website.
Open enrollment for 2016 coverage begins on November 1, 2015, and continues through January 31, 2016.
Contact Julie LaVille Hamlet with any questions you may have regarding the health insurance rate increases.
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Best Lawyers® 2021
Congratulations to the attorneys of the Health Care practice group at Foster Swift Collins & Smith, PC for their inclusion in the Best Lawyers in America 2021 edition. Firm-wide, 44 lawyers were listed. Best Lawyers lists are compiled based on an exhaustive peer-review evaluation and as lawyers are not required or allowed to pay a fee to be listed; inclusion in Best Lawyers is considered a singular honor. Health Care practice group members listed in Best Lawyers are as follows:
To see the full list of Foster Swift attorneys listed in Best Lawyers 2021, click here.