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

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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 Healthcare.gov 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.