We are getting notifications from our professional organization, the National Association of Health Underwriters (NAHU), on projected rate increases for the 2016 plan year.  This primarily impacts our clients that have individual or family health insurance both on and off the Health Insurance Marketplace (HIM).  Insurance carriers have already filed their rates for 2016 and they are currently under review by Health and Human Services (HHS).  Included in this filing are rate increases for 2016 between 20% to 40% and higher.

These rate increases are mainly due in part to the fact that Insurance carriers can no longer ask any medical questions or perform any medical underwriting on those looking for coverage.  While this may be a positive component of the PPACA for those high risk individuals who have previously been declined for health insurance in the past, it is proving to be extremely detrimental to the cost of health insurance.

Please see the following news coverage on this topic:

The New York Times

The Wall Street Journal

The Washington Examiner

We are still waiting to hear how rates will adjust for the state of Michigan in 2016  - however, we want to provide you with this important information on how the rates will be "trending".  As soon as 2016 rates are available for Michigan in 2016 we will be sure to communicate that to you.  If you have any questions or concerns regarding these article please do not hesitate to contact us!