LANSING, Mich. (AP) – People buying their own health insurance on Michigan’s individual market could see the sticker price of premiums rise by nearly 28 percent on average next year if President Donald Trump follows through on his threat to cut billions of dollars in payments to insurers.
Companies’ sky-high rate requests — which assume the cost-sharing reductions will occur — were made public by the state Friday. Department of Insurance and Financial Services Director Patrick McPharlin says he’s hopeful insurers will be allowed to change to a lower set of rates if the state receives a commitment that the cost-sharing payments will be made.
The average 28 percent premium increase across 10 insurers doesn’t factor in federal tax credits that about 80 percent of customers receive to offset the cost.
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