Michigan health insurance companies ordered to cut costs and more Latest News Here

LANSING, Michigan (WILX) – On Thursday, Governor Gretchen Whitmer sent a letter directing the Michigan Department of Insurance and Financial Services (DIFS) to demand that Michigan health insurance companies reduce health insurance rates previously submitted for 2023.

Whitmer said the move was possible because the Cut Inflation Act includes an extension of premium subsidies, in which the government covers part of the health insurance bill. She wrote in a statement that lower costs for Michiganders means more people who are healthy and willing to bet they’ll stay, they’ll buy insurance instead, reducing the overall risk for insurance companies. insurance.

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“The renewed availability of enhanced subsidies means that many Michiganders who purchase health insurance coverage in the marketplace can take advantage of lower premiums.” Whitmer said in the letter to DIFS. “Expanding these subsidies will mean reduced risk for insurers and result in direct savings for Michigan families. Today, I am directing DIFS to require all insurers who provide coverage on HealthCare .gov are submitting revised rates that reflect cost savings resulting from improved subsidies.I am grateful for the partnership between my administration and health insurers that provides Michigan residents with access to affordable coverage.

The Cut Inflation Act of 2022, signed by President Biden earlier in the week, aims to reduce the cost of health care, prescription drugs and energy. It extends subsidies to consumers who buy coverage in the health insurance market. These grants are intended to affect 4 out of 5 enrolled Americans to find health coverage for less than $10 per month on HealthCare.gov.

In 2022 so far, about 260,000 Michigan residents have used the expanded tax subsidies, saving an average of $800 per year.

“As directed by the Governor, DIFS is issuing guidance requiring insurers to file revisions to health insurance rates, reflecting appropriate, actuarially justified reductions,” said DIFS Director Anita Fox. “Extending US bailout subsidies to 2025 means more people, including middle-income families, will be able to afford health insurance.”

The full letter is included below.

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