Big rate hikes coming in 2022 for some Michigan health insurance plans


State regulators have accredited important medical insurance charge will increase for 2022 which can be stated to replicate latest pent-up demand for medical procedures and companies that individuals postpone due to earlier COVID-19 surges.

The will increase OK’d by the Michigan Division of Insurance coverage and Monetary Companies take impact Jan. 1 and can common 7.1% for small group plans — companies and group with 50 or fewer staff — and 4.7% for particular person market insurance coverage insurance policies bought by the web site. The brand new charges will impression roughly 742,000 individuals.

The speed hikes are a lot larger than what regulators accredited final yr as a result of insurers noticed fewer claims throughout the pandemic as individuals delayed elective procedures and made fewer visits to the physician. These earlier will increase, 1.4% for small teams and 1.1% for particular person insurance policies, had been unusually low by historic requirements.