Medical insurance premium increase review regulation implemented by Michigan « Health Insurance Advisory

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new healthcare reform lawThe new healthcare law, called the Patient Protection and Affordable Care Act (PPACA), represents comprehensive healthcare reform legislation signed into law on March 23, 2010. It contains numerous provisions designed to protect consumers and promote low cost medical insurance, including many new taxes to pay for the cost.

In this section of the site, you can also obtain the following information specific to your state: available medical insurance options, efforts to regulate medical insurance premiums, healthcare, the individual medical insurance marketplace and the new healthcare law.

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Medical insurance premium increase review regulation implemented by Michigan

Author: Pete S - Sr. Staff Writer | Sep 04 2011 | Michigan, Premium Increases - New Healthcare Law

New rate filing requirements for individual medical insurance plans and small employer group health insurance have just been implemented by the Michigan’s Office of Financial and Insurance Regulation. These new rules apply to new health insurance rate filings and are in accordance with the rate review provisions of the new healthcare law, called the Patient Protection and Affordable Care Act (PPACA).

Historically, all health insurers had to file rates for individual medical insurance plans in Michigan. Additionally, Blue Cross Blue Shield of Michigan and health maintenance organizations had to file large employer group and small group health insurance rates.

Effective immediately, all commercial health insurance carriers will have to file their rates for individual medical insurance plans and small group health plan rates (2-50 eligible employees), according to a deputy commissioner with Michigan’s Office of Financial and Insurance Regulation.

The new healthcare law requires Michigan and other states to implement new rate review provisions within PPACA which mandates that health insurers post on the web their explanation for any proposed rate increase of 10% or more, and provide a mechanism for consumers to comment on the proposed medical insurance premium rate increases.

If you are searching for medical insurance options in Michigan, let is help you find and secure an affordable Michigan individual medical insurance plan. Our online medical insurance quotes allow you to shop and compare side by side the rates and benefits of leading health insurers. Start saving money today!

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