Michigan health insurers seek double-digit rate hikes for 2025

(Detroit Free Press) Inflation may be slowing down at the grocery store and used car lot, but it is poised for a giant leap next year in the cost of health care.

A report from the Michigan Department of Insurance and Financial Services shows that health insurance plans covering nearly 900,000 Michiganders are seeking double-digit rate increases for 2025.

The proposed increases would average 11.2% for small group policies — those for businesses and organizations with fewer than 51 employees — and 10.7% for individual policies, including those sold on the Healthcare.gov website.

The rate requests are the highest in years in Michigan. Last year, state regulators approved increases that average 7% for small groups plans and 5.3% for individual market plans. ....................(more)

https://www.freep.com/story/money/business/2024/08/10/michigan-health-insurers-rate-hikes/74738544007/